Consumers are always looking for ways to save money and it’s no different when it comes to purchasing life insurance.

Here are six tips to save:

1. Apply early
Age is one of the largest determining factors for life insurance premiums. In most cases, the younger you are when you apply for life insurance, the less you’ll pay. So if you’re on the fence about applying now or later, consider applying now, even if you’re not sure how much coverage you need. You can always add a second policy later or increase your coverage if you need more protection as you age.
2. Opt for term insurance.
Term insurance provides a set amount of life insurance at a fixed rate for a specific period of time, from one year to twenty years or more. The longer the term you purchase, the less the initial cost will be per year. Be aware, if you choose to renew term insurance at the end of the term, the new costs will be significantly higher.
3. Get less insurance.
Depending on your situation, you may not need to replace all your income. Figure out what your death would mean financially to your family and determine their needs - both short term (paying for your funeral) and long term (paying off the mortgage, education costs, etc.). Determine if you could provide for most of your family’s needs with less life insurance. If so, your family would still have some protection, but you won’t have to pay as much each month or year.
4. Improve your health rating.
Health issues will make your insurance more expensive. Getting healthier can mean savings. Quit smoking, eat healthier and exercise regularly. Lowering your cholesterol and blood pressure, and losing weight can help reduce your premiums by quite a bit.
5. Pay annually rather than monthly.
Depending on the life insurance product purchased, there are often slightly higher premiums if you have decided to pay monthly rather than annually.
6. Seek the help of a financial advisor.
As with other insurance products, life insurance premiums can vary dramatically from one insurer to the next. Speak to a financial advisor who is familiar with life insurance savings and can find the best policy and price for you.