Why is term life more affordable than permanent life insurance?
Because, term life is temporary, lasting for a set number of years, or until you reach a specific age. Also, term life does not build cash value inside the policy, it is pure life insurance protection, not an investment.
Whereas, permanent life insurance provides you with life insurance for your entire lifetime. That's why it costs more, because it will pay out a claim, if you keep paying your premiums, unlike term life which may or may not pay out a claim, depending on how long your term life policy lasts, and when you die.
Term life insurance offers coverage for 1-30 years, or until you reach age 65 or 70, usually. So it costs a lot less than permanent life insurance coverage, which means you can afford a lot more life insurance by choosing term life.
Most term life policies provide coverage for 10, 15, 20 or 30 years with level premiums and amounts of life insurance.
Here's how you can learn more about finding affordable term life insurance and how to compare rates and plans online from several highly-rated insurers.