Term life insurance is cheap to start with – but if you follow these ten tips – you can make cheap term life insurance it even cheaper!

1. Get it While You’re Young

When it comes to term life insurance – age matters. Term life insurance is cheaper when you’re young. So a big part of getting cheap term life insurance is locking in protection at a young age – when your health and rates are both good.

2. Buy it on Your Birthday

Some insurance companies will go by your actual age at the time you buy coverage. But most companies will increase your rates six months before your birthday. So don’t wait too long after your birthday to get coverage.

This is called "Age Nearest", and the added cost can really add up over a 20-year term policy.

3. Get the Right One for You

Contemplating how long you’ll live isn’t fun. However, it’s an important fact to consider when shopping for term life insurance. You need to choose the right term length for you. For example, although it makes sense that a person in their 30s or 40s get a 20-year term length – if you’re closer to retirement age, a 10-year term might better suit your needs. If you haven’t quit smoking yet then you may consider a shorter term than a non-smoker. When you do and kick the habit, you can replace it with a longer-term policy because you’ll qualify for non-nicotine prices. Also take a look at your mortgage. If you have a 30-year loan on your home, get a 30-year term to make sure that the house is protected while it’s paid off.

4. Take a Break

A lot of insurers offer so-called “price breaks” at specific levels of coverage. For example going for $250,000 instead of $225,000.

Fact is a lot of people wind up paying less for more because of price breaks. Check it out for yourself by quoting the difference in rates between $250,000, $500,000, or $1,000,000 policies.

5. Don’t Overdo it

Get the amount you need. You’re simply replacing the amount of money those you’re leaving behind depend on. Financial planners recommend the following rule of thumb: purchase an amount of coverage equal to 6-10 times your annual gross income.

6. Adventurous Activities

If you jump off bridges, climb mountains, or race around a track at 200 mph – you will pay the price for it when it comes to getting a term life insurance policy.

Even the cigar aficionado could get penalized for lighting up if you don’t go with the right company.

Some insurance companies are friendlier to the adventurous than others so be sure that you get all the underwriting criteria from different companies before signing on the dotted line. Speaking with a licensed insurance expert is your best bet.

7. Get Your Own

You may assume that since health insurance is a better deal through your job, the same must be true for life insurance. Not necessarily the case.

It may be convenient, but it may not be the best deal because work policies are based on the profile of the people you work with. So even though you have a younger, healthier, less risky profile – you may be paying the difference for those the guy down the hall that doesn’t take good care of himself.

Plus, if you leave your job – the life insurance goes with it. You’re better off with a cheap term life insurance policy that will cover your dependents no matter what happens at work.

8. How You Pay Can Pay Off

A lot of term life insurance companies will give you a discount for paying premiums annually or allowing them to automatically debit your bank account every month.

9. Stay on Top of It

Make sure you’re checking on your life insurance policy at least every three years. Any time your circumstance change, check for a lower rate. If you wind up replacing a policy, make sure you give the new one enough time to take effect before canceling the other one – this way there will be no lapse in coverage.

10. Shop Around

You get online quotes for auto, home, and health insurance policies – life is no different! Be sure to go to a site like InsWeb.com and shop around for the best rates.