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 Pennsylvania (PA), life insurance is regulated under both state and federal laws. Life insurance policies are legal contracts between a policyholder and an insurer, where the policyholder pays premiums in exchange for a death benefit to be paid to beneficiaries upon the policyholder's death or after a set period. The Pennsylvania Insurance Department oversees the regulation of life insurance, ensuring companies are financially solvent, policies are fair, and consumer protections are in place. Types of life insurance available include term life, which provides coverage for a specific period, and whole life, which offers coverage for the policyholder's entire life and typically includes a savings component. Other variations like universal life, variable life, and various hybrid policies offer different investment options and flexibility in premiums and death benefits. Specialized products like mortgage life insurance, credit life insurance, and accidental death and dismemberment insurance cater to specific needs. In PA, insurers must comply with state regulations regarding policy provisions, consumer disclosures, and claims handling. Consumers are advised to review policy terms carefully and consider consulting with an attorney to understand the implications of the different types of life insurance products available.