If you are trying to save money, then term life insurance may be your best bet, depending on your situation. Term life insurance is usually the cheapest option for life insurance because it only lasts a set number of years before it expires.
Other qualities that are specific to term life insurance deal with how long it lasts, what occurs if you pass away while the coverage is active and what happens once the coverage expires.
Term life insurance only lasts for a certain period of time, that is chosen when the policy is purchased. Typically, you would purchase a term life insurance policy that covers a period of 10, 20, or 30 years.
If you die at any point during the coverage period, then your beneficiaries will receive the payout amount stated in the policy. This payout is known as the death benefit.
If you are still living when your covered term ends, you or your beneficiaries will not receive a death benefit payout.
Oftentimes, life insurance policies that are offered through your employer can be completely free.
You can typically elect to pay as great an amount per month as you wish, and the more you pay the higher the death benefit payout would be in the event of your death.
Even if you do not enroll in a term life insurance plan through your employer, this type of insurance is the cheapest option of any type of insurance policy.
But, if you are interested in longer-lasting coverage you may want to purchase a permanent life insurance policy.