Life insurance is a must-have. It’s not only practical, it’s a necessity. As much as we all would prefer to go about our normal daily activities without giving any thought to our inevitable end, the reality is it’s still there… somewhere at the back of our minds, quietly and constantly nagging at us.

So, you might as well face it once and for all by preparing as best as you can, starting with getting a life insurance coverage. This is even more important when you have loved ones and dependents who will be affected by your demise –sudden or timely.

However, taking out a life insurance coverage shouldn’t leave you broke and unable to meet your financial obligations. The following are some of the ways you can lower your premiums whilst having a policy that’s sufficient for your needs.

Start With a Lifestyle Change

Life insurance policy premiums are often costlier for older people and those who aren’t in great shape. So, if you smoke, drink or are obese, you should think about changing your lifestyle.

This happens because all the aforementioned individuals are considered high-risk policyholders because their odds of developing serious illnesses are higher. So, if you’re in questionable health, you might want to start changing your lifestyle.

If not, chances are your insurance premiums will be higher. However, if you are in the unique situation of being healthier now than you were when you took out your life insurance policy, you should talk to your agent about price adjustments.

Check Your Riders

All life insurance policies come with something called “riders”. These are essentially extras that you may unwittingly pay for. Think of them as accessories that you can purchase or leave out when you buy a car.

These extras can add to the cost of your premiums. So, check out these extra benefits and see if you really need them. There are differing perspectives on this one with some insurance experts advising against these riders and other advocating for them.

You will have to make up your mind on whether you want these riders. Some of the more common riders include the accidental death benefit, waiver of premium rider, disability income rider, and term conversion rider. Talk to your insurance agent about these and then decide if they are necessary for you.

Ascertain Your Exact Financial Needs

This is important because many people routinely take out whole or universal life insurance policies when they would be fine with just term life insurance policies. Determine the necessary term length and take out a policy that will suit your needs.

Always be on the Lookout for Hidden Fees

Insurance companies often include hidden fees in their premiums. For instance, the costs of monthly premiums might be higher than paying annually. So, make sure to lookout for these hidden fees and see if you can eliminate them.

Compare Pricing

For many people, this is usually the first thing they do. We made it the last here because many people lose crucial benefits in the search for cheaper life insurance policies. We don’t want that for you.

We want you to get a package that’s affordable as well as inclusive of all the necessary benefits. So, do this last after doing all the rest. Talk to different insurance agents and compare their pricing.

Each agent is actually trained to help make the correct assessments and come up with a unique formula that will suit your specific situation. Remember, life insurance is personal and usually customized to the specific needs of the buyer.

This is a guest post from Oscar King. He is a family man and freelance writer who contributes articles for Insurance Land and insight into family, health, and children. If you would like to learn more about Oscar, check out his Google+ profile.