Sometimes, when a person is planning to buy his very own traditional whole life insurance, he would be immediately be discouraged of some certain things that go with the whole life insurance application. Aside from the amount of the premium, the time element in approving and processing his life insurance application is one of the reasons. Yes, traditional whole life insurance is pretty expensive. However, the cost of the life insurance depends on the age of a person and his health condition. But, the time it would take for a life insurance company to approve and process the life insurance policy is one reason why people are hesitant to continue in buying a whole life insurance policy that will enable them to still provide a better future for their family if ever something happens to them in the future. One of the factors why it would take so long is because of the different physical and/or medical examinations that a life insurance applicant would undergo. How they wish there is a “no medical exam life insurance”. They don’t have to worry about that because there really is another type of life insurance that is considered as a “no exam life insurance” and that kind of life insurance is called term life insurance.
Term life insurance is one of the three kinds of life insurance. The fact of the matter is, there are three kinds and these are the traditional whole life insurance which is the one that is the most popular, the universal life insurance and the term life insurance. If a person wants a “no medical exam life insurance” type, he should go for term life insurance. It is fast because is no medical and/or physical exam involved. In whole life insurance, a person is required to undergo several medical and/or physical exams like the basic physical exam, blood sample, urine and stool exam, X-ray and many more. There are instances that a person has to undergo EKG that will determine if he has a heart problem or not. Through these various examinations, the life insurance company will find out not only about the health condition of a person but it will also help them determine if that person is adapting a healthy lifestyle or not, if he is a smoker or not, etc. If he is, then, he can be considered as a high-risk individual and that is the time that they can figure out the actual cost of that person’s life insurance premium.
Age is also another fact in determining the cost of the premium of life insurance. In term life insurance, whether a person is twenty years old or if he is already a senior citizen, he can still get a “no medical exam life insurance” policy which is the term life insurance policy at an affordable cost and the approval and processing of such policy is fast because there are no medical and/or physical exams involved.