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There are many types of life insurance available on the market these days and one of the least known about is a policy called family income benefit. This type of life cover pays out a regular annual income as opposed to a one off lumps provided by such policies as term insurance and critical illness cover.

Recent news suggest that families in the UK should consider whether the financial contribution made by fathers is satisfactorily protected with life insurance as the dust settles on Father’s Day, which was marked last weekend. Writing in Scotland on Sunday, Teresa Hunter highlighted the vital role fathers are increasingly playing in the home as parental responsibility becomes a team effort.

The loss of a dad could have grave financial consequences for a family, especially since one third of fathers do not have life insurance, according to recent research by Legal & General. Concurrently, only one third of fathers have critical illness insurance, while only one in four (27 per cent) have income protection cover.

And with men now spending 53 hours a week on household chores and childcare, the need for at the very least basic life insurance for both parents is vital, argued the author.
“There are various ways of providing an income for your family should you fall ill or die,” wrote Ms Hunter. “One is to insure for a large lump sum, which can be invested to produce an income.”

It would cost 448 a week to replace the work the average dad does at home in household chores and childcare, L&G research has shown. A simple family income benefit plan could cover this for as low as ten pounds per month.

Where do I find out more information on family income benefit policies?
These days there are many places you can research the different types of life insurance available on the market. There are many online comparison sites that have detailed explanations of term insurance, family income benefit and critical illness cover. Alternatively you can speak to an independent financial advisor you will be able to advise you of the best policy to suit your own financial needs.

What if I just want to see how much life insurance will cost me?
It has never been easier to obtain online insurance quotations and there are many web sites that offer instant quotes on life insurance without the need to speak to a financial advisor. If you do decided to speak to a financial advisor it is important to remember that you do not have to take their advice and even if you do want to take the policies they recommend you can still shop around to see if you can get the premiums cheaper online.Jason Haines is a protection and mortgage advisor at godirect.co.uk, one of the UK’s most trusted information site about personal finance. They offer one of the best life insurance quote system on the web and you can get quotes for cheap term life insurance , critical illness and income protection.