Term life insurance rates are still the lowest they’ve ever been, but if you still feel like your term life insurance premium is too high or has simply become unaffordable, then this post is for you.

I’m passionate about providing families with the financial security they need. Don’t run the risk of losing your existing life insurance policy or becoming underinsured because the economy is taking a toll on your finances.

Did you know that you may be paying too much for life insurance if certain health factors have changed since you’ve purchased your policy?   Two factors that have the biggest impact are:

Weight Loss – if you’ve lost 20 lbs or more since you applied for coverage, you may be able to save money. However, in order to shed some weight on your rate, you still must be in overall excellent health to qualify for cheap life insurance.

Be Tobacco-Free – Generally, tobacco-users pay a significantly higher amount for life insurance than non-tobacco users. By being tobacco-free for just 12 months, your rates may greatly improve if your overall health remains good.

If you haven’t experienced a positive change in your health, you may want to consider the following to lower your premiums:

Reduce Term Length – Although I generally don’t recommend this I realize times are tough and some life insurance is better than none. Life insurance premiums vary greatly on the term length. By applying for a shorter term length, you may be able to save money on your annual premium. However, be cautious of buying a policy with a term length that may expire before the need for life insurance disappears, for instance when your youngest child is out of college. Also, keep in mind if your health has changed, your premiums may actually increase instead of decrease. And NEVER cancel an existing policy until a new one is paid for and in force.

Comparison Shop – Keep in mind that life insurance premiums are still at record lows. If you bought a policy in the last 10 years or more, you may be able to qualify for a lower rate even though you’re older.  However, you better act now because rates are beginning to increase.

Finally for those who don’t currently have a life insurance policy, here are some tips for finding affordable term coverage:

Buy Young – Take advantage of the fact that life insurance rates are lowest when you are young and healthy – You don’t know what tomorrow’s health will bring.

Shop Online – Getting term life insurance quotes online has never been easier! The agents at a multi-carrier brokerage firm, like AccuQuote, can help you get affordable term life insurance quotes from top-rated life insurance companies.