Definitions for "Family Income Policy"
A life insurance policy that combines whole life and decreasing term to provide income protection against the premature death of the family breadwinner. If the insured dies within a specified period, the family will receive a stated amount of income from date of death until the end of the period. The face amount of the policy is then paid to the family. (For comparison, see: family maintenance policy.)
A policy that combines whole life insurance with decreasing term life insurance and can be used to provide income to help support a family.
A type of term insurance policy which will , on the death of the named person insured, pays out a regular amount until the end of a specified period.