Select the best answer for the question. 7. With insurance, the insured agrees to pay a specific premium each year until death. A. half life B. whole-life C. limited-payment D. endowment life

Whole life insurance is designed to provide coverage for the insured's entire lifetime, as long as the premiums are paid consistently. This type of insurance, often seen as a safety net, also builds cash value over time, which can be accessed or borrowed against if needed. The concept of life insurance dates back to ancient Rome, where burial clubs would pool resources to care for their members’ funeral expenses. Over the centuries, this evolved into the modern insurance industry we know today, providing financial protection and peace of mind for families.