What type of coverage is typically provided under a family maintenance policy?

A family maintenance policy is designed to provide both term life insurance coverage and permanent life insurance coverage, which can serve the diverse needs of a family. This type of policy typically includes a combination of different insurance components that can benefit various family members.

The policy usually features whole life insurance for the primary breadwinner, ensuring lifelong coverage and a cash value buildup that can be accessed or borrowed against in the future. Additionally, it provides term life coverage for all family members, which typically lasts for a specified period during which financial obligations, such as a mortgage or the cost of raising children, are heightened. Furthermore, children are often covered with permanent insurance until a specific age, commonly 18 or 21, depending on the policy terms.

Thus, a family maintenance policy uniquely addresses the financial protection needs of the whole family by integrating these different aspects of coverage into a cohesive plan.