On a monthly or annual basis, term life insurance costs less per year than a permanent life policy.
Why? Because, term is temporary coverage lasting for a period of 30 years or less, so you may or may not have a death benefit paid upon your passing, it depends on whether you pass away during the "term" of your policy.
However, a permanent life insurance provides lifetime protection so it costs a lot more than term life insurance.
If you have a need for life insurance that will last 30 years or less, then a term life policy can provide you with the most affordable option for life insurance.
Some people choose to buy a term life policy for affordable short term protection, and a smaller permanent life insurance policy to provide for their final expenses.
Learn more about permanent versus term life insurance.