One of the easiest ways to save money buying life insurance is to buy term life. Many agree that a term life policy is usually the best, most affordable, and simplest solution for people who are around the age of 18 to 40, or so. A whole life or universal life policy (also known as a cash-value life insurance policy) is better suited for those typically who have some wealth and can afford the higher cost, or those trying to build wealth and decide to use life insurance as a vehicle to accomplishing this, typically Americans over age 50 or 60. But for the rest of us, term life insurance is the best - and cheapest - way to go.