Family Income Rider

Definition

• 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.

Synonyms
benefit, cash, compensation, pay, revenue, provision

Related Terms and Acronyms

• Accidental Death Benefit (ADB) — Acronym, Very Important,
  • 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 — 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,
  • 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 — 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,
  • 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 — Definition,
  • A way of determining how much life insurance an individual should purchase by examining the future obligations and needs of the beneficiaries.