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 Virginia, life insurance is regulated under state law and overseen by the Virginia Bureau of Insurance. The regulation of life insurance policies includes ensuring that insurance companies are financially solvent, policies are sold by licensed agents, and that the terms and conditions of insurance contracts are fair and comply with the law. Life insurance policies in Virginia can be categorized into term life insurance, which provides coverage for a specific period, and whole life insurance, which offers coverage for the policyholder's entire lifetime. Other types of life insurance products available include universal life, variable life, and various specialized policies like mortgage life insurance or credit life insurance. Each type of policy has its own features, benefits, and premiums. Insurers in Virginia are required to provide a 'free-look' period, typically 10 days, during which a new policyholder can cancel their policy without penalty. Additionally, there are consumer protections in place, such as the requirement for clear disclosure of policy terms and the guaranteed right to appeal a claim denial. It's important for consumers to understand the specific terms and costs associated with their chosen life insurance product, and they may benefit from consulting with an attorney to ensure their rights and interests are adequately protected.