Family Income Rider
Definition of 'Family Income Rider'An addition to a life insurance policy that provides the beneficiary with an amount of money equal to the policyholder's monthly income if the policyholder dies. A family income rider is a type of death benefit, and specifies the term for the additional coverage. It eventually expires if it is not enacted. |
|
Investopedia explains 'Family Income Rider'In some cases, the beneficiary may choose a lump sum rather than receiving monthly payments. Younger wage-earners will typically choose a longer length of time for coverage because they have more working years left before retirement, and would therefore cause a larger financial hardship to their families if they died. |
Related Definitions
Articles Of Interest
-
Variable Vs. Variable Universal Life Insurance
Do you know why you might need one policy versus the other? Read on to find out. -
A Look At Single-Premium Life Insurance
Want to provide for your dependents and finance your own long-term care? Learn more here. -
Life Insurance Clauses Determine Your Coverage
Understanding these key parts of your policy will help you to ensure that your family will be covered. -
Life Insurance: Putting A Price On Peace Of Mind
Would your death leave loved ones financially stranded? Find out how to ease your mind and keep them protected. -
How Much Life Insurance Should You Carry?
Learn how much - if any - insurance you really need. -
5 Things You Should Know About The New Health Insurance Marketplace
Here are five things you should know about the new Health Insurance Marketplace (AKA Health Insurance Exchange), which launches on October 1. -
Get An Academic Finance Career
Working nine months a year and earning a six-digit salary might seem like the high life, but these jobs are not easy to come by. -
Top 5 Budgeting Questions Answered
You don't need a degree to understand your money, begin saving and pay down debt. -
Tax Variations Of The HEART Act
The HEART Act is designed to allow service members and reservists make a smooth financial transition into active duty and back into civilian life. -
8 Qualities That Make A Good Insurance Agent
Insurance agents must possess each of the following qualities in order to be successful.
Free Annual Reports