Here' are the most popular types of life insurance rated in terms of the lowest cost:
1. Accidental Death Insurance
2. Level Term Life Insurance
3. Return Premium Term Life Insurance
4. Whole or Permanent Life Insurance
5. Universal Life Insurance
Accidental death insurance is the lowest priced life insurance because it only pays out a claim if the insured dies as a result of an accident.
Whereas, the other types of life insurance shown above pay out a death benefit for other causes of death, in addition to accidental, such as, natural causes.
Level term life insurance is the most popular type of term life insurance and it offers the lowest rates for 10, 15 or 20 years of life insurance protection.
If you outlive the term of your policy, your term life plan expires and you are without coverage.
However, you can choose to add the option of renewability to you term life policy so you can renew your coverage when it ends, without having to take a physical exam at that time to qualify for another life insurance policy.