What does Family Income Policy mean? Read on to discover the definition & meaning of the term Family Income Policy - to help you better understand the language used in insurance policies.
Family Income Policy
A family income policy is a type of life insurance that pays its beneficiary the moment the policyholder dies, as long as it is within the policy period. The beneficiary collects payments until the end of the policy period. If the policyholder is still alive after the end of the policy period, they receive a lump sum payment equivalent to the policy's face value.
We hope the you have a better understanding of the meaning of Family Income Policy.