Question

What kind of life insurance policy pays a specified monthly income to a beneficiary for 30 years and then pays a lump sum benefit at the end of that 30 years

Answer 1

Family Maintenance Policy

Step-by-step explanation:

A family maintenance policy refers to the policy in which it generates the income for a beneficiary for the particular period of time after considering the death of the insured person

After maturing the given period, the insurer provides the money to the beneficiary i.e. equal to the face value of the policy

Therefore according to the given situation, it represents the family maintenance policy