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 Maine, life insurance is regulated under both state statutes and federal law. The Maine Bureau of Insurance oversees the regulation of life insurance policies and companies operating within the state. Life insurance is a contract where the policyholder pays premiums for a death benefit to be paid to beneficiaries upon the policyholder's death or after a certain period. There are various types of life insurance products available, including term life, whole life, universal life, and various specialized policies like indexed universal life, variable life, and hybrid policies that may include long-term care components. Each type of policy has its own features, benefits, and regulations. For instance, term life insurance provides coverage for a specified term, while whole life insurance offers coverage for the policyholder's entire life, typically with a cash value component. The Maine Bureau of Insurance ensures that insurance providers comply with state regulations, which include requirements for policy disclosures, advertising, and the handling of premiums and claims. Consumers are protected under these regulations, and insurance companies must be licensed by the state to offer life insurance products. It's important for policyholders to understand the specific terms and conditions of their life insurance policy, as these can vary significantly between different types of policies and insurance providers.