Eight Ways to Save Money on Life Insurance

Shopping around and taking good care of yourself can help make life insurance more affordable, as well as buying a joint policy and avoiding overinsuring yourself.

A married couple sits on a sofa with a financial adviser to go over life insurance options.
(Image credit: Getty Images)

Finding affordable life insurance from a trustworthy company often falls to the bottom of the to-do list. Many Americans have trouble finding the right insurance policy, with 48% of adults confessing to having no insurance at all, according to the Life Insurance Consumer Report Study 2023 by Insurist.

So, how do you save money on a life insurance policy? Seventy-three percent of adults said that the cost of life insurance was too high. This guide provides some helpful tips on how to lower the cost of your life insurance.

Why Do You Need Life Insurance?

A life insurance policy provides security for family members and dependents. If you die unexpectedly, your loved ones could be left with financial commitments, medical care, and other unforeseen costs. Life insurance acts as a plan to protect your loved ones in the event of your unexpected death.

There are three main types of life insurance to consider when gathering quotes — level cover, increasing cover or decreasing cover. It is a good idea to discuss your needs with your family before you begin searching for the right policy. The cost of your life insurance policy will depend on variables such as your age, medical conditions, and amount of coverage. 

Here are eight ways you can save money on life insurance.

Shawn Plummer
CEO, The Annuity Expert

Shawn has been a licensed financial professional focusing on annuities and insurance for more than a decade. His former role was training financial advisers, including for a Fortune Global 500 insurance company. He’s been featured in Time magazine, Yahoo! Finance, Entrepreneur and Bloomberg.