But, for an average family, you just want to support them in a way they are accustom and pay off any out standing debts.  An average standard would be 10 times your yearly gross income plus any large debts you may have.  Life insurance quotes on the internet are fast and free.  If someone is trying to push more life insurance on you than you need, (using the formula above), how fare of a company can they actually be?  Put them behind you and move on to another company.

The trick to saving money on your life insurance is to compare a lot of companies.  And it's fast and free on the internet.  Take advantage of it.

#6.        Match your life style with the right life insurance can save you money.

For insurance companies, it's a numbers game.  If you work in a high risk job or have high risk hobbies, the insurance industry knows the odds of you being killed during your job or hobby.  And insurance companies do want SOME people that are at a higher risk simply because they make more money off them.

But, they are very careful not to allow too many to be insured with them.  An insurance company may sell 10,000 policies to high risk people for $1,000 per year.

But, any new high risk policies sold over their limit of 10,000, the purchaser may have to pay twice as much for the same exact policy.  This is because the insurance companies have a risk factor on their assets.  They will not go over this risk factor unless they can compensate it with high rates.  So once again, getting a lot of quotes is the best way to tell you where the deals are.

#7.        If you are healthy and get your life insurance through your employer, you are most likely paying too much.

This is because the insurance company has made a deal with your employer for a 'group' policy plan.  (Everyone pays the same).  As above, it's a numbers game with the insurance companies and they will not put themselves at any risk.  So they are going to figure into the group policy that a percentage of the employees are not in good health.  And we know that a person who is not in good health simply pays more for life insurance. 

Now, if everyone has the same amount deducted from their paycheck every week, this can only mean that the healthy people are paying a portion of that higher rate that the insurance company has figured in for the estimated number of unhealthy people.  So, if you are healthy, you may be better off keeping that money your employer takes from your check and investing it in a life insurance policy tailor-made for you.

Also, if you leave or retire, most likely you will not be able to take the employee policy with you.  This means you will have to go out and find a new policy. And of course, you will be older and rates go up with age when starting a new policy.

#8.        Paying you premiums annually may save you money.

Many life insurance companies will give you a rate discount for making annual premium payments simply because they are saving money on paper work and labor.  They may even give you a discount on monthly premiums if you pay with an auto pay through a credit card, for the same reason as above.