What type of life insurance policy would a young father likely buy to cover his five family members at the lowest cost?

The most suitable choice for a young father looking to cover his five family members at the lowest cost is a family protection policy. This type of policy is specifically designed to provide coverage for multiple family members under a single contract, often at a lower premium compared to purchasing individual policies for each family member. This can make it an economically efficient solution for someone looking to ensure that their entire family is protected without incurring high costs.

While term life insurance can be an affordable option for providing coverage for a certain period, it typically covers only one individual at a time and may not be as comprehensive in covering multiple family members. Whole life and universal life policies are generally more expensive because they include a cash value component and provide lifelong coverage. Therefore, while advantageous for certain long-term financial strategies, they are not the most cost-effective option for immediate family coverage when affordability is a priority.

In this case, the family protection policy stands out as the ideal choice, as it allows the father to secure life insurance for his whole family efficiently and at a lower overall cost.