What is life insurance? (1 point)
- 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 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 helps cover costs for the day-to-day care of people with chronic illnesses, disabilities or disorders.
- 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.