Which benefit is typically provided under a family income rider?

A family income rider is a provision added to a life insurance policy that is designed to provide financial support to the insured's family in the event of their death. The key benefit of this rider is that it ensures a monthly income is paid to the beneficiaries for a specific period following the death of the insured. This is particularly valuable for families who rely on the insured's income to meet their living expenses, as it helps maintain a level of financial stability during a challenging time.

The monthly income benefit is structured to commence immediately upon the insured's death and continues for the duration specified in the rider, typically until the children reach adulthood or a set period of years. This approach allows the family to cover ongoing expenses such as housing, food, and education without the immediate burden of a lump-sum payout, which might not be managed as effectively for long-term needs.

In contrast, a lump-sum payment would provide a one-time distribution of funds, which does not offer the consistent financial support that a family income rider is meant to provide. Similarly, while a waiver of premium can help policyholders maintain their coverage if they become disabled, it does not relate to providing income after death. Lastly, while life insurance benefits are generally tax-free to beneficiaries, this characteristic