Life insurance is a contract in which a policyholder pays regular premiums in exchange for a lump-sum death benefit paid to the policyholder's beneficiaries. The lump-sum benefit is paid when the policyholder either passes away or a specific amount of time has passed. Life insurance policies can provide financial security for surviving family members by replacing lost income and covering expenses.

There are a number of different types of life insurance policies (sometimes referred to as products)—all of which generally fall under the categories of term life insurance and whole life insurance. The names and terms of different life insurance products in these two categories vary from one insurance company to another.

Some examples of life insurance products include:

• term life insurance

• whole life insurance

• universal life insurance

• indexed universal life insurance

• guaranteed universal life insurance

• variable life insurance

• variable universal life insurance

• hybrid life insurance with long term care

• group life insurance

• mortgage life insurance

• credit life insurance

• joint life insurance

• simplified issue life insurance

• guaranteed issue life insurance

• accidental death and dismemberment insurance

In California, life insurance is regulated under the California Insurance Code and overseen by the California Department of Insurance. The regulation encompasses various types of life insurance products, including term life, whole life, universal life, variable life, and others. Term life insurance provides coverage for a specific period, while whole life insurance offers coverage for the policyholder's entire life, often including a savings component. Universal life insurance offers more flexibility in premiums and death benefits. Variable life insurance allows policyholders to invest the policy's cash value in various accounts, and variable universal life combines the features of variable and universal life insurance. Hybrid policies may combine life insurance with long-term care insurance. Group life insurance is typically offered by employers, whereas mortgage and credit life insurance are designed to pay off debts in the event of the policyholder's death. Joint life insurance covers two people, paying out on the death of one. Simplified issue and guaranteed issue life insurance do not require a medical exam but may have higher premiums or lower benefits. Accidental death and dismemberment insurance provides benefits for specific types of injuries or death from accidents. It's important for policyholders to understand the terms and conditions of their policies, and they may wish to consult with an attorney for complex matters or disputes related to life insurance.