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5 best ways to cut insurance costs

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Life: Term insurance is a better buy
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Life: Term insurance is a better buy

Term insurance is one of the cheapest forms of life insurance.

The savings come from buying a limited-time term policy instead of a more expensive permanent life insurance policy. Then, invest the difference. "Half of the life insurance policies sold are dropped," says James Hunt, a life insurance actuary with the Consumer Federation of America. "They're too complicated."

If you do need life insurance for the long haul, though, opt for a multicarrier broker and shop around. "Half the time people are paying more than they need to," says Udell.


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