Family income life insurance

{
  "id": "MLC-T-INS-001463",
  "term": "Family income life insurance",
  "field": "Insurance and risk management",
  "definition": "A combination of whole life and decreasing term life insurance that provides a monthly income to beneficiaries if the insured dies within a specified period. The policy pays a predetermined monthly amount from the date of death until the end of the term rider's period. If the insured outlives the term, the beneficiaries receive only the face value of the whole life portion upon the insured's eventual death.",
  "url": "https://mlchart.com/terminology/insurance/family-income-life-insurance/"
}