Supporting Your Family If You’re No Longer Around
Life is unpredictable, and while we often plan for our day-to-day needs, it’s just as important to prepare for life’s unexpected turns. If you were no longer here, would your family be able to maintain their current lifestyle? That’s where Family Income Cover steps in.
What Is Family Income Cover?
Family Income Cover is a monthly benefit paid to your family if you pass away. Rather than receiving a one-off lump sum, your loved ones get regular payments for a set number of years, providing steady financial support during a difficult time.
This type of cover is especially helpful for:
Paying the mortgage or rent
Covering everyday household expenses
Supporting children through schooling
Easing the financial pressure while your family adjusts
How Is It Different From Life Cover?
Traditional Life Cover provides a lump sum payment when you die. Family Income Cover, however, pays out in regular installments—like a replacement income. This can make budgeting easier and help prevent a sudden windfall from being quickly used up or mismanaged.
Some families choose both: a lump sum to cover immediate costs (like funeral expenses or debt), and Family Income Cover to help with ongoing living costs.
Is It Right for You?
If you have a partner or children who rely on your income, Family Income Cover can offer peace of mind. It gives your loved ones financial breathing space, allowing them to grieve, heal, and carry on without the added burden of money worries.
It can also be an affordable option for those wanting cover that feels more like replacing a salary than managing a large lump sum.
Let’s Talk About Your Options
Everyone’s situation is different, and the right solution for your family will depend on your unique needs and goals. Whether you’re considering Family Income Cover on its own or alongside other types of insurance, we’re here to help guide you.
👨👩👧👦 Protect what matters most — your family.
Let’s chat about how Family Income Cover could fit into your financial plan.
Glen Hatcher
Financial Adviser
New Vision Financial Services
Plan your future and let us help you have peace of mind along the way.