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Term life InsuranceNovember 4, 2020

What are the essential points to consider while buying a term plan without medical tests?

It is essential to shield your family from eventualities whether you are with them or not. Term life insurance goes about as a defensive shield for your family against the unpredictable conditions of life. In your absence, a term life insurance guarantees that your loved ones are not left abandoned and are financially secured. Term plans are accessible at reasonable expenses based on your age and health condition. And additionally, you get the choice to decide for a lumpsum payout or a fixed monthly payout of the death benefit amount.

What are the essential points t¬o consider while buying a term plan without medical tests

One of the vital steps in getting a term plan is going through a medical evaluation before purchasing the policy. In any case, there are other ways, as well. Some insurance companies do offer a term insurance plan without conducting medical tests.

Since the well-being of the policyholder is one of the vital components in determining the premium amount, the majority of the insurance providers incline taking medical examination beforehand as it gives the insurer a reasonable thought regarding the risk involved and will increase the premium cost in case of any previous ailments. The insured person can also opt for add-on riders.

Be that as it may, a few insurance companies offer a term plan without medical examination at all. This is usually applicable if the sum assured is not more than Rs 1 Crore. The insured person, in that case, is required to provide details regarding his or her prior or existing medical condition. While this saves time and costs involved with the medical tests, it increases the significance of perusing the fine prints of the different policy document before finalising on one.

Important points to remember Before Purchasing a Term Plan Without Medical Examination

Be truthful to the Insurer: It is critical, to be honest, and transparent with your insurance provider when you are purchasing a term plan without medical tests. Inform your insurer beforehand if you have gone through any medical treatment in the past or going through some treatment for any critical diseases. Hiding away the critical piece of information about your health may appear to be enticing at the hour of purchasing the policy, it can result in substantial financial loss in the event of a crisis or during claiming the policy benefits. This may leave your family in a distress situation.

Your Lifestyle Habits: You should clearly mention about your lifestyle habits to your insurer. For instance, if you are a chain smoker or have a high liquor consumption, then the insurer may increase the premium rate considering the risk factor involved with the insured’s life in future. This, however, won’t adversely influence your insurance coverage amount or the death benefit claim amount.

Would it be a good idea for you to buy term plan without a medical check-up?

While selecting a term plan without medical tests can appear to be more helpful, but it accompanies certain limitations in contrast to the term plan with a medical examination. Policy premiums are determined considering the risk factor involved with the insured’s health, and that is why insurers insist on undertaking medical tests. Moreover, a term plan without medical check-up may result in more claim rejections on the grounds of hidden or false information on the part of the policyholder. A medical test precludes this chance. On the other side, buying term plan without medical tests is considerably more helpful and efficient. 

But is it a smart thought to put resources into a term protection plan? Needless to mention about the significance of term insurance plan. These policies are specifically designed to provide comprehensive protection without burning a hole in your pocket.

Term plans are also flexible in terms of the policy tenure and the different payout options to choose from. As in the case of policyholder’s sudden demise within the policy term, the payout can be made either in lumpsum or in instalments as determined by the insured. The affordable premiums of the term plans are decided based on the insured’s age, health condition, lifestyle etc.

If you are also searching for a term insurance plan and don’t wish to go through a medical test, then several insurance providers offer the same. However, it is necessary to go through the terms and conditions of various policies and then choose the one that is best suited for you. Do remember that insurance providers don’t force the insured to go through a medical test if the policy applicant is young, and the sum assured is not excessive.

Having a term protection strategy is the right way to secure the future for your loved ones. It is affordable and gives a decent spread when you are not actually present. While purchasing a term protection plan is an incredible choice, you can choose one with or without medical test based on your accessibility and other conditions. To know more about term plan without medical examination, visit BimaKaro.in today.

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