Which type of life insurance is most commonly written?

The most commonly written type of life insurance is term insurance. This type of insurance provides coverage for a specified period, typically ranging from one year to thirty years, and is often chosen for its affordability and straightforward nature.

Term insurance is popular because it offers a high coverage amount for relatively low premium payments, making it accessible to a broad range of individuals. Many people opt for term insurance to provide financial protection for their dependents during their working years, ensuring that any debts, such as a mortgage, or the cost of raising children can be taken care of in the event of the policyholder's untimely death.

Furthermore, term insurance can be converted to permanent coverage in many cases, giving policyholders flexibility in their insurance planning as their needs evolve over time. Given these aspects, term insurance often becomes the most utilized form of life insurance in the market, demonstrating its importance in financial and estate planning.