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Do I Need To Undergo A Medical Test Before Buying A Term Insurance Plan?

Published On Jul 04, 2021 12:00 PM By InsuranceDekhp

Many insurance companies now provide a term plan that does not require a medical exam. Customers will undoubtedly be attracted to this because they believe that skipping medical examinations will allow them to save time and obtain better terms. That, however, is a misconception. When purchasing a term insurance policy, a medical exam is required. The purpose of the medical exam is to determine your specific health status so that the insurance company can build the best plan for you.

Why Do You Need A Medical Test For Term Insurance?

The main goal of these medical tests is for the insurance company to learn everything there is to know about your health so that it can tailor a term plan to your specific needs. Because various families have different needs, a single policy will never work for everyone. This is why policies that do not require a medical exam will never be suitable for you. The insurer determines the terms of your insurance plan depending on the results of the medical tests you are required to take. The following are the reasons why you need to take medical tests before buying term insurance-

1. The Cost of The Premium

The insurer's main purpose is to figure out how much of a premium you'll have to pay for your term plan. The insurance industry operates on the basis of risk perception. As a result, the insurance company has to know your medical status before determining how much premium you must pay. Your premium will be cheaper if you are physically fit. However, if you have any pre-existing medical conditions, your risk factor will be higher, resulting in a higher premium.

2. Amount Assured 

The sum assured is another feature of term insurance. The sum insured is the amount of money paid to your nominees in the event of a catastrophic event occurring during the term plan's duration. The medical exam for term insurance allows policy providers to learn everything they need to know about your health. If you are relatively healthy, they may be able to provide you with a larger sum assured. The term plans that do not require a medical exam provide a lower amount of sum assured, which is usually insufficient to financially cover your family.

3. Dodge Claim Rejection

You are incorrect if you believe that you can get a decent rate despite having a pre-existing ailment by purchasing a term plan that does not require a medical exam. If it is discovered that the policyholder's death was caused by a pre-existing ailment, most insurers would deny the claim. Thus, make sure you take a medical test to claim your insurance amount successfully. 

4. Policies With Low Coverage

If you buy a term plan or life insurance policy without first getting a medical exam, the policy will almost certainly provide less coverage. This is due to the fact that the insurer must compensate for the risk of unidentified medical conditions that you may have that have not been disclosed to the firm.  The process may be tedious at times, but it will benefit you in the long term. Your goal is to leave enough money to your family so that they may continue to live comfortably when you pass away. 

What Is Included In A Medical Test?

You will need to take a test that checks your blood count, kidney function, liver function, lipid profile, plasma glucose, HIV, along with routine urine tests and additional tests like ECG and treadmill tests depending on the policy's requirement. 

Take Away

When it comes to purchasing term insurance a term insurance medical exam is required. The goal of the term insurance medical test is to determine your specific health status so that your insurance provider can assist you in selecting the finest term plan for you. Thus, make sure to take your medical tests before purchasing your term insurance policy. 

Also read - What Are The Common Exclusions Under Term Insurance Plans?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard. 

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