Term life costs a lot less than permanent life insurance because it lasts for 30 years or less, while permanent life insurance is lifetime protection.
Next, your life insurance rate is based on your personal risk factors that impact your life expectancy, how long you may live. The younger and healthier you are, the longer your life expectancy, which means you may qualify for a lower rate for your life insurance.
In order to qualify for cheap life insurance you may need:
1. No history of substance or alcohol abuse;
2. No use of nicotine/tobacco in the past five years;
3. No history of chronic health problems, cancer, heart disease, diabetes, etc. in any parent or sibling before age 60;
4. Cholesterol levels must be 210 or lower;
5. Blood pressure cannot exceed 140/85;
6. One must satisfy certain height/weight ratio requirements;
7. No DUI convictions and no moving violations in the past 5 years;
8. No hazardous hobbies or activities in the past three years.
Also, make sure you compare life insurance quotes among several highly-rated life insurance carriers before choosing your policy because rates can vary quite a bit among life insurers.