The main option for low cost life insurance is a term policy. Term policies are intended to protect your family in the event of your death, and are purchased for a specified length of time only, after which time a new policy must be bought if you wish to continue coverage. They do not accrue a cash value as a whole life policy does, but do have much lower premiums.
Term life insurance policies provide the most benefit for families who would be financially devastated if the breadwinner dies anytime in the near future … say a family with young children who will need their parents’ income to support them for the next 10 years or so. Or in the case of a family with a debt that will be difficult to pay if someone dies where the term of the debt is about 10 years.
In these cases it is generally better to buy term insurance and then invest the difference between the cost of the term policy and what a more expensive whole life policy would have cost.