The premium for your life insurance will depend on several factors, including the type of life insurance and the amount of life insurance you buy.
There are two basic types of life insurance: Term and Permanent.
Term is temporary for a period of 30 years or less, and it is pure life insurance protection, so it will cost you much less than a permanent life insurance policy which provides lifetime protection and may build up some cash value inside the policy over the years you are insured.
In addition, your personal risk factors will affect the premium charged for your life insurance.
Risk factors include your age, gender, health, family health history, lifestyle, tobacco use, occupation, hobbies, height-to-weight ratio, driving record, and credit history, among other things.
The insurers use your risk factors and health information to determine your life expectancy - how long you are expected to live, and keep paying your premiums for your life insurance policy.
The younger and healthier you are when you purchase your life insurance, the lower your premium.
One way to save money on your life insurance is to choose annual premium payments instead of monthly.
Another way to save is to compare multiple life insurance quotes from several of the best life insurance companies to help you objectively find the most affordable coverage.