Family Income Benefit (FIB) is a very useful insurance for many different reasons. Essentially it provides you with a monthly benefit amount for a set term.
This insurance would be suited to those without a mortgage who would still have to cover a monthly rental amount and living costs if their partner died during the term or if you are in receipt of child maintenance payments.
What if the paying parent were to die during the term? You could insure the paying parent and you own the policy which would give you the peace of mind that your income would be covered in the event of their death.