It is really very hard and time-consuming for anyone to buy traditional whole life insurance. Whole life insurance is not only expensive but it can take a long, long time for a life insurance company to approve and process the life insurance application of an individual since they need to know a lot of things first that can determine the cost of the premium of that traditional whole life insurance of a person. One of these things is that a person needs to go undergo physical and/or medical examinations first. How people have wished that there is no such kind of “no physical life insurance” so that the approval can be faster and the premium cost can be much more affordable.
Right now, they don’t have to wish because even before they wished for it, their wishes are granted. There is actually already an existence of such life insurance no physical type and this is what they call as term life insurance. If a person will go for this type of life insurance instead of the traditional whole life insurance, his life insurance application will be approved faster and will be processed immediately so that he can be insured right away which will give him a peace of mind knowing that his family’s future is already secured and protected and can be brighter and richer even though a time will come that he won’t be around any longer to take good care of his children and his widow.
Term life insurance is also known as the “no medical no physical life insurance” type simply because there is no medical and/or physical examinations involved. Once a person shows interest in applying for traditional whole life insurance, he will be asked by the life insurance company to subject himself to different examinations like a basic physical exam, X-ray, blood sample, urine test, stool exam and, sometimes, a person should undergo EKG so that the life insurance company can find out if he has heart problems or not. So, what is the big deal about all of these different examinations? The results will determine the cost of the premium of the life insurance.
If, for example, a life insurance company finds out that a person has health problems like diabetes, heart diseases or even cancer or asthma, the cost of his life insurance premium can be very expensive. Other than his age, his health condition is considered by life insurance companies to determine the cost of the premium and the actual insured money. If a person has cancer and he wants to insure himself for a million dollars, that would be close to impossible.
However, this “no medical no physical life insurance” type, there is an absence of these examinations. The applicant only needs to answer a few “health” questions and that’s it. And, also, it doesn’t matter if he is still young or is already a senior citizen, he can always get term life insurance without any hassles whatsoever.
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