Family income policy

Family income policy,

Definition of Family income policy:

  1. Life insurance policy that combines decreasing term life insurance with ordinary life insurance by providing additional income while children are growing up. The beneficiary of a family income policy receives payments at the end of a specified period if the person insured passes away before the end of that specified period; if the insured is alive at the end of the period the policyholder receives the face family of the family income policy.

Meaning of Family income policy & Family income policy Definition