Which term best describes a policy that provides level term and whole life coverage while maintaining an income for dependents?

The term that best describes a policy providing both level term and whole life coverage while ensuring an income for dependents is known as a family maintenance policy. This type of insurance combines elements of term life insurance and whole life insurance. The level term portion offers a death benefit for a specified period, ensuring that dependents have a guaranteed income during that time if the insured dies. Simultaneously, the whole life coverage component serves as a permanent policy that accumulates cash value and provides lifelong protection.

In contrast, a family income policy is designed primarily to provide income to dependents for a specified period following the insured's death but typically does not include the same level of permanent coverage as a family maintenance policy. Meanwhile, a joint life policy covers two individuals but does not necessarily focus on dependents' income needs. Lastly, a waiver of premium is a rider that allows an insured to waive premium payments while receiving benefits, but it does not directly describe the combined coverage features of term and whole life policies focused on providing income for dependents.