As you are probably aware, many people opt to purchase term life insurance because of its affordability. Although its coverage is limited to a certain period of time, the lower premiums still caught the full attention of numerous customers.
Most of the times, other people consider the possibility of investment opportunities and that’s why they settle for regular life insurance plan. However, if you’re just about to start a family, cheap term life insurance would be probably enough for the mean time.
There are different policies under the term life insurance i.e. decreasing term insurance and level premium term insurance. Decreasing term insurance policy has low fixed premiums but the benefit amount your beneficiaries receive in the event of your death decreases every year.
Another type of cheap term insurance is the annual renewable term insurance policy. This can be availed once you renew your term policy every year depending on your need.