The most affordable form of life insurance is term life insurance. Term life is a type of life insurance policy that provides protection for a set period of time, usually between 10 and 30 years. It's the most reasonably priced kind of life insurance you can find, since it only covers a specific period and it does not have a cash value.
Term life policies are usually purchased to supplement other savings strategies, such as a 401(k) plan or college savings accounts. The low premiums can also help provide for your family’s expenses if you were to pass away unexpectedly.
When shopping for term life insurance, be sure to compare rates from multiple insurers to find the best deal. Each insurer has its own cost structure, so it's important to do some research and find the company that offers the lowest premium for the coverage that best suits your needs.
It's also important to consider the financial stability of the insurer you're looking at. Most states require companies to obtain a license to sell insurance, and ratings agencies such as A.M. Best, Standard & Poor's, and Moody's can provide insight into the financial health of the insurer you’re considering.
For more information, you can read this article from The Balance that offers a more in-depth look at the different types of life insurance available, and the factors you should consider when shopping for life insurance.
https://www.thebalance.com/types-of-life-insurance-4152420