Which policy provides monthly income to a family upon the death of the insured?

A family income policy is specifically designed to provide a monthly income to the insured's beneficiaries upon the death of the insured. This type of policy combines a life insurance element with a temporary income benefit, whereby the death benefit is paid out in the form of regular monthly payments for a specified period, ensuring that the family has financial support during a crucial time of loss. This monthly income helps cover ongoing expenses, such as mortgage payments, daily living costs, or educational needs, providing crucial financial stability to the family during a difficult period.

Other policies, while they may provide benefits around the time of the insured's death, do not function in the same way. For example, a family maintenance policy provides coverage that combines a death benefit with an income level, but it does so in a different manner and often has specific payout structures. A family protection policy generally pertains more to comprehensive life coverage rather than monthly benefits. Survivorship life insurance, meanwhile, insures two individuals, paying the death benefit only after the death of the second insured, which does not offer immediate monthly income to beneficiaries upon the death of just one member.

Thus, the family income policy is focused on delivering monthly financial support directly after the insured's death, making it the right choice for