Consumers often choose term life insurance policies because they offer high death benefits with reasonable premiums. However, there are even more ways to save on your term life insurance premiums:

• Apply for term life insurance when your health is good – If you are able, lock in a term life insurance policy when you are young and your health is good, as your premiums will be decidedly lower.  You may also choose to take out the largest benefit possible according to your budgetary constraints at this time.
• Consider reapplying if your health has improved – If you had a medical illness or disease when you originally applied for your term life insurance policy, but are now healthier or disease-free, you may want to consider reapplying for a term policy, as your status could change and your rates may therefore be considerably lower.
• Purchase the right type of term life insurance coverage – Consider how much you need and for what length of time, and then purchase the term life insurance policy that best fits your needs. It certainly doesn’t make sense to purchase a policy that either doesn’t cover you fully or that provides you with more coverage than you need.
• Ask your insurer about volume price breaks – Volume price breaks are a bit hard to understand, but the result is quite simple: they provide more coverage for less money when you hit a certain coverage amount. For example, if your insurer offers a volume price break at $100,000, you can actually get a $100,000 policy for what you would pay for a $75,000 policy.
• Shop around – Each term life insurer will have different standards and practices regarding age, risk factors and tobacco use, for example. It is therefore in your best interest to research a few different companies to decide which one can offer you the best deal on your term life insurance policy.
• Ask about billing option savings – Many term life insurers will offer discounts for consumers who pay their premium on an annual, instead of monthly, basis, and many insurers will also offer discounts when consumers sign up for automatic bill payment services.