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 Wisconsin, life insurance is regulated under state law and overseen by the Wisconsin Office of the Commissioner of Insurance (OCI). The OCI ensures that life insurance policies comply with state statutes, providing consumer protections and ensuring the financial solvency of insurers. Life insurance policies in Wisconsin include term life, which provides coverage for a specific period, and whole life, which offers coverage for the policyholder's entire lifetime and typically includes a savings component. Other types such as universal life, variable life, and various hybrid policies offer different investment options and flexibility in premiums and benefits. Specialized forms like mortgage life insurance, credit life insurance, and accidental death and dismemberment insurance cater to specific needs. Wisconsin law requires clear communication of policy terms and conditions, and insurers must be licensed by the state. Consumers have a 'free look' period to review a new policy, during which they can cancel without penalty. The state also provides a safety net through the Wisconsin Insurance Security Fund, which protects policyholders if an insurance company becomes insolvent. It's important for consumers to understand the specific features and provisions of their life insurance policy, and they may wish to consult with an attorney or financial advisor to ensure that their policy meets their needs and complies with Wisconsin regulations.