Like many industries, insurance companies allow discounts for buying in bulk, and for paying in advance.
When interest rates are high, or cash is tight, monthly premiums are preferable. When rates are low – as they are right now – and you have some cash available, then a switch to annual payment could pay a good dividend.
For example, in a recent quote the most expensive monthly cost was $202.64 a month, a total of $2,431.68 but their annual rate is 5.3% cheaper. But loadings do vary, and some companies offer complex multiple product discounts.
The easiest way to keep track is to compare a package on Quotemonster on monthly, then switch the payment basis to annual, and check the difference.