If you are looking for an insurance that is cheap but worthy, you can avail the term life insurance for it is the most inexpensive way to purchase a substantial death benefit. If the insured dies during the term, the death benefit will be paid to the beneficiary. After the expiration of the term, you can easily renew it to continue. You can avail term life insurance for 5,10 or 15 years but the price also varies on the length of time you will choose. The longer the time, the more expensive it will cost. Some companies could also allow you to convert your term life insurance to a permanent one.