What type of insurance combines whole life with decreasing term insurance?

Family income insurance is designed to provide a combination of whole life insurance and decreasing term insurance to offer financial protection over a specified period. This type of policy pays a death benefit in the form of an income stream to the insured's beneficiaries for a certain number of years in case of the insured's passing. The whole life component ensures that there is a permanent death benefit, while the decreasing term portion decreases over time, reflecting the decreasing financial obligations as the beneficiaries may become more financially secure.

This structure is particularly useful in safeguarding against the loss of income that the family would experience upon the death of the insured, creating a safety net during a crucial period when the family may still have outstanding financial commitments, like mortgages or children's education. This unique feature allows beneficiaries to receive payments for a designated duration while still being backed by the security of a whole life policy, which does not expire as long as premiums are paid.

In contrast, options like family maintenance insurance and mortgage redemption insurance have different focuses and do not combine elements of whole life insurance with decreasing term insurance in the same way that family income insurance does. Joint life insurance refers to a policy covering two individuals and instead focuses on payout upon the death of one or both insured parties, making it distinct from the purpose and