What type of policy provides income for life with a refund feature?

The correct answer is a retirement income endowment policy, which is designed to provide a combination of life insurance coverage and a guaranteed income for the policyholder during retirement. This type of policy ensures that the insured receives a steady stream of income for life after reaching a certain age, while also incorporating a refund feature. The refund feature means that if the policyholder passes away before reaching the endowment maturity age, the beneficiaries will receive the total amount of premiums paid into the policy, or a predetermined benefit amount, ensuring that the investment is not lost.

Retirement income endowments are particularly beneficial for individuals planning for retirement, as they not only offer financial security in the form of a lifetime income but also ensure that their contributions are returned if they do not live to see the maturity of the policy. This dual benefit of providing both a life insurance element and guaranteed financial support during retirement makes them unique among life insurance products.

Other types of policies listed do not contain both aspects of life income guarantee and refund features. Term life insurance typically provides coverage for a specified duration without cash value or refund elements, whole life insurance offers lifelong coverage with a savings component but does not specifically provide structured lifetime income, and endowment policies generally mature after a set period or upon the