Term life insurance is the most affordable way to protect your family's future. As inexpensive as term life insurance is, there are money-saving tips that will ensure you are paying only what you need. Get the most value for your dollar by checking out the following helpful tips that will save you money while still getting great protection.

1. Get coverage early...the younger you are the less your annual premiums will be.
Some people are gamblers by nature and choose to take their chances by skipping out on life insurance when they are young. Although it is unlikely you'll die during your working years, you're not insuring for what's likely to happen but instead, for the worst-case scenario. That's why term life insurance is inexpensive for young, healthy people. Buying life insurance when you are young means you'll be providing financial security without spending a lot of money for it.

2. When your age, isn't really your age.
Your next birthday may be 6 months away but in the eyes of most insurers you've already hit that next magical number. When you get a quote, the rate you are given is based on the age you are closest to which, 50 per cent of the time is your age at your next birthday. It's a term called "Age Nearest", and that half-year price increase could really add up. See the difference yourself.

3. If you're a smoker ask about incentive programs aimed at helping you quit.
While not all companies offer incentive programs to help you quit, some do and could save you money if you are thinking about buying life insurance and quitting smoking. For example, one such company will refund you an amount equal to the difference between the premiums you already paid as a smoker and those you would have paid had you not smoked. What's more, once you quit smoking, this same company will adjust your premiums to non-smoker rates based on the age you were when you purchased the policy, not the age you are at the time you quit!

4. Check out your payment/billing options.
Many life insurance companies offer discounts to consumers who pay their annual premiums up front. If you have the money handy, you could save anywhere from 3.5 to 12 per cent of your policy's premium each year.

With these money saving tips in hand, Term Life insurance is more affordable than ever.

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