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Life insurance is what you get when signing a contract with a life insurance company. Paying (premiums) the company in return for coverage when a person dies.

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Universal - similar to whole insurance but if not paid on time, you could walk away with nothing (flexible amount to pay, still fixed)
Term - a certain number of year (1,5,10,15..)
Whole - until your death, premiums stay consistent
Variable - is like whole insurance but includes to an investment account
Death benefit is guaranteed for all of them except term insurance.

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Beneficiaries is what given after a person's death. A person entrusted with your death certificate will take it to your life insurance company to receive the person's benefits. (usually 30 days to come and collect from the person's death)

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Premiums are which the money a person pays to their life insurance company for their policy.
Factors:

Medical history (current health)

Life expectancy

Profession

Premium payment amount

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https://www.nerdwallet.com/blog/insurance/types-of-life-insurance/

https://www.fidelity.com/life-insurance/life-insurance-planning/what-is-life-insurance

https://finance.zacks.com/payment-made-beneficiaries-life-insurance-policy-7352.html#:~:text=Receiving%20payment%20from%20your%20life,choose%20from%20different%20payment%20options.