Why is term life so cheap?
Because, term life offers you temporary protection lasting for a set number of years; whereas, permanent life insurance provides guaranteed lifetime protection, no matter how long you live, as long as you pay your premiums.
Permanent life insurance can cost 2-3 more than term insurance for the same amount of life insurance. That's because permanent insurance does not expire, and may build up some cash value inside the policy.
Term life expires when the term of your policy ends, and it is pure life insurance protection, there is no cash value inside the policy.
The longest term available for term life is usually 30 years. However, you may be able to choose term coverage for a duration of 10, 15, 20, 25, or 30 years.
The shorter your term, the cheaper your coverage. And, the lower the amount of life insurance, the cheaper your policy.