Life Insurance Learning Center - Life Insurance Riders
Family Income Benefit Rider - Added Financial Security for your Family
The family income befefit rider is usually attached to a basic life insurance policy. With this rider, the life insurance company pays the death benefit, in addition to the monthly income of the family for the remainder of the duration of the family income arrangement.
For example, if there is a 15-year family income arrangement, once the insured dies, a life insurance company will pay the family monthly's income for the remaining coverage time. So, the longer the insured lives, the fewer monthly income payments will be made.
The beneficiary has the option (or should be given the option) to decide whether he/she wants the supplemental income to be paid monthly or in one lump sum.
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