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 Connecticut (CT), life insurance is regulated under both state statutes and federal law. The Connecticut Insurance Department oversees the regulation of life insurance policies, ensuring that insurance companies comply with state laws and regulations. Life insurance policies in Connecticut are contracts where the policyholder pays premiums in exchange for a death benefit to beneficiaries upon the policyholder's death or after a certain period. The types of life insurance available include term life, which provides coverage for a specific term, and whole life, which offers coverage for the policyholder's entire life with a savings component. Other variations like universal life, variable life, and various specialized policies like mortgage life or credit life insurance cater to different needs and investment preferences. Insurers in Connecticut must be licensed by the state, and policies are subject to state approval to ensure they meet the required standards. Consumers are protected by provisions that prevent unfair discrimination and ensure claims are paid in a timely manner. It's important for policyholders to understand the specific terms and conditions of their life insurance policy, as these can vary significantly between different insurance products and companies.