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When you buy online life insurance, you’re getting pivotal financial protection for your loved ones if you die. But that protection comes at a cost — annual or monthly premiums that you pay to keep your policy active. If you stop paying your premiums, your policy lapses and it won’t pay out the death benefit to your beneficiaries if you die. 

To ensure you don’t drop your life insurance policy, you should get coverage that’s within your budget. At the same time, you want to get the amount of coverage you need. Getting the right amount of coverage at a low price is the sweet spot.

There are tips and tricks to ensure you get the most competitive pricing. Here’s how. 

Buy coverage sooner rather than later

The cost of life insurance increases with age, so every year you put off getting coverage, the more you’ll have to pay in the long run. 

Take a look at the rates below to see how much coverage increases with age. The rates below are for nonsmokers purchasing a 20-year term.

$500,000 in online life insurance coverage: 


$1 million in online life insurance coverage: 


You’ll notice that the older you are, the more you pay. For example, a 25-year-old female purchasing $1 million in life insurance coverage pays more than 700% less for online life insurance than a 55-year-old female. 

Shop around

Each insurance company has its own unique underwriting guidelines. So while your background could get you low premiums with one insurer, you may still be able to get the most competitive pricing from another, even if the coverage amount and application are the same.

If you go with the first insurer you get quotes from, you may be paying a lot more for life insurance coverage than you have to. By shopping around and comparing quotes from multiple insurers, you can find the best possible price for your profile. 

Don’t get more coverage than you need

Any additional coverage you buy will cost an extra premium. So if your policy’s death benefit amount is too high or the term length is too long, you’ll be paying more for life insurance than you need to. 

To save on coverage, make sure you’re only getting as much life insurance as you need. Most people need 10 to 15 times their income in life insurance coverage, but a financial advisor can help you determine the exact amount. Additionally, make sure your policy’s term length is only as long as your longest financial obligation. For example, if you plan to have minimal financial obligations in the next 20 years — no mortgage, kids, or other debts — then you probably only need a policy with a 15-year term length. 

Again, a financial advisor can help you establish the exact amount of coverage you need. 

Get healthy

The healthier you are, the lower your premiums. Life insurance companies give healthier applicants preferred rates, while smokers or applicants in poor health tend to pay more. 

If you pay more for your policy because of your health or smoking status, then getting healthy and quitting smoking can help you get lower premiums. Just make sure you don’t cancel your current policy until after you receive an application decision showing the premium you’ll have to pay — if your rates is higher because of your age, you’re better off paying less with the old policy.

Many traditional policies offer an opportunity for rate reconsideration — which is where the insurance company can re-rate you if you’ve gotten healthier or stopped smoking. While you won’t always receive the rate reduction, the insurer will never increase your rates. At this time, not all online life insurance companies offer this option, but offerings may evolve. 

Re-shop your coverage

If you find your coverage too expensive, you can re-shop to see if insurers have dropped rates. Re-shopping is similar to shopping around, except you already have some coverage in place.

To re-shop, compare quotes from multiple insurers to see if they offer lower rates than what you’re already paying. If they do, you can apply to get coverage. 

Just ensure that you don’t cancel your current policy until your new policy is active. This way, you avoid any hiccups that could leave you without any life insurance coverage at all. 

Life insurance coverage doesn’t have to break the bank. By following the steps we’ve outlined above, you’re sure to find the best life insurance rates for your profile.

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