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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Family Income Rider


Synonyms:benefit, cash, compensation, pay, provision, revenue
Filed Under: estate-management, insurance
Tags: insurance, life insurance
 

Definition of family income rider

family income rider
1. 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.

Related Terms and Acronyms:

  • accidental death benefit (ADB)   An additional benefit that pays an additional sum to a beneficiary if the cause of death is deemed to be accidental.
      ➥  A life insurance policy rider.
  • beneficiary   An individual or entity chosen to receive benefits from a will, trust, deed or insurance policy.
  • benefit period   The total period of time where an insurer is contractually obligated to pay benefits.
  • death benefit (DB)   A payment or series of payments made to the beneficiaries of a life insurance policy.
      ➥  An amount paid to a beneficiary in a life linsurance policy.
  • group life insurance   Life insurance offered to a large number of people belonging to an organization, usually as part of a benefit package.
  • human life approach   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   An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
      ➥  CanEquity offers life insurance.
  • needs approach   A way of determining how much life insurance an individual should purchase by examining the future obligations and needs of the beneficiaries.

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