The cost for pure term life insurance protection varies based on your age, the amount of life insurance, the coverage period (1, 5, 10, 15, 20 or 30 years), issuing company, your health, tobacco use, driving record and your lifestyle, among other risk factors.

For example, a male age 35 in above average health can expect to pay around a $1 per day for $500,000 of 10 year term life insurance.

Permanent life insurance coverage will cost a lot more but can be designed so that it cannot be outlived (the main problem with term) and will build cash value inside the policy over time that grows tax-deferred.

Here's how to can compare life insurance rates online among several of the leading life insurance companies to find the most affordable plan.