Many people find the very thought of life insurance a disquieting subject, but the truth is that we will all die one day and if we have loved ones it is only right that we leave them with some financial security when we are gone, or that we at least provide enough that none of our bills or other financial obligations will fall to our heirs.

One of the most common ways of doing this is by purchasing life insurance.

The purchaser of a life insurance policy has basically two choices: to purchase a whole life policy or to purchase a term life policy.

A term life policy has a specified time limit – say ten years. At the end of that time, at the end of ten years, the policy lapses and becomes worthless. If the policyholder wishes to continue being covered by term life insurance then he or she must purchase a new policy, with a premium price which reflects the ten years that the policy holder has aged since the start of his or her first policy.

A whole life policy, on the other hand, has no expiration – except the death of the policy holder. The premium that is set when the policy is purchased is the premium that is paid for the life of the policy.

For many people the fact that the initial premium on a term life policy is less than the premium on a similar whole life policy is a deciding factor. Whether the lower initial premium outweighs the long-term benefits of a level premium must be determined by the circumstances and expectations of the purchaser of the policy.

But whichever type of policy you purchase there are a few things you can do to lower your yearly cost of life insurance.

Buy your policy now rather than later. Life insurance premiums are based in part on the age of the purchaser at the time of purchase – the younger you are the lower your premiums will be.

Smokers pay a much higher premium than do non-smokers. Those in dangerous occupations pay a greater premium as do policy-holders who are overweight or in generally poor health to begin with. If you drive a sports car or other high-performance vehicle you will probably be looking at higher monthly premiums.

Keep and maintain a good credit rating. Believe it or not, your credit rating affects how much you pay for life insurance.

If you can pay your premiums by the year rather than monthly you will also get a break.

Combining different insurance policies, such as homeowner's or auto at the same company will usually give you a multiple-policy discount, if not on your life insurance then on one of your other policies.

Once you know what type of policy you want and for how much coverage get online and compare prices at one of the many websites designed for the purpose. Be prepared to answer several rather personal questions, but the time and effort you put into comparing policy prices today can pay off handsomely for years to come.

No one likes to contemplate their own mortality and that is what the purchase of a life insurance policy requires us to do; but with a little planning and effort the result will be peace of mind and the certain knowledge that you have done your best for the well being of your loved ones.