Investing in term insurance is crucial for safeguarding a family’s future if the primary breadwinner passes away. In this essay, we’ll examine the possibility of obtaining term insurance coverage in India without a medical examination.
Term plans protect your loved ones in the event of uncertainty, and since uncertainty is unpredictable, it’s critical to be ready. Because of this, the majority of people choose to purchase term insurance to safeguard their families in the event of an emergency and the event that they are unable to provide for them. However, a common query or concern among consumers purchasing term insurance is: Is it possible to purchase term insurance without undergoing medical testing?
How does Term Insurance without a Medical Test Work?
Currently, the insurance service provider does not issue you a term insurance policy right away once you apply. Rather, you would have to undergo a thorough medical examination that evaluates several aspects of your health and well-being.
On the other hand, the insurer will only take into account your age and the level of coverage you have chosen when providing term life insurance without a medical exam. And in this instance, you typically get the term insurance policy as soon as you submit your application.
Having said that, you are only eligible to choose a term insurance plan without having a medical exam if you are in good health and free from illnesses and medical issues. On the other hand, the insurer might insist that you take a medical exam if you have any health issues.
Reasons to Opt for a Term Insurance without a Medical Test
Simply choosing to get one of these term insurance plans can reap many benefits for you. A brief overview of some of the main arguments in favor of choosing one right away is provided here.
- It is Highly Affordable
The best justification for choosing such a term insurance plan is this one. It’s among the most reasonably priced insurance plans available because of the extremely cheap premiums you must pay for the policy.
- Provides Mental Calm
You don’t have to worry about your family’s future when you pass away because term insurance doesn’t require a medical exam. They are free to spend their life as they choose with the money they receive.
- The Application Process is Simple and Easy
Applying for a term insurance policy is quite easy and uncomplicated. More over? You may buy it online in a matter of minutes from the comfort of your home as there is no medical test required.
Why is a Medical Test for Term Insurance Necessary?
Medical examinations are seen to be crucial for obtaining term insurance policies from insurance companies. Depending on the required sum assured, different kinds of medical examinations are needed for term insurance. It matters for the reasons listed below:
- Fewer complications when filing claims
Your insurance provider can make better decisions about the amount assured you require and the premium you must pay if they have a complete picture of your health status from the additional tests you undergo and the appropriate disclosures you make on the application form. It will therefore lessen the likelihood of disagreements over health issues during the claims process and, in the end, help your loved ones in the event of your untimely death.
- Cheaper premium rates
Age becomes significant since insurance companies base their decisions about the premium and amount assured on health conditions. Additionally, conventional wisdom holds that health issues and related illnesses sharply rise with age. But you might be able to get a better rate on a term plan if you can demonstrate to the insurers that your health is better than that of your peers.
- Higher sum assured
Although insurers offer term plans without requiring medical exams, the amount of the offered sum insured will be limited. In the event of your untimely death, your family’s financial needs might not be sufficiently met by the reduced-term insurance coverage offered. You can approach the term plan with a bigger sum promised once you present the results of your medical tests and confirm that you are medically healthy.
Things to Keep in Mind When You Buy Term Insurance without a Medical Test
There are a few things you should think about before buying a term plan without a medical exam. Curious as to what they are? Let’s quickly review a few of the contributing elements.
- Only decide on the necessary coverage amount under the term plan after carefully weighing your family’s current needs and future financial objectives.
- To make sure you get the right term insurance plan, always make sure to check prices and features.
- An important consideration when evaluating the risk covered by the policy term is your health. Thus, the likelihood of developing a disease is higher if you already have a major health condition or a pre-existing ailment, which also raises your risk of dying. If you have been silent about your medical condition, it could become a major issue when filing a claim.
- To avoid future claim denials, make sure to declare all medical conditions at the time of purchase.
- Your term plan premiums may be higher if you smoke or drink alcohol, for example, because these are lifestyle choices.
- A large portion of your health is determined by your lifestyle choices. For instance, if you smoke continuously, your chances of developing cancer and dying from it are very high. If your behavior is the cause of death and you have neglected to disclose it to the insurance company, it may also result in policy rejection.
Can You Buy Term Insurance Without a Medical Test?
It is possible to purchase term insurance without having to undergo any medical exams. Many insurance companies provide it as a choice. However, term plans without medical exams are frequently available for a total assured of less than Rs. 1 crore, depending on the terms and conditions of the particular insurers.
When offering term plans without medical testing, insurance carriers take lifestyle, age, and family medical history into consideration.
Without medical testing, older people with a family medical history of serious illnesses cannot anticipate a greater sum promised in term insurance contracts. It is a common belief that health issues worsen with aging and that a family’s medical history can eventually be seen in the members. As a result, while determining the assured amount, insurers consider the information supplied as well as factors including age, lifestyle, and medical history.
Term insurance policy buyers do not need to undergo a medical exam to purchase term plans. The amount guaranteed will, however, be limited to a certain degree and determined by the insured’s age and family medical history. To prevent claim denial, you must be open and honest about your health issues and lifestyle choices if you want to buy such a term plan.