A policy that combines whole life and convertible term to provide insurance on each family member in units of coverage. Each unit generally consists of $5,000 of whole life on the wage earner, $1,250 of convertible term on the spouse and $1,000 of convertible term on each child.
A policy that provides coverage on a father, a mother, and their dependent children afer 15 days of life and under age 18. The parents' insurance is usually permanent, although one spouse's may be term. The children's insurance is usually convertible term insurance.
A life insurance policy providing coverage on all or several family members in one contract. The primary breadwinner's coverage is typically Whole Life insurance, with the spouse and children, including those born after the policy is issued, insured with small amounts of Term Life insurance.