Which types of life insurance are the most affordable and why?

Term insurance is the cheapest because it is for a set time period and is a pure death benefit only, meaning there is no cash value build-up opportunity. The shorter the term is, the cheaper the insurance. For a more permanent, low-cost option, Universal Life would be a good choice, as its flexible premium structure allows for the insured to have some degree of control over policy premiums and policy longevity.