Potential policy buyers should evaluate their budgets and purchase a low cost insurance plan if necessary. The Term Life Insurance premiums are relatively lower as compared to Whole Life or Universal Insurance policy plans. Ideally, Term Life Insurance is best suited for individuals who are young and in the prime of health.Term Life Insurance offers financial protection for a specified period called term after which the policy is likely to lapse. Term Life Insurance policy buyers choose a specific term of one year, five years or ten years. In the event of the death of the policy holder during the specified term or at the lapse of the policy whichever is earlier, the beneficiary receives the insured sum from the insurance provider.Based on the consideration of three important factors, policy buyers can assess whether or not a particular policy type suits their individual financial needs. These factors include fixed budgets and high premium cost affordability, the need for a low cost insurance and the policy buyer’s health and age.Term Life Insurance is influenced by the policy buyer’s net assets, income, debt and the capability to make timely premium payments. After evaluating these various aspects and determining the amount of insurance cover required policy buyers can purchase a suitable low cost plan from a reputed insurance provider. Individuals on a fixed budget can avail maximum protection at a relatively low price.Life Insurance costs can be further reduced by eliminating certain factors that affect policy pricing. Any health risks foreseen by the insurance company can contribute to the increase in premium costs. Factors such as personal habits, lifestyle and health can significantly increase or reduce premium costs. For example, smokers or alcoholics may have to incur high premium costs as a result of poor health. Most insurance companies categorize people with the same disease under one group irrespective of their stage of illness. Therefore, individuals suffering from any major illness approach an insurance company that considers the policy buyer’s application on an individual basis. Such consideration is important if policy buyers wish to avail of the benefits of a low cost insurance plan.Life insurance companies also consider occupational hazards and life threatening hobbies such as flying or extreme sports. Another key factor for availing a low cost life insurance is risk-free life. Thus, policy buyers can reduce the cost of premiums through a healthy and safe lifestyle which sufficiently reduces the risk quotient for insurance providers. Finally, policy buyers are recommended to take full advantage of cost break-ups offered by insurance companies. Term Life policy plans with the Preferred Risk category offer similar insurance cover at a relatively low price.