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 Oregon, life insurance is regulated under state law and overseen by the Oregon Division of Financial Regulation. The regulation covers various types of life insurance policies, including term life, whole life, universal life, and other specialized policies. Term life insurance provides coverage for a specific period, while whole life insurance offers coverage for the policyholder's entire life, often with a cash value component. Universal life insurance is more flexible, allowing policyholders to adjust premiums and benefits. Other products like variable life and variable universal life insurance involve investment components and carry higher risk. Hybrid policies may combine life insurance with long-term care insurance. Group life insurance is typically offered by employers, whereas mortgage and credit life insurance are tied to financial obligations. Simplified issue and guaranteed issue life insurance policies do not require a medical exam but may have higher premiums or lower benefits. Accidental death and dismemberment insurance provides benefits for specific types of injury or death. Oregon law requires that life insurance policies clearly outline the terms, conditions, and benefits, and insurers must act in good faith and with fair dealing. Consumers are protected by provisions that prevent unfair discrimination and ensure claims are paid in a timely manner. It's important for policyholders to understand the specific terms and conditions of their life insurance policy, as these can vary significantly between products and insurance companies.