Some main rating factors affecting your premiums include your age, health, family health history, occupation, hobbies, driving record, height-to-weight ratio, length of life insurance, how much life insurance you need, and how long the insurance company expects you to live based on your personal rating factors named above.
For instance, life insurance rates increase with age, so the younger you are when you buy your life insurance, the lower your rate.
Also, premiums increase with the amount of life insurance you buy, so the larger the life insurance policy, the higher your premium.
As far as finding the cheapest life insurance policy, term life insurance is cheaper than whole life insurance because term life provides temporary coverage for 1-30 years; whereas, whole life provides lifetime coverage.
The shorter the term, or duration of your term life insurance policy, the lower your cost. So, a 10 years term life insurance plan will cost you less than a 15 or 20 year term life insurance policy.
Annual renewable term life insurance will probably be the cheapest to start off with at a young age, but you will need to renew the policy each year, and your rate will increase each year at renewal of your policy. So, in time it may cost more than a 10 year level term life insurance policy.
Here's how you can learn more about how term life insurance works and request your free term life insurance quote comparisons to help you find the most affordable plan.