family income policy
The income benefit period is usually 5, 10, 15, or 20 years from the date of policy issue. If the insured is alive at the end of the term life period, the monthly income portion of the benefit vanishes. The whole life death benefit protection remains. Family income policies use decreasing term to fund a potential income period that decreases as the policy ages. If the insured dies during the income benefit period, the lump-sum death benefit is paid out at the end of the income period. If death occurs after the end of the income benefit period, the death benefit is paid out immediately.