Term life insurance has the lowest rates available for life insurance protection because it is temporary, lasting for a duration of up to 30 years.
Also, it only provides a death benefit, it does not build up any cash value inside the policy.
In addition, if you outlive the duration of your term life policy, the coverage expires with no payout of any benefits.
Permanent life insurance can cost up to 5-10 times more than term life for the same amount of life insurance protection.
Learn more about the cheapest type of life insurance policy.