To save money on your premiums and keep them as affordable as possible, try the following;   Buy it now. The older you are, the higher the premiums for the same coverage. Furthermore, as you delay, you run the risk of developing a serious health condition that may skyrocket your premiums, or even make you uninsurable. If you want permanent life but you're on a budget, consider some term for now. Purchasing some term life along with permanent life will allow you to save money initially. Once your budget increases, consider switching from a term to a permanent life policy. Consider group life insurance offered through your employer. It could be a relatively inexpensive option. Keep in mind that it’s possible that your group coverage will cease when you leave your job or become more expensive as you age.