If you have purchased already a term life insurance and are looking for ways to cut down the life insurance premium costs, you can adopt any of these strategies:
* You can cancel the policy you have as soon as you find other insurer offering lower premiums. These days the insurance market has recorded quite a tough competition at this level and you will find many companies revising their policies and the costs attached to them. However, do not cancel the old one, unless you have already purchase a new policy.
* Purchase multiple plans that together will give the same total Sum Assured that you are looking to get coverage for and by the time they mature you will have already your retirement corpus built up and the needs for these policies will decrease as such.
* Purchase separate term life insurance policies if you are looking to cover the mortgages. Once the mortgages are paid off you can as well close the policies, hence reduced life insurance premiums expenses.