Life insurance is a pesky, but necessary expense for those with families or loved ones that depend upon them. Life insurance premiums can be expensive, which leaves many policy holders wondering if they truly need their plan or what they can do to lower the price of their plan. Fortunately, just as there are many different life insurance policies and providers to choose from, there are almost as many ways to save money on these policies.

From the Least to Most Effective: 14 Ways to Lower Life Insurance Premiums

14. Predetermine how much life insurance you truly need. While insurance companies will figure this amount for you, they often over estimate how much an individual should obtain a policy for. The smaller the amount insured, the lower premiums will be. Therefore, it is important to only obtain a policy for the amount that you really need.

13. Improve your credit. The lower a person’s credit score, the higher their monthly premiums may be. This is because a policy holder with a low credit score will be seen as a high risk to an insurance company, which will cause them to charge higher premiums, as a way of offsetting this risk.

12. If possible, pay yearly, instead of monthly. Simply choosing to pay the premium on a life insurance policy annually, will save a policy holder money. While the savings may not be huge for those holding small policies, policy holders insuring a large amount will notice significant savings.

11. Pay premiums on time. If a policy holder fails to pay their monthly premium on term insurance, or discontinues making payments before their whole life insurance policy holds any value, they will lose their policy. Not only will the consumer be forced to obtain a new life insurance policy, the new policy may be more expensive, especially if the customers has gotten older or has suffered any health problems since they stopped paying for their life insurance.

10. Obtain life insurance through a financial advisor, instead of a broker. Insurance brokers make a commission off of their client’s life insurance policies, while financial advisers will charge a flat fee. A financial adviser will be more likely to help their customer find the best policy for them, while a broker will be driven to suggest policies that will award them the most commission. While that is not true of every broker, if a customer does not have a previous relationship with him or her, it will likely be the case.

9. If you find that you need more life insurance, obtain a rider, instead of a new insurance policy. A rider is an amendment or addition to an existing insurance policy and is usually less expensive than purchasing a second life insurance policy. However, if a policy holder is in good health, it is advisable to shop around for a second insurance policy, as it may be less expensive.

8. Avoid “guaranteed issue” life insurance policies. These types of policies are given to almost any person that applies and do not require a medical examination. However, because the issuing company does not know if the policy holder is in good health, these policies are a big risk to the company. Unfortunately, while this policy may be a convenient one to obtain, this risk means that these policies will also be expensive to the customer. The only time when these policies are truly beneficial is when a customer is in poor health and cannot obtain life insurance otherwise.

7. Choose decreasing term life insurance. Decreasing life insurance is a type of insurance that is used to supplement a policy holder’s investments if they were to die before their investments reached a certain amount. The more these investments grow, the smaller their monthly premiums become, which makes it a great option for those looking to save money over the life of their policy.

6.Obtain a term insurance plan instead of a whole life, or permanent, policy. A whole life policy is one that will last until the policy holder dies. A term insurance policy is one that is obtained for a predetermined period of time or until a certain age. The premiums for a term policy will remain the same for the entire time it is held and is the least expensive type of policy.

5. Obtain a term policy that includes a “conversion to permanent” clause. This clause means that at any time, a policy holder can choose to switch their term insurance policy into a permanent insurance policy without undergoing an additional medical examination. While this may not save a policy holder money at first, it will save a policy holder money if they begin to suffer from health problems before their term insurance policy runs out.

4. Buy life insurance as soon as you need it. Life insurance premiums are cheaper for those that obtain the policy while they are young and in good health. Therefore, if a customer waits to obtain a policy until a certain age or until their health begins to fail, their policy will be more expensive.

3. Provide completely accurate, thorough information when obtaining an insurance policy. If a policy holder fails to disclose important information, their insurance policy will be invalid. The most expensive life insurance policy is one that is completely useless if the policy holder were to perish.

2. Shop around before committing to a policy. One of the best ways to save money on a life insurance policy is to shop around. Consumers should obtain quotes from different companies, compare quotes online, and speak with a financial adviser. Do not simply purchase the first policy offered just because it seems like a good deal, when there may be a much better deal to be found.

1. Improve your health. Life insurance premiums are expensive for customers in poor health. In order to receive the lowest premiums possible, quit smoking, lose weight, begin exercising, or do whatever it takes to improve your health. Not only will your bank account thank you, but the people you are obtaining the life insurance policy to protect will as well; not to mention the fact that you will probably live longer, healthier life as well.