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 New York, life insurance is regulated by the New York State Department of Financial Services (DFS). The DFS oversees the licensing of life insurance companies and ensures that they comply with state statutes and regulations. Life insurance policies in New York are contracts where the insurer agrees to pay a designated beneficiary a sum of money upon the death of the insured person or after a set period. The policyholder typically pays premiums either on a regular schedule or as a lump sum. The types of life insurance available include term life, which provides coverage for a specific term; whole life, which offers coverage for the insured's entire lifetime and typically includes a savings component; and various forms of universal life insurance, which offer more flexibility in premiums and potential investment options. There are also specialized products like variable life, which combines life insurance with an investment fund, and hybrid policies that may include long-term care benefits. New York law requires clear disclosure of policy terms and conditions, and policies must meet certain standards to ensure fairness and financial solvency. Additionally, New York provides a 'free look' period, typically 10 days after purchase, during which policyholders can cancel a new life insurance policy without penalty.