A form of annuity contract that is entered into before a selected retirement age, with the consideration paid in installments until that age is reached. It is a form of deferred annuity.
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Family Income Policy
A policy that pays an income to the beneficiary, up to some future date designated in the policy, after the death of the insured. The period of payment is measured from the date of the inception of the contract, and at the end of the income period the face amount of the policy is paid to the beneficiary. If the insured lives beyond the income period, only the face amount is payable in the event of his death.