(MONEY Magazine) – Finally, there's some good news about life insurance costs. To compete with low-load insurance companies, a growing number of insurers have been trotting out discounted versions of popular term and universal life policies that can cut your annual premiums by 15% to 20%. But there's a hitch: You may never hear about these lower-cost clones because agents and insurers often treat them like state secrets. That's because selling the cut-rate policy can sometimes slash the agent's commission by 50% to 75%. Rick Nelson, an independent agent in Northbrook, Ill., estimates that at least 25 companies -- including Alexander Hamilton Life, Jackson National, Lincoln Benefit Life, Provident Life & Accident, and Security of Connecticut -- now offer cheaper versions of their standard term or universal life policies. But, says Mark White, president of Direct Insurance Services, a San Diego agency, ''agents aren't likely to volunteer information about the lower- cost policy.'' Consumers privy to the discounts, however, can score huge savings. For example, a 43-year-old man who wants $300,000 of coverage could buy Alexander Hamilton's ''Irresistible XTR'' universal life policy and pay $4,165 a year. If he gets a similar policy with a slightly higher rate for cash-value borrowing -- the ''Irresistible P250'' -- his premium will be only $3,574; an irresistible savings of $591 a year. How can you be sure your agent is giving you the best deal on the policies he sells? Wait until the agent has recommended a policy and then ask whether there is a lower-commission version. If the agent says there isn't one, check with another agent or call the insurance company's marketing department. There just might be a secret discount policy after all.