5 Ways to Cut Life Insurance Costs

It seems we are all living on a tight budget these days, with the economy in question, and not sure if we will still be employed this time next year.

So, it makes sense to save money where we can, especially on things we truly need, like life insurance protection for our family.

How can you save money on your life insurance policy?

It's simple. Just follow these 5 tips to help you cut your life insurance costs.

1. Buy Term life insurance instead of permanent life insurance if you need protection for 30 years, or less.

2. Stop Smoking if you smoke - Smokers pay a lot more for life insurance, up to 50% higher rates, or more.

3. Lose Weight - Overweight people pay higher rates, and may even be declined for life insurance.

4. Buy Young - The younger you are when you buy your life insurance policy, the lower your rate. Life insurance is based in part on life expectancy - how long you are expected to live. Younger people are expected to live longer, so they pay lower rates for life insurance.

5. Compare Rates - Make sure you compare rates for life insurance among several highly-rated life insurance companies before choosing a policy. Rates can vary among insurance companies quite a bit, so you may save hundreds of dollars per year on your policy by comparing rates and plans.

If you need more help trying to save money on your life insurance, please review these Top 10 Life Insurance Tips