Final answer:
P should purchase a Family Maintenance policy because it provides a monthly income for a specified period and a lump sum payment at the end of that period, aligning with P's requirements.
Step-by-step explanation:
P is looking for a life insurance policy that provides a stated monthly income for 20 years to his beneficiaries after his death, as well as a lump sum payment at the end of that period. The type of life insurance policy that would best suit P's needs is a Family Maintenance policy.
Unlike a Family Income policy, which only pays a monthly benefit for a specified period, or a Family Survivor policy, which may offer different benefits, the Family Maintenance policy typically provides both monthly income and a lump sum benefit, often meant to cover education or other specific needs after the monthly payments end.