There's several tips you may want to use in order lower the cost of your life insurance coverage:
1. Use a life insurance needs calculator to determine how much life insurance to buy, so you don't pay for more life insurance than you really need.
2. Don't wait to buy life insurance. Rates increase with your age. So, you'll want to lock-in a lower rate while you are young and healthy.
3. Consider term life insurance as it costs a lot less than permanent life insurance if you need coverage for a period of 30 years or less.
4. Choose annual payment option to pay your premiums, because they may charge a service fee for monthly payments.
5. Quit Smoking - If you use tobacco - Quit, because smokers pay up to 2-3 times more for the same amount of life insurance compared to non-smokers.
One of the most important ways to save on your coverage is to compare multiple life insurance prices quotes from several of the leading life insurance companies.
Yes, prices do vary by insurer because each insurer has their own set of pricing and underwriting guidelines in determining the risk you present and the price you should pay for your policy.