The House approved a bill designed to protect the health and life insurance benefits of retired workers whose companies enter Chapter 11 bankruptcy proceedings. The legislation passed by voice vote just two days before a stopgap measure that mandated continued payment of the benefits was scheduled to expire. A similar bill has already passed the Senate. The legislation came in the wake of a move by the Dallas-based LTV Corp., which suspended medical and life insurance benefits in July, 1986, when it filed for Chapter 11 protection. The payments were reinstated after a bankruptcy court in New York authorized their restoration.