The lowest priced life insurance is term life because it provides temporary coverage for a specific period of time, usually up to 20 years, or until you reach age 65 or 70.
The shorter the term or duration of the policy, the lower the price.
So, an annual term life insurance policy for 1 year will cost less than a 20 year term life policy.
However, with an annual renewable term life policy your rate increases each year, while the 20 year level term life insurance policy provides coverage that remains the same while the premiums stays the same each year, as well.
It really depends on your life insurance needs as far as which policy may provide the most affordable coverage for the period of time you need life insurance.
If you need coverage for 20 years or less, a 20 year level term life policy may be a good idea. If you need lifetime life insurance, permanent life insurance may be a consideration.
Here's how you can learn more and review affordable term life insurance information.