Why is term life insurance typically the most affordable option compared to other types of life insurance?

Term life insurance is typically the most affordable option compared to other types of life insurance because it provides coverage for a specific period of time, such as 10, 20, or 30 years, without any cash value accumulation or investment component. This simplicity and limited coverage period result in lower premiums compared to permanent life insurance policies, which offer lifelong coverage and include cash value components that can increase the cost.