While the two may sound similar, they are in fact very different, particularly in relation to the severity of the illness. Also, one is free and the other one is not.
Family Income Benefit Insurance is a special type of life insurance policy that pays out a regular income to your family members for a set period of time when you pass away.
Financial advice firms who adopt this standard adhere to a set of principles, giving clients confidence that they are dealing with an ethical adviser when receiving financial advice about whether a pension should be transferred.
There are various aspects of our lives that we can protect with insurance. One of these is your income, which can be protected via a policy called permanent health cover, or income protection.
Figures suggest that people typically overestimate the cost of life insurance by about 5 to 10 times, putting them taking out cover. However, it can be more affordable than you think, particularly if you start early.
Here is a summary of what might happen to house prices, jobs, savings and pensions.
An overview of the benefits and taxation of long-term care insurance policies.