Shopping for life insurance can be a bit like going into a clothing store that carries only a limited quantity of "larger" sizes—especially if you need one of those sizes. If you find something that actually fits, it's more expensive than you had expected. And if it's in your price range, it doesn't fit.
Most people can find an insurance policy that will sufficiently protect their family, but they can't always find it at the price they want to pay—in spite of recent advertising by some companies that claim life insurance premiums are lower than they have ever been. That's true—as people are living longer, but if you want whole life or a high face value Term insurance, the price can still force you to tighten up your budget a bit.
One way to reduce your premium is to search for "no-load," more correctly called "low-load" insurance. When an agent calculates your premium, he multiplies the premium for your age times the amount of insurance you want—in units of 1000. Then, before telling you what your monthly payment will be, he adds the annual fee. Annual fees can range from around $10.00 a year to well over $100.00. Thus when the agent tells you that your price is based on the "cost of insurance" plus fees, he is talking about the annual charge that is added on and then calculated out for each month. These fees are used to pay for advertising, agent commissions, and other company expenses.
A low-load insurance policy has no or very limited annual fees, and because the agent does not get paid by the company, the cost of insurance may be lower as well. Instead of being paid by the company, the agent charges you, the client, a fee for service. The fees permitted are regulated by the company and can vary significantly. However, the resulting policy will have a premium that will not only be lower but that will also build cash value faster because more of your money will be working for you.