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 Washington State, life insurance is regulated under Title 48 of the Revised Code of Washington (RCW) and by the Washington State Office of the Insurance Commissioner. Life insurance policies are legal contracts where the insurer agrees to pay a specified death benefit to the beneficiaries upon the death of the insured, or after a set period. The policyholder pays premiums to maintain the policy's validity. There are various types of life insurance products available, including term life insurance, which provides coverage for a specific term, and whole life insurance, which offers coverage for the insured's entire life and typically includes a savings component. Other products like universal life, variable life, and various hybrid policies offer different combinations of investment options and flexibility in premiums and death benefits. Specific regulations govern disclosures, advertising, policy provisions, and consumer protections to ensure fair practices and the financial stability of insurance providers. Consumers are encouraged to review policy terms carefully and consider their financial needs and goals when selecting a life insurance product. It's also advisable to consult with an attorney or a financial advisor to understand the implications of different insurance products.