Many people avoid taking out life insurance until it's too late, which can leave their families without a regular source of income and facing expensive repayments. Even if you do take out life insurance to protect your family's financial future after you're gone, you may find the cost of premiums to be particularly expensive when opening a policy later in life.

That's why more people are now opening life insurance accounts while they are relatively young and fit, to benefit from greatly reduced premiums and to spread their payments over a longer period of time. However, starting early isn't the only way to reduce your life insurance costs, and even if you've left it until later in life, there could still be ways to make life cover more affordable.

Your first step when taking out life insurance, like any policy, should be to compare the rates from different providers, to find the best value for money cover. This might not necessarily mean the cheapest option, but rather the one that offers the best coverage for the amount you pay. You may also be able to benefit from discounted rates when arranging life insurance at the same time you take out another insurance policy, such as home insurance, and tie both policies together under the same provider.

You should also thoroughly check the details of your life insurance policy, to make sure it covers everything you need it to - and to identify any extras that you may be able to get rid of and reduce your payments. As well as removing unnecessary extras, the type of cover you take out can also mean the difference between cheap life insurance and more expensive repayments, with decreasing term life insurance being a favoured option for people looking to reduce their financial obligations in the future.

Remember that life insurance, like any insurance, is largely based on risk, and that by reducing your risk factor you are demonstrating to your insurer that you are less likely to make claims from your policy in the near future. Getting in shape and having a thorough health check before opening your insurance account could lead to lower rates, and giving up smoking can also yield reductions in premiums.

Finally, the payment method you use could also offer opportunities for savings, such as paying your bill annually rather than monthly or signing up for direct debit payments.

The author of this article is a part of a digital blogging team who work with brands like Confused.com. The content contained in this article is for information purposes only and should not be used to make any financial decisions.