Medical Test in Term Insurance Explained

If you are planning to buy a term insurance plan to create a financial backup for your family, you are doing the right thing. A term insurance plan will help you keep your loved ones safe from financial struggles in the case of your untimely death. The insurance benefit received from the term insurance policy will provide financial strength to your family members and they will be able to manage your children’s education, pay back loans, and handle the household bills in your absence. 

Now the thing you must be aware of before buying a term insurance plan is that you will be required to undergo a comprehensive term insurance medical test. On the basis of the medical test results, your insurance company will determine your overall health condition as well as your risk profile. Based on the inputs received, the insurance company will create customized term insurance policy quotes and let you choose the term plan variant which you find the best in terms of benefits and premium rates as per your needs. 

Let us talk about a few basic medical tests for term insurance for every policy buyer that you too may have to go through. 

Medical Tests in Term Insurance 

The list of medical tests includes:

• Complete blood count
• Kidney function test
• Liver function test
• Lipid Profile
• Fasting Plasma Glucose
• HIV
• Routine Urine test

Additional tests on the basis of age or policy coverage:

• ECG
• Treadmill test

It must be noted that the complete term insurance medical test is performed based on certain factors like family medical history, age, and the type of insurance policy coverage applied for. 

Now that you know what medical tests one is required to undergo for their term insurance plan, divert your attention towards yet another important element of medical tests in term insurance. 

Factors Affected by Medical Tests for Term Insurance 

Here are some of the key aspects, which get affected due to term insurance medical tests:

Term insurance is an apt choice for strengthening the financial future of loved ones. But, what one must know is that the terms and conditions for term insurance are determined on the basis of medical tests. Below mentioned are some of the prime policy factors that get affected due to medical tests:

1. Premium Payable

The insurance company will determine your existing physical health condition before determining the appropriate quotation for the premium payable towards the plan. In other words, if you are fit and healthy, your premium payable will be low. But, if your term insurance medical test sheds light on pre-existing medical conditions, you may have to pay a higher premium amount as the risk factor associated with you will become higher.

2. Sum Assured

It is important for you to know that sum assured is the amount of insurance benefit money that your family receives, in case of an unfortunate event during the term policy tenure. If your medical tests suggest that you are relatively healthy, you may avail a higher sum assured. Note that the insurance policies that do not require medical tests for term plans usually offer a low sum assured amount. It iDisclaimer: 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.  s advisable to get a policy that requires medical tests so that you can aim for a higher sum assured and secure your family's financial future in the best way possible. 

3. Claim Rejection 

It is a general perception that if one has a pre-existing health condition, they can get covered by choosing a term plan that does not require a medical test. However, what most people don't know is that at the time of claim settlement, if the insurance provider finds out that the death of the policyholder is due to a pre-existing condition that was hidden in the application, the claim can be rejected. Therefore, it is advised to fill the term insurance application without hiding any pre-existing health condition to avoid claim rejection later.

That said, go ahead and buy a term plan that requires you to undergo medical tests. Rest assured, it will benefit you in many ways.

Also read - Basic Things About Term Insurance

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.