Life insurance is becoming ever more highly valued as a means for people to provide financial security for their families and other dependents in the event of their death or other circumstances that mean they are unable to work and earn a regular income. However, some people are still deterred from the idea of taking out life insurance, usually over fears of how much this will cost.

The good news is there are several highly effective ways in which people can lower the amount they pay in life insurance premiums, which can also be beneficial for other aspects of their life, health and wellbeing in general. Giving up smoking, taking up exercise, dieting and generally looking after your health can all demonstrate to your insurer that you are in a fit and healthy condition, which can lower your risk of making claims on your policy and consequently reduce the amount you need to pay.

The younger you are, and the better your health, the lower the premiums you will generally be required to pay for life insurance and this can make opening a life insurance account in your 20s or 30s a sensible option, rather than waiting until later in life when your premiums are likely to be much higher. You never know what might be around the corner and if you have a spouse or children who depend on your income, taking out life insurance is advised at any age.

Other factors affect the cost of life insurance too, such as any activities you take part in that could conceivably put your life or health at risk. If you're a keen extreme sports enthusiast, have always wanted to go skydiving or engage in other high risk pastimes, this could come at a cost to your life insurance, so it's always important to check what you need to disclose to your insurance company when opening an account.

Life insurance doesn't only provide for your household's everyday outgoings, but can also be vital for covering other financial commitments in the event of your death - including funeral arrangements and settling any outstanding debts, such as mortgages and home loans. Comparing life insurance quotes can be another great way to find the lowest rates available, but you should make sure your policy covers everything you need it to, rather than settling for a less comprehensive policy that might be cheaper but could also be insufficient for your needs.

Fiona Roy writes for a digital marketing agency. This article has been commissioned by a client of said agency. This article is not designed to promote, but should be considered professional content.