Good, you have taken decision to invest in insurance policies to give protection for your family members if you are not there.  First and Foremost thing that you need to do is to get the term life insurance quotes.  Once you have got the quotes then you can easily find out the lesser term life insurance rates.  If you are a person regularly surfing the net then you can browse, for there are several websites available which gives you all information about the policies as well as a comparative chart of various rates quoted by several companies. 

Sometimes companies do not post their quotes regularly in the sites.  In such cases you can inform the authorities concerned about the incongruity.  This does not happen often for the companies will monitor the rates continuously and keep it updated.  Go through the quotations carefully before coming to a conclusion.  To do calculations make use of the calculators available online in many websites and calculate accurately.  You have to jot down few of the lowest prices to help you judge better.

In those days where people do not have the habit of browsing the net, they get the policy details by looking at the yellow pages and identifying leading insurance companies.  They contact them over the phone numbers given in the yellow pages and the company’s executives will visit them and give their quotes.  Some of them will not have time to meet agents from various companies and will also not have patience to listen to them.  Then they cannot arrive at a cheaper rate for they just see one or two companies.  The best way is to browse the neat and go into the different websites and get the quoted offered by them and marginalize the reasonable one that will suit your budget.

When you compare life insurance rates, you will need to consider certain important aspects like:
- What is the bottom line price
- The duration of the term life policy
- Monthly premiums you will have to pay
- Death benefits that will be paid out

Now you would have had a clear idea in your mind of how to find out the cheaper insurance rate.  Most of the policies will require the policy holder to go through a medical examination.  Some people do not like to take up medical test for they fear that if their health is not good then they need to pay more premiums.  In such case you can go for ‘life insurance no exam’ policy which does not require any medical test but the premium paid will be high.

Remember there are certain ways that you can make sure you get cheap term life insurance rates.  The main consideration is age, for the younger you are, the greater are the chances of getting low cost life insurance.  Some other key factors that affect life insurance rates are medical record, smoking and occupation.  Anyone with a poor medical record, history of heart disease or diabetes, has a family history of cancer may find that insurance rates are particularly high for them.

Premium rates for an insurance policy will be 30% high than the average if you are a chain smoker.  A smoker’s life span is short, and insurance companies will not want to take risks in giving life coverage to such policy holders.  You premiums will be high until or unless you decide to quit smoking.  If you have decided to stop smoking for around one year then there are chances for the rates to get reduced.

There are two other factors that decides the premium rates that has to be paid.  One is the job that you have taken and the other will be your favorite sport that you are participating.  If a person works in a job which causes harm to his life in due course like the job in an oil rig or  in a miner or if they are working with harmful chemicals then the premium rates that they have to pay will be high.  If you participate in sport like diving, high speed racing, bungee jumping etc., the insurance that you need to pay will be more.  If you want to pay less amount then you have to change your job or sport.

If you have decided to take up ‘life insurance no exam’ policy then there are certain restrictions to this policy.  As this policy is for people with poor medical records, they have to undergo a medical exam if they want to extend the life coverage later.  There is also age limit.  If you are old then you should also take up medical examination. This policy gives a relaxation of 1-2 years called the ‘contestable period’ to the policy holders.  Within this period the policy holder has to undergo a medical examination and submit his medical records.  If he fails to submit then his policy will get cancelled and he will no get back the money he had paid. Do take into account all the above said information and choose the policy with lesser premium rates.