What is the purpose of a family income rider?

The purpose of a family income rider is specifically to provide a monthly income for the family in the event of the policyholder's death. This rider typically supplements the life insurance policy by ensuring that dependents receive a consistent monthly income for a specified period after the policyholder passes away. This is particularly crucial in helping families maintain their standard of living and meet ongoing financial obligations during a difficult time.

While the other options relate to important aspects of life insurance, they do not capture the specific intent of a family income rider. A one-time lump sum payment does not address the ongoing financial needs of the family and is more characteristic of a standard life insurance death benefit. Coverage extending to family members is more aligned with other riders, such as family riders or dependent coverage, rather than focusing on providing income. Lastly, replacing lost income due to accidental death might seem related but does not fully encompass the broader purpose of providing regular monthly support that the family income rider specifically aims to deliver.