Which policy allows an insured to receive the full amount of insurance upon the death of the insured, along with a monthly income for a specified time?

The Family Income policy is specifically designed to provide both a death benefit and a source of ongoing income for the beneficiary in the event of the insured's death. This type of policy pays out a lump sum, which is the full amount of insurance, to the beneficiary upon the death of the insured. In addition to the lump sum, it also provides a monthly income for a specified number of years, which can significantly help the insured’s family manage their financial needs after the loss of the primary earner.

The structure of a Family Income policy is particularly advantageous for individuals who want to ensure that their loved ones not only receive a death benefit but also have a steady income stream to cover ongoing expenses, such as mortgage payments, bills, and everyday living costs. The specified time frame for the monthly income can be customized based on the needs of the insured and their family.

This unique combination of a lump-sum payout alongside ongoing income support sets the Family Income policy apart from other insurance types, which may only offer a death benefit without the supplementary income feature. Such distinct characteristics of the Family Income policy directly address financial security concerns for families facing the sudden loss of a loved one.