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 Kansas, life insurance is regulated under state law and overseen by the Kansas Insurance Department. The purpose of life insurance is to provide a death benefit to beneficiaries upon the policyholder's death or after a certain period. Policies are available in various forms, including term life, which provides coverage for a specific term, and whole life, which offers coverage for the policyholder's entire life while also building cash value. Other types include universal life, variable life, and various specialized policies like mortgage life or credit life insurance, which are designed to cover specific financial obligations. Kansas law requires that life insurance policies meet certain standards for policy provisions, consumer protections, and disclosure requirements. Insurers must be licensed by the state, and policies are subject to state approval to ensure they comply with applicable regulations. Consumers are protected by provisions such as a grace period for late payments, a free look period to review a new policy, and guaranteed benefits regardless of changes in health or circumstances. It's important for individuals to review their policy options and consider their financial needs and goals when selecting a life insurance product. An attorney specializing in insurance law can provide specific guidance tailored to an individual's situation.