Yes, to start with. For the same coverage, term costs much less than permanent, because it covers a set period and builds no cash value. If you need coverage for life, though, renewing term into your later years gets expensive, because each renewal is priced at your age then. Many people combine the two: permanent coverage for needs that last, and term for the years when the need is highest.
Is term life insurance more affordable than permanent life insurance?
Reviewed by Garrett Agencies Ltd., October 2026. How we write
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More about term life insurance
A set amount of life insurance for a set period, at a lower cost than permanent coverage.
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