Question

______ is for protecting a person or his family against the loss of income because of the death of the insured.

Answer 1

Life insurance is for protecting a person or his family against the loss of income because of the death of the insured.

Explanation:

When an insured person passes away, their insurance company pays a lump sum of money called a death benefit to their designated family members or beneficiaries. This tax-free payout serves as a financial safety net to replace the lost income of the deceased provider. It ensures that the surviving family can maintain their standard of living, pay off debts and cover future expenses like a child’s education.