Family protection policies
| Selected Specialized/Hybrid Policies: Family Protection Policies |
| Description |
Premiums |
Cash Value |
Advantages |
Disadvantages |
Uses |
| A single policy (which may be issued as term, or cash value) insures all family members |
Varies with type of underlying cash value or term policy selected |
Varies with type of underlying cash value or term policy selected |
Makes sure that all family members are covered; Only one policy, so is usually cheaper than individual policies providing same coverage on each |
Usually there is no compelling reason to have high coverage on children, so they may be overinsured (often at the expense of underinsuring the family income providers) |
Where fairly high policy protection for children is desired |
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