Which of the following describes a life income policy?

A life income policy is designed to provide regular income payments to the policyholder for as long as they live. This type of policy ensures that the policyholder receives financial support throughout their lifetime, reflecting the primary purpose of life income policies. The focus is on providing continuous income, and once the policyholder passes away, there are typically no further benefits paid out. This characteristic distinguishes it from other types of insurance policies that may offer benefits to beneficiaries after the insured person's death.

The other choices do not align with the nature of a life income policy. For instance, a policy that pays benefits until a certain age, such as age 65, is structured differently, as it limits the payment period rather than providing lifetime income. Additionally, coverage that includes both life and disability suggests a broader scope of insurance, which is not the defining characteristic of a life income policy. Lastly, policies that pay a lump sum upon the death of the insured focus on a one-time benefit rather than the continuous income stream that life income policies provide.