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Know Everything About Medical Tests Required For A Term Insurance Policy

Published On Dec 15, 2021

In any event, taking a medical exam before purchasing term insurance is a good idea. If the insurance company believes it is necessary for you to have a health check-up, they would most likely contact you for the same. They can then supply you with a list of available testing centres in your area, as well as any other instructions you might require. There could be a fairly particular set of tests to be done, depending on the information they've received so far from you and the policy's structure.

It's critical to grasp the significance of your declaration in this situation. The medical history of you and your family will be considered to determine which medical criteria must be addressed. Basic height and weight measurements, blood tests, and urine tests are, in general, the most prevalent. Urine tests ensure that the cotinine levels in the samples are within an acceptable range, allowing you to declare whether you smoke or not on your application form. As a result, be aware of these when applying for term insurance. The fundamental measurements of the physical body aid the insurance firm in determining the Body Mass Index (BMI) and whether or not the potential policyholder is at risk.

Benefits of Getting A Medical Test For Your Insurance Plan

Following are the benefits of getting a medical test done for your term insurance plan:

  • Greater Risk Coverage

The policies that promote the "No Medical Test Required" philosophy are typically low-cost. Even if you are young and healthy, no insurer will issue coverage in excess of Rs. 5 lakh without a medical examination. As a result, if you want a high level of insurance coverage, a medical check is required.

  • Premiums

The main goal of the insurer is to determine how much premium you'll have to pay for your term plan. Risk perception is the foundation of the insurance industry. As a result, before establishing how much premium you must pay, the insurance provider needs to know your medical history. If you are physically fit, your premium will be lower. If you have any pre-existing medical conditions, your risk factor will be higher, and your premium will be higher.

  • Higher Probability of Claim Acceptance

You can't just ignore your health problems because you're exempt from medical exams. In the application form, you'll still have to submit a statement regarding your health. If you keep a medical issue hidden from your insurance company, it might have serious implications. Every year, approximately 2% to 3% of claims are discarded because of this.

  • Reasonable Premium Rates 

Lower premium rates are awarded for having a healthy body. As a result, you can save some money by paying lesser premium fees.

  • Assured Higher Sum

Term insurance programmes that require medical examinations usually provide a larger sum assured based on the test findings. This permits you to build a larger corpus for your family in the event of a disaster.

Take Away

The goal of medical testing before purchasing term insurance is to determine the applicant's health quotient. The insurance firm creates a personalised insurance plan for you based on the test findings. However, if you fall for the pitch and choose a term plan that does not require you to undergo rapid medical testing, you are taking a risk.

Also read: Exploring Different Types Of Term Insurance Plans And Their Benefits

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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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