Many of the factors that influence your life insurance premium, such as your age and health at the time of purchase, are beyond your control. Others are determined by the type and amount of coverage purchased.

There are, however, steps you can take to reduce your premium and obtain the most affordable life insurance.

Choose term life insurance

Term life insurance is the most basic and least expensive type of policy, and it is adequate for the majority of people. It is designed to cover you while you have financial dependents or obligations, such as paying off a mortgage or raising children, for a set number of years. If you die during the term, your life insurance beneficiaries will receive a payout and will be able to spend the money as they see fit.

Permanent life insurance, on the other hand, is significantly more expensive. This is due to the fact that permanent policies, such as whole life insurance, provide lifelong coverage as well as an investment component.

If you're looking for a permanent policy, universal life insurance or variable life insurance provide some payment flexibility. These policies allow you to change your premiums, which can be useful if your income fluctuates.

Opt to take the medical exam

If you're in good health, it's worthwhile to choose a policy that requires a life insurance medical exam. The exam is similar to a physical, and you can make an appointment at a time and location that works for you. A technician will inquire about your medical history, test for nicotine, and take measurements such as blood pressure, cholesterol, and glucose levels. This information is then used by the insurer to determine premiums.

Without these details, the insurer is forced to assume more risk. As a result, life insurance that does not require a medical exam is typically more expensive.

Buy a policy as soon as you need it

Life insurance companies reserve their best rates for young, healthy applicants, so getting coverage as soon as possible is a good idea. As you get older, your chances of developing health problems increase, and your life expectancy decreases.

Most types of life insurance have fixed premiums for the life of the policy, even if your health deteriorates. So, if you're looking for low-cost life insurance, apply as soon as possible.

Try to quit smoking

Tobacco and nicotine-based product use has been linked to a variety of health problems, including cancer, respiratory disease, and diabetes. According to the American Lung Association, smoking is also the leading cause of preventable death in the United States.

Smokers almost always pay more for life insurance because of this risk. You may be considered a smoker if you use cigarettes, vaping devices, cigars, pipes, chewing tobacco, and nicotine patches or gum, depending on the insurer.

To be eligible for nonsmoking rates, you must typically demonstrate that you have been smoke-free for at least 12 months. If you're in the process of quitting but need life insurance now, consider purchasing a short-term policy and applying for a traditional term life insurance policy once you've successfully quit.

Buy only as much coverage as you can comfortably afford

Determine how much life insurance you require and obtain quotes from multiple insurers for that amount. Then, choose a policy that fits your budget or, if necessary, reduce your coverage to the maximum amount available for the premium you can afford.

If you have dependents, some life insurance is preferable to none, and you can likely increase your coverage when your financial situation improves.

Consider rounding up your coverage

Purchasing a slightly higher amount of coverage may save you money, just like buying in bulk. For example, you could save money if you purchase $250,000 in coverage rather than $200,000.

Once you've determined how much life insurance you require, inquire with insurers about their "benefit tiers," or premium discount thresholds.

Work on improving your health

Insurers calculate your body mass index, or BMI, as part of the life insurance application process. Because high BMIs are associated with chronic health conditions, if you're overweight or obese based on that index, you'll most likely pay a higher premium. A lower BMI may allow you to obtain more affordable life insurance rates.

The same is true for blood pressure and cholesterol. If you can keep your total cholesterol under 200 milligrams per deciliter (mg/dL) and your blood pressure under 120/80, you should be able to get lower premiums from most companies. Eating a nutrient-rich diet, exercising regularly, not smoking, and limiting your sodium and alcohol intake can all improve your health and help you get a better rate.

Furthermore, some insurers offer reduced premiums to policyholders who live healthy lifestyles. For example, by eating well and staying active, you can save up to 25% on your premium with John Hancock's Vitality PLUS program.

Manage any pre-existing medical conditions

Focus on the things you can control when looking for affordable life insurance with a pre-existing condition.

You may be able to score standard or preferred rates if you can demonstrate that you are managing your condition by going to regular checkups, taking your medication as directed, and following your doctor's orders.

Skip riders you don’t need

When you apply for life insurance, you may be given the option of adding "riders" to your policy. They are intended to fill any gaps in your coverage, but you may not require all of them.

Some riders are free, while others will increase your overall premium. For example, adding a return-of-premium rider, which reimburses you for premiums paid if you outlive the term, can increase the cost of your policy by up to five times.

Ask about discounts for paying your premium annually

Most insurance companies allow you to pay your premiums monthly, quarterly, semiannually, or annually. However, some insurers charge higher rates to policyholders who opt for frequent payments, a practice known as "fractional premiums."

If you can afford the higher upfront payment, paying your premium once or twice a year could save you up to 5%.

Shop around

With over 800 life insurance companies in the United States, we recommend that you let insurers compete for your business. One of the most effective ways to find an affordable life insurance policy is to compare quotes from multiple insurers.