The lowest rates available for term life plans would be term life with the shortest term for coverage.
Term life may be available for a duration (term) of 1 to 30 years.
So, the cheapest term life policy would be term insurance for a term of 1 year, since the chance of you dying ion the next year is lowest compared to a longer term of coverage.
Rates on term life vary by insurer and since some insurers are more competitive for certain classes of risk, such as diabetics or seniors, you'll want to compare rates from multiple insurers.
The main factors that impact the rate you pay per $1,000 of term life insurance include your age, gender, health and the amount of life insurance coverage, as well as, the length of term.
In addition, your personal risk factors affect your term life rate, including your lifestyle, tobacco use, hobbies, occupation, height-to-weight ratio, and driving record, among other things.
The younger and healthier you are, the longer your life expectancy, and the lower your rate for life insurance coverage.
Her'es how to find the most affordable term life insurance policy