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 Ohio, life insurance is regulated under state law and overseen by the Ohio Department of Insurance. The regulation of life insurance policies in Ohio includes ensuring that insurance companies are financially solvent, policies are sold by licensed agents, and the terms of the policies comply with state statutes. Life insurance policies are contracts between the policyholder and the insurance company, where the policyholder pays premiums in exchange for a death benefit to be paid to beneficiaries upon the policyholder's death or after a certain period. The types of life insurance available include term life, which provides coverage for a specific period, and whole life, which offers coverage for the policyholder's entire life and typically includes a savings component. Other variations like universal life, variable life, and various specialized policies offer different investment options and flexibility in premiums and benefits. Ohio law requires clear communication of the terms and conditions of the insurance policy to the policyholder, and there are consumer protections in place to address issues such as misrepresentation and non-payment of claims. Policyholders have a grace period for late payments and the right to appeal denied claims. It's important for consumers to understand the specific features and provisions of the life insurance product they are considering, as these can vary significantly between policies and insurance providers.