Here are some short, sharp tips to help you keep your life insurance costs low.

1. What about term insurance?
Term insurance offers you cheaper premiums although it does not carry with it the potential to make money like whole insurance. Never mind! Why not save money by buying term insurance and invest the amount you save? Given that you avoid the high premiums of whole insurance, you may make more money this way.

2. Look for no commission policies.
Life insurance costs are made substantially higher by agent fees and marketing costs. Look for insurance policies that are ‘no-load’ to avoid these charges. They are available from financial advisors who charge flat fees instead of gaining commission from life insurance firms.

3. If you are healthy, avoid a guaranteed issue policy.
‘Guaranteed issue’ policies are issued without the need for a medical, and this is fine for those with medical problems. However be prepared to pay more for them, and be aware that they tend to provide a lower face amount of death benefit. And if you are healthy, have that medical exam and enjoy lower rates.

4. Look online!
Buying online may save you money. It will also provide you with guide prices for when you are shopping for life insurance policies more generally.

5. Get healthy!
Getting healthy is a great idea generally, but it may also offer you the advantage of decreased premiums on your life insurance. Smokers pay more, as do those with high blood pressure, diabetes and heart disease. Avoid extra costs by keeping yourself in good condition so that when you apply for life insurance, you avoid the burden provided by poor health.

6. Buy the correct amount of life insurance!
Too much life insurance means unnecessarily large premiums; too little may be costly later along the line. Work out your short and long-term needs and subtract from their value the resources you already have. The remainder is the life insurance you need. Of course, life situations may change your needs, so be vigilant!

7. If you require more life insurance, get a rider.
Avoid getting new policy when you need more life insurance; consider getting a rider instead. A rider is an amendment to an existing policy which should let you increase your coverage and at the same time maintain the cash-value of the policy that you have hitherto gained.

8. Buy when the need exists!
Delaying the purchase of life insurance may mean higher premiums, as it will generally become more expensive as you get older. When there is a need for life insurance, do not put off purchasing it!

9. Review your credit check before making an application.
If you buy life insurance and fail to pay premiums, then the policy would lapse and the insurance firm may lose money. To avoid non-payment of premiums and subsequent financial loss, firms deny coverage to those with credit problems, or may put them in a higher risk category. You can avert such costs by keeping a check that your credit is good.

10. What about fractional premiums?
Once you have your policy, you may be able to save money by being billed on fewer occasions through the year – insurers tend to charge more when they bill frequently. Reduce your fractional premiums and you may save money.