Which type of life insurance is generally considered to be the most expensive?

Endowments are often viewed as the most expensive type of life insurance. This is primarily due to the structure of the product, which combines both insurance and savings components. An endowment policy pays a benefit either at the end of a specified term or upon the policyholder's death, whichever occurs first. The premium for an endowment is higher as it is designed to provide a cash value that accumulates over time in addition to the death benefit.

In contrast, term life insurance typically offers the most basic coverage for a set period, making it more affordable since it does not build cash value and only provides a death benefit if the policyholder dies within that term. Whole life insurance and universal life insurance also have higher premiums due to their cash value components and other flexible features, but endowments generally see a higher cost due to the investment aspect combined with guaranteed payouts.

The emphasis on both insurance protection and savings growth within endowment policies leads to their elevated costs compared to other life insurance options.