No, term life insurance is not expensive, if it is the right type of life insurance policy that meets your specific needs.
The two basic types of life insurance are term life and permanent life insurance.
Permanent life insurance may cost up to 5 to 10 times more for the same amount of life insurance compared to the price of term life insurance.
Permanent life costs a lot more because it provides lifetime protection, a death benefit, and it builds some cash value inside the policy over time.
Whereas, a term life policy is temporary coverage and only provides a death benefit if the insured dies during the policy term.
Usually, you may select a policy term (duration of coverage) lasting for a period of 10, 15, 20, 25, 30, 35 or 40 years for a term life insurance policy.
Basically, term life is inexpensive because you may outlive your life insurance coverage.
Learn more about Is term life insurance expensive?
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