Definition of "Family policy"

Tedie Calhoun real estate agent
Tedie Calhoun, Real Estate Agent Berkshire Hathaway Home Services Simpson, Realtors

Contract providing whole life insurance on the father and term insurance on the mother and all children, including newborns after reaching a stated age, usually 15 days. Children, upon reaching the age of majority, have the right to convert their insurance to a permanent policy up to the amount of term coverage without having to show evidence of insurability (take a physical examination). The premium is the same regardless of the number of children covered.

 

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