Term life is already the lowest-cost type of life insurance for most people, but the price for the same coverage can still vary widely. These steps can help you pay less.
Buy the coverage you need, for as long as you need it
Work out your coverage amount from your actual needs, and match the term to the years your family depends on your income. Paying for 30 years when you need 20 adds cost.
Compare several insurers
Insurers price the same health profile differently. Get quotes for identical coverage from several companies or through a licensed independent agent who can quote more than one.
Apply sooner rather than later
Premiums are based on age and health when you apply, and are usually locked for the term. Waiting a few years generally means a higher price.
Things that commonly affect your rate
- Tobacco and nicotine use
- Health conditions and medications
- Family medical history
- Driving record
- High-risk hobbies or jobs
Pay annually if you can
Many insurers charge a little more in total for monthly payments than for one annual payment.
Be careful with add-ons
Riders can be useful, but each one adds cost. Ask what each rider does and whether you'd really use it.
Don't let a cheaper quote mean less protection
Check that cheaper quotes are for the same amount and term, and look at the insurer's financial strength rating. The lowest price isn't helpful if the coverage doesn't fit your needs.
General information only, not insurance advice and not a recommendation of any insurer or policy. Coverage rules and prices vary by state and by insurer, so confirm details with a licensed agent or your state insurance department.