Permanent life insurance costs the most because it provides lifetime coverage, and may build cash value inside the policy over time.
Whereas, term life insurance is temporary coverage for a set period of time and does not build cash value, it is pure life insurance protection.
With term life insurance you can choose coverage for a period of 10, 15, 20, 25 or 30 years, or until you reach age 65 or 70, usually.
The cheapest type of term life insurance is annual renewable term life, but the rate increase each year if you renew the one year term life insurance policy.
However, a level term life insurance policy can provide you with guaranteed level rates that remain the same for the term of your policy. So, a 5 year level term life insurance plan may cost you less over 5 years then it would to renew an annual renewable term life policy for 5 years.
Also, rates for life insurance vary by insurer so it's important to compare multiple life insurance rate quotes from several of the leading life insurance carriers to find out which one offers you the most affordable policy.