This chapter provides an overview of life insurance financial products. After an outline of the global life insurance market, Sect. 2 presents different forms of selected traditional and innovative life insurance financial products and their main characteristics. As unit-linked and equity-indexed contracts have been the basis for most innovative products in recent years, we present basic aspects of the modeling, valuation, and risk management of unit-linked life insurance contracts using two forms of investment guarantees (interest guarantees and lookback guarantees) and different underlying investment strategies for illustrative purposes. We also outline the advantages and disadvantages of life insurance products and focus on key features of new innovative life insurance financial products. Section 3 concludes.