CBS News reported four ways to cut down on the cost of life insurance: $1.$ Shop around for the best rates from reputable companies, $2.$ Improve your life expectancy by quitting smoking, etc., $3.$ Buy life insurance when you are young, and $4.$ Negotiate for lower premiums. Warren Kawano, age $26,$ was quoted $$32$ per month for a $$160,000,5-$year term life insurance policy.