What is the Most Affordable Type of Life Insurance?

The most affordable type of life insurance coverage is term life insurance since it is temporary, lasting for a specific period of time.

Term life costs a lot less than permanent life insurance which provides guaranteed lifetime life insurance protection and builds cash value inside the policy.

Term life is short term coverage usually lasting for a period of 10, 15, 20 or 30 years.

Term life insurance is meant to provide a death benefit – and only a death benefit – and it is one of the least complicated types of life insurance policies.

Since there is no investment component with term insurance the premiums tend to be much lower than similar permanent life insurance policies.

Learn more about comparing term life insurance and whole life insurance