The type of life insurance offering the lowest rates is term life insurance which is temporary life insurance protection for a specific period of time.
Term life insurance may offer coverage for a period of 1-30 years, or more.
Many term life insurance plans offer level rates for 10, 15, 20 or 30 years, and the coverage may stay-in-force until you reach age 65 or 70, usually.
The cheapest term life policy may be for one year and it is usually called annual renewable term life insurance.
However, as you get older, each year your annual renewable term life policy will increase in price. That's why you may want to consider how long you need life insurance and lock-in a rate that stays the same for a longer period of time, such as, a 10 or 20 year level term life insurance policy.
Here's how you can learn about term life insurance and compare prices for different terms of 10, 15, 20 or 30 years.