Family Income Rider
- A rider purchased as part of a life insurance policy that provides a recurring or lump sum death benefit equal to the deceased's monthly income.
benefit, cash, compensation, pay, revenue, provision
Related Terms and Acronyms
- Accidental Death Benefit (ADB) — Acronym, Very Important,
➥ A life insurance policy rider.
- An additional benefit that pays an additional sum to a beneficiary if the cause of death is deemed to be accidental.
- Beneficiary — Definition,
- An individual or entity chosen to receive benefits from a will, trust, deed or insurance policy.
- Benefit Period — Definition,
- The total period of time where an insurer is contractually obligated to pay benefits.
- Death Benefit (DB) — Acronym, Very Important,
➥ An amount paid to a beneficiary in a life linsurance policy.
- A payment or series of payments made to the beneficiaries of a life insurance policy.
- Group Life Insurance — Definition,
- Life insurance offered to a large number of people belonging to an organization, usually as part of a benefit package.
- Human Life Approach — Definition,
- A method of estimating what the probable lifetime financial impact a life insurance policyholder's death would have on his or her beneficiaries.
- Life Insurance — Definition, Very Important,
➥ CanEquity offers life insurance.
- An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
- Needs Approach — Definition,
- A way of determining how much life insurance an individual should purchase by examining the future obligations and needs of the beneficiaries.