Life insurance is one of those things we all know we should have, but when it comes time to buy, the price tag might seem like a barrier.
The good news is that there are several ways to save money on the cost of life insurance without sacrificing the coverage your family needs.
From choosing the right type of policy to knowing how and when to apply, small decisions lead to big savings over time.
Whether you’re getting life insurance for the first time or looking to reduce the cost of life insurance with your current plan, this guide will walk you through smart, practical strategies to keep your premiums low and your protection strong.
Buy it sooner rather than later
When it comes to the cost of life insurance, waiting costs money — literally. Companies base their premiums on your age and health when you apply. The younger and healthier you are, the less risk you pose to the insurer — and the lower your premium will be for the life of the policy.
For example, a healthy 30-year-old might pay $20 to $30 monthly for a $500,000 term policy. If you wait until age 40, that same policy could easily cost twice as much. By age 50 or 60, the life insurance cost increases even more dramatically. And if health conditions develop in the meantime, rates go up, potentially denying you coverage altogether.
You get more value over time
The sooner you buy, the more affordable your monthly premium will be — and the longer you’ll benefit from that locked-in rate. Plus, you’ll protect your loved ones sooner, which means financial security is in place when they need it most.
It’s easier to qualify when you’re healthy
Applying young often means fewer medical requirements, faster approvals, and access to preferred rate classes. As you age, life insurance companies may require more in-depth medical exams or charge higher premiums based on developing conditions.
Choose term over permanent
When you’re looking to save money, one of your biggest decisions is whether to go with term life or permanent insurance. And for most people, term is the smarter, more affordable option — especially if your goal is to get strong protection without breaking your budget.
Term life is simple and affordable
Term life provides coverage for a set period of time — typically 10, 20, or 30 years. If you pass away during that term, your beneficiary receives the death benefit. After that term ends, the policy expires, or you can renew it at a higher rate.
Because it focuses on providing a death benefit (with no investment or cash value features), term life is significantly cheaper than permanent life insurance. For example, a healthy 35-year-old might pay $25/month for a $500,000 term policy, but $200–$300/month for a permanent policy with the same benefit.
Permanent life insurance costs more and often isn’t necessary
Permanent life insurance — such as whole life or universal life — provides coverage for your entire lifetime and includes a cash value component that grows over time.
While that sounds appealing, the higher cost of life insurance here often outweighs the benefits unless you use the policy for a specific purpose (like estate planning or wealth transfer).
For most people, the main reason to buy life insurance is to replace income, pay off debts, and protect dependents during their working years. Once kids are grown and you’ve paid off your mortgage, that need typically drops off — making permanent coverage unnecessary.
Term life lets you get more coverage for less
Because it’s more affordable, term life allows you to purchase a larger death benefit while still keeping your monthly costs low. That means better financial protection for your family when they need it most.
If your situation changes later, some term policies allow you to convert to permanent life insurance without a medical exam, giving you flexibility without locking you into high rates from the start.
Disclose all health issues upfront
When applying for life insurance, honesty protects you and your loved ones. Companies base their rates and approval decisions on risk. Your age, lifestyle, and health are major factors in how much you’ll pay for coverage.
Insurers verify your health history
Insurance companies don’t rely solely on your application. They use medical records, prescription databases, and sometimes third-party reports to confirm your information. If they find undisclosed conditions, they may increase your premium, reduce your coverage amount, or delay or deny your application.
Even worse, if they discover a health issue after you pass away, the insurer could challenge or deny the death benefit — leaving your family without the financial protection you planned for them.
Honesty saves you money
Disclosing all health issues upfront allows insurers to correctly classify your risk from the beginning. Some companies specialize in covering applicants with specific conditions — like diabetes, high blood pressure, or past cancer diagnoses — at more competitive rates than others. By being transparent, you can shop for the insurer most likely to offer you the best deal.
You’ll avoid future complications
There are no surprises for the underwriter or the claims department when everything is out in the open. Your premiums will accurately reflect your health, your policy will be solid, and your loved ones can count on their payout when they need it most.
Consider taking a medical exam
If you’re in good health, taking a medical exam could save you a significant amount on your premiums. While it might seem like more hassle up front, this simple step often unlocks access to the best rates and policy options available.
What the medical exam involves
The medical exam is typically short and straightforward. It usually includes:
- A review of your medical history and current medications
- Basic measurements: height, weight, blood pressure, pulse
- A blood and urine sample
- Occasionally, an EKG or additional testing for older applicants or larger policies
Schedule the exam at your convenience. You may even be able to have it done at your home or office at no cost to you.
Why it can save you money
Insurers use the exam results to assess your overall health and assign you a risk class. If your results show that you’re healthy, a non-smoker with a healthy weight, normal blood pressure, and cholesterol, you may qualify for a “preferred” or “super-preferred” rate, which reduces your premium and overall life insurance cost.
Skipping the exam and applying for a no-exam policy may be faster, but they often place you in a more expensive risk category by default. That higher price is baked in to account for unknown risks.
Save on life insurance costs with Bear River Insurance
Saving money on life insurance starts with making smart choices — and choosing the right partner is one of them. At Bear River Insurance, we’re committed to helping you find affordable, reliable coverage that protects the people who matter most.
Whether you’re buying your first policy or reviewing an existing one, our experienced team is here to walk you through your options, explain what really impacts your rates, and help you get the best value for your budget.
Ready to get started? Contact Bear River Insurance today for expert guidance on plans that work for you without overpaying.