What is the main purpose of family income insurance?

Family income insurance primarily serves the function of providing a monthly income to support beneficiaries, particularly in families with young children, after the death of the insured. This type of insurance is designed to replace the income that the deceased would have contributed to the family's financial well-being, ensuring that dependents can maintain their standard of living during a difficult time.

The benefits are structured to be a continuous monthly payment for a set period, which can be crucial for young families who rely on the income of a parent or caretaker. This ongoing support helps cover everyday expenses such as housing, education, and other essential costs, which can be particularly burdensome following the loss of a primary income earner.

The other options do not capture the essence of family income insurance and its intended role in financial planning and security for families facing the loss of a member.