Which best describes the main purpose of family income policies?

Family income policies are specifically designed to provide financial support to a family by replacing lost income for a predetermined period of time following the death of the insured. The primary aim is to ensure that the family can maintain their standard of living even in the absence of a primary breadwinner. This type of insurance typically pays out a monthly income, making it easier for beneficiaries to cover everyday expenses and manage financial obligations such as mortgage payments, children's education, and other living expenses during a time of loss and grief.

The focus on replacing lost income highlights the policy's utility in providing immediate, practical support rather than engaging in functions like settling estate taxes, accumulating cash value, or providing tax advantages, which relate to different types of life insurance products or financial planning strategies.