The cheapest life insurance option is

Question

Quizplus · Accepted Answer

Term insurance is typically the cheapest life insurance option because it only provides coverage for a specific period of time, such as 10, 20, or 30 years. Once the term is over, the policy expires and there is no payout unless death occurred during the term. This type of insurance typically has lower premiums compared to whole or universal life insurance, which offer lifelong coverage and also have investment or savings components. However, it’s important to note that term insurance premiums may increase at the end of each term and may not provide the same level of financial protection and flexibility as other types of life insurance policies.

The Cheapest Life Insurance Option Is