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Life Insurance Basics

3 ways you can trim your life insurance budget

Life insurance premiums are based on a variety of factors, such as age, overall health, and family history. This article discusses some ways to reduce the amount you pay.

According to, the amount of insurance premiums charged by an insurance company is determined by statistics and mathematical calculations done by the underwriting department of the insurer. In other words, the life insurance company is basing your premiums on your individual risk and charging you accordingly.1

But did you know that you may have a certain degree of control over your life insurance budget? The fact is, life insurance premiums are based on a variety of factors (your age, overall health, whether you smoke, family history, lifestyle, etc.). So anything that may reduce your life expectancy, can also increase your premiums.

The following are just three of the ways you may be able to trim your life insurance budget.

1. Get more than one quote

Once you know how much life insurance you need and have a better idea of the type of life insurance policy you want, it's time to go shopping. A good rule of thumb would be to get at least three quotes from reputable life insurance companies, and to always compare apples to apples. 

2. Stay healthy

Whether you are buying a policy for the first time or have an existing policy, the healthier you are, the better your rates will be. So for example, if you're a smoker, consider quitting. If you know you have some unhealthy weight to drop, then do it (your wallet and those you love will thank you). And if you have an existing policy and have undergone some big lifestyle changes, you might consider reapplying for coverage. Some insurers may reconsider a policy rewrite under certain conditions.

3. Buy it as early in life as possible

Nobody likes to think about the thought of dying unexpectedly at a young age. However, by purchasing a life insurance when you are young (and yes, healthy), can allow you to secure some exceptional premium rates - even for permanent* life insurance policies such as whole and universal life. Moreover, it locks you into these rates so as you grow older and perhaps experience changes in your health status, you will continue to pay lower rates for as long as you own your policy.
For more information on affordable life insurance, visit the Protective Life Insurance Learning Center.

*As long as required premium payments are timely made.


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All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

Learning Center articles may describe services and financial products not offered by Protective Life or its subsidiaries. Descriptions of financial products contained in Learning Center articles are not intended to represent those offered by Protective Life or its subsidiaries.

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