Unless your life insurance company happens to be USAA, Zurich Life, or Pacific Life, then the answer is yes, you will pay more for monthly premiums on your life insurance policy.
So, if you can afford to pay just one premium each year, you will save money on your life insurance, and it may be a significant amount if you have a policy that lasts for more than 5 or 10 years.
Here's how you can compare instant life insurance premium quotes for monthly versus annual premiums.