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Glossary of Terms

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From The Glossary »

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Family Income Plan:

A combination of whole-life insurance and reducing-term (10-, 15-, or 20-year period) insurance of a predetermined appropriate amount. If the insured dies prior to the end of the specified term period, such as 20 years, a monthly income is payable for the balance of the specified period and at the end of the period the income ceases and the sum insured is payable.
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