The type of life insurance that offers the lowest price per year of coverage is term insurance.
Why is term so cheap? Because, term life is temporary meaning it lasts for a specific period of time.
Most term insurance policies offer you the option of coverage for a period of 10, 15, 20 or 30 years. The longer your term of coverage, the higher your annual cost of life insurance protection.
Whereas, permanent life insurance lasts your entire lifetime no matter how long you live, and it builds cash value inside the policy over time - which is why it costs so much moire than term life insurance.
So, if you need life insurance for a duration of 30 years or less, term life offers the cheapest coverage.
Here's how you can compare instant term life insurance quotes online.