Many would argue that Zurich Futura is the best Whole of Life Insurance in UAE, and they may be...
Futura is a flexible, whole of life insurance policy. It is designed to pay a cash lump sum on death. You can also choose to add several optional riders to your policy.
Family Income Benefit(FIB) is one such rider, and it can be beneficial for people looking to ensure that their loved ones have a regular and dependable income in addition to the lump sum life cover.
Let me explain this with an example;
Ramesh and Priya are a young couple, 30 and 29 years respectively, their son Rohit is five years old.
Ramesh is looking to buy Life Insurance, and he reached out to me to help him decide. After going through his protection needs and budget, I recommend him a Futura with the following benefits;
Critical Illness Cover
$ 1000 per week
Family Income Benefit for 20 Years
$ 1000 Per month
Calculated Premium for 15 years
$ 335 Per month
Ramesh wanted to understand how family income benefit worked and why he should include this rider?
My answers to his questions were as follows;
The numbers made sense to Ramesh, and he availed his Futura, with the family income benefit.
Ramesh also considered another option, where the life cover was at $ 450,000, along with $ 300,000 Critical Illness Cover and $1,000 hospitalization cover to understand what would the impact of the family income benefit on the monthly premium; and it worked out to be $ 326, only $9 less than the option with family income benefit.
The numbers made sense to Ramesh and he availed his Futura, with the family income benefit.
Minimum Age at Entry: 17 Years
Maximum Age at Entry: 74 Years
Minimum benefit Term: 10 Years
Maximum Benefit Term: 40 years
Income options: Monthly, Quarterly, Half-yearly or Annual
Income Period: As decided at the outset. In this example - 20 years. So if Ramesh died after ten years, Priya and Rohit would receive the income for the balance ten years.
For Joint life policies, family Income benefit can be availed on one life or both lives
To help you select the right Insurance plan with the most beneficial riders, call me on +97150-2285405 or Arrange a Free Consultation to have a detailed discussion.
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