For instance, Term life insurance has the cheapest rates for life insurance for a period of 30 years or less, and the shorter the term of your coverage, the lower the rate you pay for your life insurance.
However, this shorter length of coverage also reduces the chance of the insured person dying during that time they are insured for life insurance.
Whereas, Permanent life insurance costs more because, if the life insurance policy is kept "In Force" and you keep paying your premiums, it it sure to pay out a death benefit upon death of the insured person at any age.
In addition, some people stop paying their premiums for the life insurance policy due to financial problems, and they lose their life insurance coverage.
And, many life insurance policies go unclaimed because the person who owns the life insurance died without telling the beneficiaries they had life insurance, or where the life insurance policy was located.
Here's how you can instantly compare life insurance rates from several of the leading life insurance companies.