Permanent life insurance may cost up to 5 to 10 times more for the same amount of life insurance compared to the cost of term life.
That's because permanent life provides lifetime protection, pays out a death benefit and builds some cash value inside your policy.
Whereas, term life insurance is temporary protection lasting up to 30 years, and pays out a death benefit, but does not build any cash value inside your policy.
You may choose a policy duration (term) for term life insurance coverage of 10, 15, 20, 25 or 30 years to meet your specific life insurance needs.
If you need life insurance to last for 30 years or less, then term life insurance is the cheapest coverage you can buy.
Learn more about finding the cheapest life insurance coverage.