This type of assurance will pay a monthly benefit in the event of the policyholder’s death for the duration of the policy. Family Income Benefit is an alternative to Life Assurance as a monthly benefit will be paid rather than a lump sum. The benefit will be paid for the duration of the policy and therefore is usually recommendable to take the policy out till age 65 at which time an individual tends to retire, or when a current financial dependent becomes no longer dependent (for example a child reaching 18 or 21). The monthly benefit can be used to ensure that the policyholder’s family does not suffer financially in the event of their death.