What is Family Income Benefit (FIB) designed to support?

Family Income Benefit (FIB) is designed to provide financial support to a family in the event of the death of a breadwinner. The purpose of this benefit is to maintain a family's standard of living by replacing lost income over a specified period. This is particularly valuable during a time of loss when the remaining family members may face not only emotional challenges but also financial difficulties.

FIB ensures that despite the absence of the deceased, the family continues to receive a regular income, which can help cover day-to-day expenses such as mortgage payments, educational costs, and other living expenses. By focusing on income replacement, FIB plays a crucial role in helping families cope with their financial needs during one of the most challenging times in their lives.

The other options do not align with the primary aim of Family Income Benefit. While retirement savings, investments in family businesses, and debt repayment are all important financial considerations, they do not address the specific need for ongoing income replacement after the loss of a primary income earner.