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 Hawaii, life insurance is regulated under state law and overseen by the Hawaii Department of Commerce and Consumer Affairs, specifically through the Insurance Division. The regulation of life insurance policies in Hawaii includes ensuring that insurance companies are financially solvent, policies are sold by licensed agents, and that the terms and conditions of insurance contracts are fair and comply with state statutes. Life insurance policies are contracts where the insurer agrees to pay a specified death benefit upon the policyholder's death or after a certain period. The types of life insurance available, such as term life, whole life, universal life, and various other products, offer different benefits and coverage options tailored to the policyholder's needs. These policies can be individual or group policies and may include additional features like investment components or coverage for long-term care. In Hawaii, insurers must provide clear information about the policy terms and the insured must provide accurate information about their health and lifestyle. Consumer protections are in place to address issues such as misrepresentation, non-payment of benefits, and other disputes. It's important for individuals to review their policy documents and understand the specific provisions of their life insurance policy, including any exclusions or limitations.