What does Family Income Rider mean? Read on to discover the definition & meaning of the term Family Income Rider - to help you better understand the language used in insurance policies.
Family Income Rider
A family income rider is a type of life insurance death benefit in which beneficiaries receive monthly payments that are equal to the insured's monthly income. These benefits are administered following the death of the policyholder. The benefit is meant to be equivalent to the earning power lost by the death of one of the family's breadwinners.
We hope the you have a better understanding of the meaning of Family Income Rider.