Term life insurance is meant to provide a death benefit – and only a death benefit – and it is one of the least complicated types of life insurance policies out there.
Since there is no investment component, meaning no cash value that builds up inside the policy, the insurance premiums tend to be much lower than similar whole life insurance policies, and cost conscious insurance shoppers should definitely take a look at term life.
You may find that whole life insurance costs at least 2 to 3 times more than the same amount of term life insurance coverage.
However, keep in mind, term life is temporary, for a period of up to 30 years of coverage, while whole life provides lifetime coverage.
If you need the most life insurance, at the lowest price, for up to 30 years, then term life insurance provides the most affordable coverage.
Here's how to compare affordable term life insurance quotes online from leading insurers.