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 Florida, life insurance is regulated under state statutes and overseen by the Florida Department of Financial Services, including the Office of Insurance Regulation. 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 certain period. The policyholder pays premiums in exchange for this benefit. The types of life insurance available include term life, which provides coverage for a specific period; whole life, offering coverage for the insured's lifetime with a savings component; and various forms of universal life insurance, which combine flexible premiums and death benefits with a cash value account. Other products like variable life and variable universal life involve investment components, while specialized forms like mortgage life insurance are designed to pay off a mortgage upon the insured's death. Florida law requires life insurance companies to maintain certain solvency standards and consumer protections, such as a grace period for late payments, and the right to contest a policy within a certain timeframe. Additionally, the state provides a guaranty association to protect policyholders if an insurance company becomes insolvent. It's important for consumers to understand the specific terms and conditions of their life insurance policy, as these can vary significantly between different insurance products and companies.