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 West Virginia (WV), life insurance is regulated under state law and overseen by the West Virginia Offices of the Insurance Commissioner. Life insurance is a contract where the policyholder pays premiums for a death benefit to be paid to beneficiaries upon the policyholder's death or after a set period. The state regulates the various types of life insurance policies, which include term life, whole life, universal life, and various other products, each with unique features and benefits. Term life insurance provides coverage for a specific period, while whole life offers coverage for the policyholder's entire life, often with a cash value component. Universal life insurance offers flexible premiums and death benefits, and variable life insurance allows policyholders to invest the policy's cash value. West Virginia law requires that life insurance policies meet certain standards for policy illustrations, nonforfeiture benefits, and grace periods. Insurers must also comply with consumer protection laws, including those related to claims handling and disclosures. Policyholders have a right to a 'free look' period after purchasing a policy, during which they can cancel the policy without penalty. It's important for consumers to review the terms of their life insurance policies and consult with an attorney if they have specific legal questions or concerns regarding their life insurance contracts.