life insurance

3 Ways to Lower Your Life Insurance Premiums

May 23, 2024

Life coverage plays a key role in ensuring the financial security of your loved ones in the event of your untimely demise. However, premiums can be a significant expense, potentially straining your budget. The amount you pay for your life insurance policy depends on various factors, such as age, health, lifestyle, and coverage amount. Fortunately, there are several strategies you can consider to reduce your premiums without compromising on the protection you need.

1. Maintain Optimal Health

Your health and lifestyle choices have a direct impact on your premiums. Insurance companies assess your risk profile based on factors such as your age, medical history, and overall health. By making positive changes to your lifestyle, you can not only improve your well-being but also lower your costs. 

Engaging in regular exercise, maintaining a balanced diet, and avoiding harmful habits like smoking and excessive alcohol consumption can demonstrate to insurers that you are proactively managing your health risks. 

Additionally, scheduling regular health checkups and preventive screenings can help detect any potential health issues early on, allowing for timely intervention and management. By taking charge of your health and providing insurers with evidence of your commitment to a healthy lifestyle, you may be able to secure more favorable premiums.

2. Evaluate Your Hobbies, Career, and Risk Tolerance

Participating in high-risk hobbies or holding a dangerous job can impact your life insurance premiums. Activities like rock climbing, skydiving, or scuba diving, along with professions such as firefighting and law enforcement, may lead to higher premiums due to the elevated risk involved.

It's essential to consider your risk tolerance and weigh the potential costs against the rewards of these activities. While some individuals may choose to pursue high-risk hobbies or careers, they should be aware of how these choices can impact their life insurance premiums. 


It's crucial to consider these higher premium costs in your overall financial planning to ensure you're prepared for any potential financial impacts. By understanding the balance between risk, cost, and personal fulfillment, you can make informed decisions about your lifestyle while also considering your financial responsibilities.

3. Consider Term Life Insurance

There are various policies available to cater to different needs and preferences. Two common types are:

  • Term life: Provides coverage for a predefined period 
  • Whole life: Provides lifelong coverage and includes a savings component known as cash value, which grows over time 

If you are looking for lower life insurance premiums, consider term life insurance. Term life is often the most affordable option for individuals seeking cost-effective life coverage. With term life policies, you pay premiums for a specified term, typically ranging from 10 to 30 years, and receive a guaranteed death benefit if you pass away during that period. 

The simplicity and affordability of term life make it an attractive choice for many, especially those with temporary coverage needs or limited budgets. 

Term policies offer flexibility in terms of the length of coverage and the amount of death benefit, allowing you to tailor your policy to your specific needs. Additionally, some term life policies offer the option to convert to permanent coverage later on, allowing you to financially plan for the future and adjust coverage as your needs change. 

Get Coverage You Can Afford

By making healthy lifestyle choices, assessing your coverage needs accurately, and exploring cost-effective options like term life, you can secure the protection you need while respecting your budget. An option to consider is a combination of whole life insurance with an 1891 term insurance rider. That way you can have the coverage you need with a premium you can afford.

It's also worth noting that purchasing life insurance at a younger age can often result in lower premiums, as insurers often view younger individuals as lower risk. The earlier you start, the more affordable your coverage is likely to be. 

Ultimately, investing in affordable life coverage is an important component of a comprehensive financial plan. To learn more about securing life insurance that works with your needs and budget, contact us today.

About 1891 Financial Life

Our culture is about looking out — for you, for others, for family, for the community. That is how we go “Beyond Life Insurance.”

At 1891 Financial Life, we don’t just sell policies, we offer possibilities. We pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs. In 2023, 1891 Financial Life was listed by Forbes as one of "The World's Best Life Insurance Companies."

Our portfolio is extensive, ranging from various life insurance policies to our annuities to support your financial needs no matter what stage of life you’re in.