Term life insurance is the cheapest type of life insurance because it is temporary and builds no cash value. In addition, since it is temporary, many people may outlive the duration of their term policy, which means there is no death benefit paid out on the insurance.
Whereas, permanent life insurance lasts your entire lifetime, so as long as you keep paying your premiums on time, there will be a death benefit paid out upon your death.
Learn more about which life insurance is cheapest.