What cheap life insurance actually meansFor most people, cheap life insurance comes down to a policy you can comfortably afford. Unlike permanent life insurance (also known as cash value life insurance), term life insurance expires after a set number of years, and you can't cash it out while you're still alive. Policy type Best for Typical cost Term life Most families Lowest Whole life Lifelong coverage and cash value Much higher Universal life Permanent coverage with adjustable premiums HigherRead more: Types of life insurance: A complete guideWhat affects the price of life insurance? The cheapest life insurance companies to compareThe best way to find cheap insurance is to start by getting quotes from some of the best life insurance companies around. Choosing permanent coverage when term life would do: Whole and universal life insurance have their place, but don't count out term life insurance for affordable coverage.