1. Don't wait till you REALLY NEED the coverage! By that time you'll be that much older, you'll be sick or you will have encountered a health issue that will cause your premiums to be significantly more than you anticipated. That is of course if you can even qualify for the coverage!

2. The highest financial rating doesn't necessarily mean better coverage. The important thing is to at least be looking at a "B++" rated company. There is little, if any difference between one company's term policy and another, so basing a decision solely on ratings won't always get you best deal. The highest rated companies tend to be more conservative in their underwriting and attaining the best available with them will be a bit more difficult.

3. Shop online first before you meet individually with an agent! Many online life insurance brokerage companies can be a useful source of information and can save you up to 75% on your premiums. The reason is of course because they are impartial and are not driven to sell you only one company's product.

4. Pay annually if you can afford it. Paying annually can save you up to 10% with some companies versus monthly, quarterly or semi-annually.

5. Don't smoke. If you are trying to save money then being a smoker won't help your cause. However, if you do smoke, most companies will let you re-apply for nonsmoker rates if it has been at least 1 full year from your last usage.

6. If you have cholesterol or blood pressure issues get it controlled with medication. Insurance companies don't like to see health issues go unattended. If you are doing something to control it they will likely look at that favorably and give you the benefit of the doubt when it comes to approval time.

7. If you are considering buying $90,000 of coverage, buy $100,000 instead. Many times it will cost less, the same or just a tad more for additional coverage. Insurance companies may give breakpoints at $100,000, $250,000, $500,000, $750,000 and $1,000,000.

8. Prepare for the Medical Exam before completing your exam. Eating a few Twinkies a half hour before your exam will surely turn your lab results sour and cost you big time!

9. Obtaining coverage through your company's plan may be a good alternative…in the short-run. Many employer's plans however are not portable and won't let you continue your coverage if you leave. If you need coverage then, you'll have to apply for an individual policy anyway. Don't leave it to your employer to take care of you!

10. If you're 30 1/2 years old, you're as old as 31 in the eyes of the insurance company. Most insurance companies round up when determining your age and because premiums increase with age that can make a big difference. So, if you're approaching 30 and 1/2 and you have thoughts of applying, don't wait!