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Contract combining whole life and decreasing term insurance. A monthly income is paid to a beneficiary if an insured dies during a specific period. At the end of that period, the full face amount of the policy is also paid to the beneficiary. It is designed to provide income for a household while the children are still young. If an insured dies after the specified period, only the face amount of the policy is paid. For example, the face value of a family income policy is $100,000 and the specified period is 20 years. If the insured dies 10 years into the specified period, the beneficiary receives a monthly income of 1% of the face amount ($1000) for the remaining 10 years. At the end of the 10 years, the beneficiary also receives $100,000. If the insured dies after the 20-year specified period, the beneficiary receives $100,000, which is the face amount.