What is life insurance?(1 point) Responses It is used to protect income in case of illness or injury for people younger than 65 years who have worked for at least 10 years. It is used to protect income in case of illness or injury for people younger than 65 years who have worked for at least 10 years. It is a contract purchased by the policyholder that commits the insurance company, in exchange for premiums paid, to pay a specified amount of money when the insured passes away. It is a contract purchased by the policyholder that commits the insurance company, in exchange for premiums paid, to pay a specified amount of money when the insured passes away. It helps cover costs for the day-to-day care of people with chronic illnesses, disabilities or disorders. It helps cover costs for the day-to-day care of people with chronic illnesses, disabilities or disorders. It is often sponsored by the employer as part of benefits and provides protection to an employee while they cannot work and therefore earn enough money. It is often sponsored by the employer as part of benefits and provides protection to an employee while they cannot work and therefore earn enough money.
The correct response is: It is a contract purchased by the policyholder that commits the insurance company, in exchange for premiums paid, to pay a specified amount of money when the insured passes away.
