4 Helpful Tips for Getting Life Insurance on a Budget

Many young people in their twenties are focused on building a career, grappling with new personal and professional responsibilities, and simply enjoying the present moment. However, making smart financial moves early, such as investing your money and buying life insurance, can pay off in a big way when you get older. Life insurance may not feel like a priority when you're unmarried and don't have dependents, but your future self will thank you for seeking out coverage while you're young and healthy. 

Life insurance premiums don't have to break the bank. You can actively take steps to find life insurance that best fits your budget. From getting a life insurance medical exam to quitting smoking, discover our top tips to help you secure life insurance that meets your needs.

Choose the right policy

Life insurance policies are broadly categorized as permanent (or whole) insurance policies and term insurance policies. Term insurance covers policyholders for a limited period. Insurance terms are typically 10 years, 20 years, or 30 years, so you can choose the term length that makes sense for you. Premiums are fixed and don't typically change throughout the term. Your beneficiaries receive the death benefit if you pass away during the policy term. If you outlive the policy term, you generally lose coverage and can't recover your premiums. Rates for term policies usually cost less than permanent life insurance policies.

Permanent life insurance policies like whole life insurance or universal life insurance offer lifelong coverage as long as you pay premiums. These policies also typically offer a cash value component that may enable interest and dividends. However, these policies can be much pricier than term insurance.

Get a policy early on

Generally, younger policyholders pay less premiums compared to older people. Most insurers provide the most favorable premium rates to young, fit, and healthy applicants. Buying coverage as soon as you need it can help you lock in your rate. Waiting for years to buy insurance may work against you. Not only will you get older, but you'll typically also face increased health risks. Together, those factors are likely to result in higher premiums. While buying a policy when you're young can help you secure a good rate, it's important to consider your unique needs and life circumstances before you make a decision.

Take the medical exam

If you're in good health, opting for a life insurance medical exam may work in your favor. These exams may cover basic health checks, including a review of your medical history, current prescriptions, and general health and lifestyle queries. There's also usually a physical exam in which the examiner will notate your height, pulse, blood pressure, and weight. They may also request blood and urine samples. 

These medical exams can help insurers underwrite your life insurance policy and calculate premiums based on your health. Good health markers on your test may help you to secure lower rates. This is because the insurer takes on the risk of the unknown when they offer coverage without a medical exam.

Quit smoking

Smoking or using tobacco increases your risk of health problems. Insurers undertake a higher risk when they offer coverage to smokers and tobacco users, so smoking will likely mean higher premiums for life insurance applicants. Some insurers may reject applicants who smoke, while others may offer coverage at a relatively higher cost. Using products like cigarettes, vapes, e-cigarettes, cigars, pipes, chewing tobacco, and nicotine patches or gum can qualify you as a smoker. Your blood and urine tests may also reveal tobacco use.

You may qualify for lower rates if you can prove you've not used any tobacco products for about a year. This time frame varies by insurer, so talk to your insurance company about how to proceed if you’ve quit smoking or are in the process of quitting when you apply for life insurance. 

The bottom line

The answer to the question “How much is life insurance?” can change based on your age, lifestyle, health, gender, driving skills, habits, hobbies, and much more. However, you can take proactive steps to help secure life insurance that best fits your budget. Applying while you’re young and healthy and getting a term life insurance policy can make a big difference to your premiums. Talk to an insurance expert for more information on finding the right policy for you. 

Source:

1 NerdWallet - How to Get Affordable Life Insurance. Updated August 7, 2024. https://www.nerdwallet.com/article/insurance/affordable-life-insurance. Accessed August 7, 2025.

Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent. 

Aflac coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, Aflac coverage is underwritten by American Family Life Assurance Company of New York. 

Aflac life plans – A68000 series: Term Life Policies: In Arkansas, Idaho, Oklahoma, Oregon, Texas, Pennsylvania & Virginia, Policies: ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68200, A68300 & A68400. In New York, Policies NY68200, NY68300 and NY68400. Whole Life Policies: In Arkansas, Idaho, Oklahoma, Oregon, Texas, Pennsylvania & Virginia, Policies: ICC1368100. In Delaware, Policy A68100. In New York, Policy NYR68100. B60000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Not available in Delaware. Q60000 series/Whole: In Arkansas & Delaware, Policy Q60100M. In Idaho, Policy Q60100MID. In Oklahoma, Policy Q60100MOK. Not available in Virginia. Q60000 series/Term: In Arkansas, Idaho, Oklahoma, Oregon & Texas, Policy ICC18Q60200M.  In Delaware, Policy Q60200M. Not available in Virginia.

Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY, VA or VT. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations, and exclusions. 

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Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, NY 12211 

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