Term life insurance is the most affordable life insurance option. However, your actual payments could vary significantly based on: Your age and health: The younger and healthier you are, the less you'll pay on your premiums. The term length: A short term length of 10 or 15 years will be more affordable than a longer-term length. Death benefits: The larger the amount you want to leave to your beneficiaries, the more your premium will be. Riders: If you want optional additional benefits like long-term medical care coverage, expect to pay higher premiums.