Term life insurance policies are generally the cheapest form of insurance. Especially when bought for individuals who are young and healthy, it’s hard to beat the already lowest life insurance rates out there. However, there are ways to make a cheap term life policy even cheaper.

Lower Term Life Insurance Rates#1: Lock It In
Many young people don’t even consider life insurance, which is mistake #1. For those who think that life insurance is only for aging adults, think again. Term life insurance rates are very affordable for young people, and it is very possible to keep them that way for the long term. When shopping for a policy, ask about locking in the rates. Locking in as much protection as possible as soon as possible is the best decision when it comes to term life insurance rates.

#2: Don’t Buy More Coverage Than You Need
Life insurance is an important purchase because it provides security to those you leave behind. The concept behind life insurance is to provide for those things which you would provide if you were there. If you purchase more coverage than is really needed, the rates are going to be higher. Most financial planners recommend a policy amount of around 6-10 times your annual gross income. Policy limits can always be increased later if necessary.

#3: Consider Coverage Lengths
Term life insurance policies are purchased for a specific length of time. It’s important that you select an appropriate length of coverage to keep your term life insurance rates affordable. When determining the appropriate coverage length, consider your current home and family situation. For example, individuals who have a 30-year home mortgage would be smart to consider a 30-year policy to protect their home throughout the life of the loan. On the other hand, individuals who are nearing retirement may only require a 10-year term.

#4: Look for "Price Breaks"
Many insurance companies offer “price breaks” at certain coverage amounts. These price breaks are similar to the plateau tuition level at many universities. Pay attention to those levels, it may be worth it to pay enough to hit the price break in order to get additional coverage for very little additional cost.

#5: Shop Around for the Lowest Term Life Insurance Rates
Just as other forms of insurance, term life insurance rates vary by hundreds of dollars among different companies, so comparing prices is always worth your time. The best way to find cheap term life insurance rates is to shop around.

Life insurance is one of the most important things you can do for your family and loved ones. If you die, the death benefit to your survivors should be enough so they can maintain the same living standard you currently enjoy. Life insurance is a unique product and should be considered and purchased carefully and thoughtfully. This is the only type of insurance that you can use for others after you pass on, so it is crucial to look at your family needs and make the best decisions to find the best rates possible.