Term insurance is usually cheaper than whole life insurance, as it doesn’t include an investment component and doesn’t pay off unless the policyholder passes away during a fixed time period. Other factors have driven term prices down, as well. With increased competition, particularly in online term insurance sales, and steady improvements in policy-holder mortality rates, prices for term insurance has been relatively lower in the past 10 years. Then there’s the increased pressure from reinsurance companies, who are being increasingly vigilant about insurance companies getting tougher with customers who smoke, or who suffer increased health problems due to manageable issues like obesity.

With tougher standards and a harsher credit climate, lower term prices are harder to come by. According to the independent Insurance Agents & Brokers of America, less than 10% of term insurance customers will get the lowest coverage rates.

So what’s your best move as term life customer?

First, thoroughly research the landscape. Start by checking for the best deals on BankingMyWay.com. You’ll likely notice that insurance price hikes aren’t exactly uniform -- some prices are higher for certain age groups and some might be higher based on issues like the policy’s term and/or the coverage amount.

In general, the older you are, the more expensive the term policy. Higher rates may also apply if you’re in a high-risk occupation or if you’re a smoker. Weight is a big issue, too, these days. If your weight-to-height ratio leaves you in the obese category, you’re probably paying more for term life insurance.

One cost-saving option is to get a rate quote for more than one term policy coverage amount. Sometimes you have to find the soft spot in coverage costs and with prices in flux, there are lower cost “gaps” out there in the marketplace. Also, if you have received an offer for a lower term rate, fill the application out now. Insurance companies will usually honor an offer already on the table.

But if you’re in good health, don’t smoke and look around for the best deal, you can still get a 20-year, $500,000 term life insurance policy for under $25-to-$50 per month.

But don’t wait too long. Who knows if rates won’t keep going up?

—For the best rates on loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.

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