Term life insurance is the cheapest type of life insurance compared to permanent because term life is temporary, lasting for a period of from 1 to 30 years.
Most term life plans offer coverage for 10, 15, 20, 25 or 30 years, while permanent life insurance offers lifetime life insurance protection.
In addition, term life is pure life insurance protection, it does not build up any cash value inside the policy.
Another reason term life is much cheaper than permanent life insurance is because many people may outlive the "term" of their term life insurance, so no death benefit is paid on those policies if you are alive when the life insurance coverage ends.
Get a free life insurance quote to find the cheapest life insurance coverage.