The cheapest life insurance is usually annually renewable term, followed by 10 year term. Annually renewable term goes up in price every year, and 10 year term goes up in price every 10 years. Some companies carry 5 year term, but there are so few choices that 10 year term rates often beat the rates of 5 year term.
Whether that type of short term policy is best for you depends on your need for the life insurance. E.g. If you are purchasing it to pay for your funeral, you run the very real risk of being unable to afford the policy by the time you die. In that case, buying permanent insurance is usually a better choice, even if it starts out costing more. However, if you only need your policy for a few years, getting a short term policy is most likely your best and cheapest choice.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
What is the best and cheapest life insurance to buy? Well, the best would be the life insurance that is in force when you die. The fact that it is in force makes it the best, because it doesn't matter what company if you're policy is not in force when you die.
As for the cheapest? Cheapest for how long? One day? one year? a lifetime? The best price is really determined by the length of your need. One day? term. One year? term. A lifetime? Whole life. Term is the cheapest for the shortest amount of time and whole life is the cheapest for the longest period of time.
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Whether that type of short term policy is best for you depends on your need for the life insurance. E.g. If you are purchasing it to pay for your funeral, you run the very real risk of being unable to afford the policy by the time you die. In that case, buying permanent insurance is usually a better choice, even if it starts out costing more. However, if you only need your policy for a few years, getting a short term policy is most likely your best and cheapest choice.
As for the cheapest? Cheapest for how long? One day? one year? a lifetime? The best price is really determined by the length of your need. One day? term. One year? term. A lifetime? Whole life. Term is the cheapest for the shortest amount of time and whole life is the cheapest for the longest period of time.