Today You Can Even Buy Instant Life Insurance Coverage Through Online Sources

There are different types of life insurance and term life was among the first to be conceived as protection against death. History of insurance has so 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 life 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, it was also 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 London, merchants, ship owners and underwriters met to discuss deals at a place called Lloyd's Coffee House and todays Lloyd's slowly came into being from such a rendezvous. However, the policies those days were mostly sold for specific period and the premium did not buy the policy owners anything other than 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.

Further, the underwriters 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 will certainly 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 receive as many quotes you want

you can also take time to fill up the application form without any rush

You see, that you can work in your own time without anybody breathing down your neck is the biggest advantage of any online purchase. It helps you to make wider comparison in a cooler brain, which in turn enables 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 life insurance and term and no medical life insurance, visit his site today.