There are different types of life insurance and term life was among the first to be conceived as protection against death. If you look into the history of insurance, you will come up with many such interesting facts. History tells us that insurance as a form of risk management evolved as early as 2000 BC in China. However, at that time traders used them to protect their goods rather than life. At that time, people did not consider lives to be worthy enough to need protection.
However, ideas change with time. It was only in the 600 AD that a form of life insurance policy was introduced in Rome. The Romans formed a club and created a pool of fund, which covered the cost of members' funeral expenses and assisted the survivors financially. This practice continued through the middle ages through the artisans’ guilds. Life insurance in the modern form originated as late as in 17th century England. However, this time too it evolved to protect the traders, not the ordinary citizens. It is only after the Great Fire in London that common citizens began to take interest in life insurance and to look towards it as means of protection against pecuniary disasters.
Do you know how the Lloyd's of London actually came into being? In the 17th century in London, merchants, ship owners and underwriters met to discuss deals at a place called Lloyd's Coffee House and today’s Lloyd's slowly came into being from such a rendezvous. However, the policies those days were mostly sold for specific period and the premiums provided only death benefit. Today, we call such policies term life insurance. If you want pure life insurance coverage at affordable rate, you can look for free term life insurance quotes through online brokers. That is the easiest way to start the purchase process.
As mentioned earlier, there are different types of life insurance and term life is only one among them. Since term life did not provide any return unless the insured event took place within the valid term, people started losing interest in them. To keep their customer base intact, the carriers then conceived the whole life policies that also accrued cash value and hence provided some compulsory return. This worked wonders. People once again started to think of these policies.
However, the underwriters did not sit still; they began to experiment with different ideas and soon the universal life came being. Today we have different subcategories of these three policies and so whatever is your need, you are sure to find something compatible for your requirements. For instance, if you need instant life insurance coverage, you can have that too. Although traditional policies require four to six weeks to complete their underwriting process, a life insurance no medical exam policy can do that within twenty-four hours. Indeed, if you apply today and qualify, you can have the coverage by tomorrow.
However, anything convenient must necessarily be overpriced. For example, a whole or universal life may offer lifelong coverage as well as a capital building opportunity along with the usual insurance benefits, you do have to pay extra for that. Then again, because the no medical policies offer instant life insurance coverage without any in-depth scrutiny, you have to pay at higher rates. Remember that, the carriers are here to do business and to earn profit; therefore, they will make you pay for every convenience they offer.
However, it does not mean that buying life insurance online too is more expensive. It is indeed a very convenient way of purchasing a policy, but it can help you to reduce the cost rather than increase it. You no longer have to trudge to the brokers’ office. Therefore:
• you do not have to waste time and money in the transportation
• you do not need to listen to their confusing sales pitches
• you can search the internet in your own time for proper quote
• you can now receive as many quotes you want without troubling anybody
• you can also take your own time to fill up the application form
The last point mentioned above is the biggest advantage of any online purchase. It helps you make wider comparison in a cooler brain, which in turn allows you to get the best policy at the most competitive rate. Even if you are not very keen on making the purchase fully through the internet, you can at least start the process online. It is as easy as it is convenient.
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on insurance term life and term life insurance no medical exam, visit his site today.
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