Many people assume that life insurance is just too expensive to bother with. In fact, when you know what cover you need and how to compare the market, it's not that difficult to find affordable life cover.

Apply just some of the tips below and you could cut your premiums by up to 40%.

Decide what you need before you shop

Shopping around is crucial to getting a good deal but when you know what you want it's easier to find. The same applies to shopping for life insurance. With so many insurers and policy options, the only way to make sense of it all is to do your home work or take advice from an insurance expert. Whichever route you take, once you're certain you can filter out much of the market and compare like with like to reveal the best deals.

Consider term insurance

Term Life Insurance is much cheaper than other types of cover such as Whole Life Insurance, simply because the policy doesn't last as long. In some situations it can be more appropriate to save the money and get term insurance anyway. This is particularly true if you're recently married or plan to start a family. This is often is a time when it's difficult to afford life insurance, but you can get all the protection of whole life insurance at a much reduced rate, simply by choosing a fixed term that coincides with a period of risk. For example, buying a policy for family protection that lasts until your children are eighteen or twenty one.

Use a discount broker

If you know what cover you need, using a discount life insurance broker can save you time and money. Discount brokers can compare multiple big name insurers and provide policies below their standard premium rates by sacrificing some or all of their commissions. There's no real disadvantage to using a broker, however you may have to do some extra research, as they won't generally provide you with any advice.

Get it while you're young

Life insurance is cheaper when you're young, because your risk of dying is lower, and therefore the risk of insuring you is also lower. Save some money in the long run by buying a policy in your twenties or thirties rather than waiting till your forties or fifties.

Stay healthy

Applying for life insurance usually means declaring your health history and lifestyle which may result in a medical examination. The results of that examination will play a big role in determining how much your insurance costs. Cut your premiums by staying fit and healthy, and quitting if you're a smoker. On average a smoker pays twice as much for life insurance as a non-smoker does, making a huge difference in the amount you pay over the term of a policy.

Pay premiums annually

You can save around 15% on your life insurance premiums simply by paying annually instead of monthly.

Remember to review

Once you buy life insurance, don't assume that the policy you get in your twenties will still meet your needs by the time you're in your forties. Your insurance needs change when you get married or start a family, when you pay off your mortgage, when your children become financially independent?and yet again when you retire. Reviewing your policy every three years or so will ensure that it continues to meet your needs and provide value for money.