Exploring seven tips can help reduce insurance premiums while maintaining risk protection. Key strategies include reallocating premiums to balance coverage, switching from term 20 to term 10 insurance for potential savings, and sometimes buying more insurance to lower costs. It's essential to obtain market quotes for competitive pricing, consider owning insurance corporately for tax benefits, and bundle policies to save on fees. Additionally, return of premium options can provide financial security. Proactive planning with an advisor can optimize protection and savings.