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 Wyoming, life insurance is regulated under both state statutes and federal law. The Wyoming Insurance Department oversees the regulation of life insurance policies and companies operating within the state. 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 certain period. There are various types of life insurance products available, including term life, whole life, universal life, and various other specialized policies. Each type of policy has its own features, coverage periods, and investment components. 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 offers more flexibility in premiums and benefits. Regulations in Wyoming require life insurance companies to maintain certain solvency standards, provide clear information about policies, and act in good faith with policyholders. Consumers are protected under state law from unfair or deceptive practices, and they have the right to a 'free look' period to review a new life insurance policy. It's important for individuals to carefully consider their options and possibly consult with an attorney or financial advisor to understand the different life insurance products and choose the one that best fits their needs.