An insurance policy which benefits one's family only is in the event of one's death is known as

Answer Details

An insurance policy which benefits one's family only in the event of one's death is known as a "whole-life insurance" policy. Whole-life insurance is a type of life insurance policy that provides coverage for the entire life of the insured person, as long as the premiums are paid. In the event of the insured person's death, the beneficiaries named in the policy receive a lump sum payment, which can be used to cover funeral expenses, pay off debts, or provide financial support for the family. Unlike term life insurance, which provides coverage for a specified period of time, whole-life insurance does not expire as long as the premiums are paid. This can provide peace of mind for individuals who want to ensure that their family is taken care of in the event of their death.