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 Minnesota, life insurance is regulated under both state statutes and federal law. The Minnesota Department of Commerce oversees the insurance industry, ensuring that life insurance policies comply with state regulations designed to protect consumers. Life insurance policies in Minnesota 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 state recognizes various types of life insurance products, including term life, whole life, universal life, and various other specialized policies such as indexed universal, variable, and hybrid life insurance with long-term care benefits. Group life, mortgage life, credit life, joint life, simplified issue, guaranteed issue, and accidental death and dismemberment insurance are also available. Insurers in Minnesota are required to provide clear information about the terms and costs of policies, and they must maintain solvency to meet their financial obligations to policyholders. Consumers have the right to a 'free look' period to review a new life insurance policy and the right to appeal denied claims. 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.