There are affordable packs in all the major 4 types of life insurance plans that are:-

• Term life insurance
• Whole life insurance
• Universal life insurance
• Variable life insurance

The amount of money that you invest in term life insurance policy should be worth enough to cover for the duties that you would consider are indispensable during that period of time.  You can insure a part of your life like the life span period when you will be supporting your family with education, paying off a home mortgage etcetera.  During this insured term period if anything should happen to you the policy would be entitled to pay for all the needs you purposed to protect with the policy.  Term life policies do not accrue cash value and so they are popularly considered to be affordable life insurance policies.

Variable life insurance policies are somewhat similar to whole life policies in that they have a cash value, but the difference lies in that you can have your cash value invested in stocks, money markets, bonds etcetera.  It is similar to mutual funds and has a risk of performance.  These policies are also affordable life insurance policies most prefer to settle down with term insurance policies for the kind of flexibility that it offers. Variable policies were initially opted quite widely, but after the coming of renewable and level premium policies less people are choosing these policies.

Universal life insurance policy is also a kind of affordable life insurance because at any point in time you can vary your premium based on what you can manage, change the cash value of the program and even at times pay lump sums as you can.

It depends upon what one looks in a policy that can make a policy affordable.  All plans are not affordable for all.  It varies based on financial flow and life plans.