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Know the Importance of Term Insurance Medical Test

Know the Importance of Term Insurance Medical Test

Everyone on the planet has learned from COVID-19 that life is unpredictable and full of uncertainties. You can never be too vigilant or prepared for such unexpected events that can occur at any time. If you are the family's principal breadwinner, or the only one, it is your moral and financial responsibility to protect the family's financial interests. Even if you are no longer alive, you must ensure that they have all of their financial needs met.

When it comes to getting term insurance in today's world, you must take a term insurance medical test. The purpose of the term insurance medical test is to establish your current health state so that your insurance provider can help you choose the best term plan for you. Complete blood count, Kidney function test, Liver function test, Lipid Profile, Fasting Plasma Glucose, HIV, Routine Urine test, Additional tests based on age/policy coverage, ECG, and Treadmill test are a few fundamental term insurance medical test list for term insurance policy buyers.

In addition, the entire term insurance medical test is based on a number of elements, including your age, family medical history, and the sort of insurance policy coverage you are seeking. Let's take a look at the significance of the term insurance medical test in your insurance purchasing process.

Brief Understanding of the Importance of a Medical Test

A term insurance policy can assist you in providing financial security for your family in the event of your untimely death. In your absence, the term policy's insurance pay-out will help cover your financial demands, such as your children's schooling, debt repayment, and home bill management. You must, however, take a term insurance medical test as part of the term insurance buying procedure. The insurance company will determine your general health condition and risk profile based on the results of the term plan medical tests. Following that, the insurer will provide personalized term insurance policy quotes for you, allowing you to select the term plan variant that provides the most advantages at the most affordable premium rates.

Understanding Risk Attitudes

A term insurance policy's premium rates are set by the insurer's risk assessment of you. When purchasing term insurance, bear the following considerations in mind :

  • Taking a term plan medical test and purchasing a term plan when you are young can help you keep your insurance premiums low.
  • Buying a term plan in your 20s and 30s also means you can choose a maximum coverage tenure, which means you can protect the most of your working and retirement years with the term plan.

In our life, we do everything we can to preserve a positive attitude. Since, we work so hard to take care of ourselves; it's only fair that we're rewarded for it. As a result, the premium you pay for your term insurance policy must be based on your overall health. While filling out the application form, you will almost certainly be requested by the insurance provider to reveal any pre-existing health conditions and your family's medical history before undergoing a term insurance medical test. If you choose not to disclose your health condition, you may not be able to obtain the necessary policy protection, or worse, your term insurance claim may be denied.

The Top Factors That Affect a Term Insurance Medical Test

A term insurance medical test helps to understand the health of the person applying for a term insurance. Following that, the insurer can construct a customised term insurance policy, complete with the maximum coverage period, the best premium rates, and a slew of other policy advantages. The findings of the term insurance medical test list that the insurance company invites you to take define the terms and conditions for life insurance plans, especially term insurance. Consider the following policy attributes that are influenced by the findings of a term plan medical test :

Payable Premium

The insurance company's main purpose is to figure out how much premium you'll have to pay for your term plan. The life insurance business model is based on an applicant's entire risk perception. As a result, the insurer must first verify your current physical health state before determining the suitable premium payment quotation for the plan. If you are in good physical shape, you will have a cheap premium to pay. If the term insurance medical test reveals any pre-existing medical conditions, on the other hand, the risk factor linked with you rises. As a result, you may have to pay a higher premium to get the coverage you want.

Sum Assured

The Sum Assured is the amount of insurance benefit money that your family will receive if something bad happens during the policy's term. If your findings are pretty healthy, the term insurance medical test can help you get a greater Sum Assured. Insurance policies that do not require a medical test for term insurance in India frequently have a lesser Sum Assured, which might often be insufficient to financially protect your family. It is recommended that you thoroughly investigate the benefits of the different term insurance plans and use an online term insurance calculator to estimate the premium due for the desired Sum Assured before taking a term insurance medical test.

Claim Rejection

Many consumers wrongly believe that if they have a pre-existing health issue, they may still get the coverage they want by choosing a term insurance plan that does not need a medical test. If the insurer discovers that the policyholder's untimely death was caused by a pre-existing condition that was not disclosed on the application, the insurer has the right to deny your term insurance claim. When you fill out your term insurance application, you must state any current health issues that could later develop into life-threatening illnesses, resulting in claim denial.

Much Lower Coverage

If you buy a term plan or life insurance policy without first getting a medical test, the policy will almost certainly provide less coverage. This is because the insurer must compensate for the risk of unidentified medical issues that you may have that you haven't revealed to the company. You've probably realized that term insurance without a medical test isn't as good as term insurance with a medical test. Although the procedure can be tiresome at times, it will pay off in the long run. Your goal is to leave your family enough money so that they can live comfortably after you pass away. Only a well-thought-out strategy can aid you in this endeavour.

Benefits of Having Medical Tests for Term Insurance

Reduction in the likelihood of a claim being rejected

Any inconsistencies in personal information provided when purchasing the policy and while filing a claim can lead to the claim being denied. Term insurance medical test can support your claim by serving as documentary evidence of the information you provided before.

  • Checking the facts: The test results provide information about your medical status. This makes it easier to take preventative and corrective measures to live a healthy life.
  • Premium rates that are reasonable: The premium rates are lower for a healthier body. As a result, by paying lower premium costs, you can save some money.
  • Assurance of a larger sum: Term insurance plans with the best term insurance medical test list usually provide a larger sum assured based on the test findings. In the event of a disaster, this allows you to establish a larger corpus for your family.

Ways your health affects your premium and coverage

  • There is a direct link between premium and your future. The premium amount increases as the mortality risk increases. As a result, your health status has a substantial impact on the cost and coverage.
  • However, choosing a term plan solely on the basis of a reduced premium should be avoided. In addition, each insurer's premiums and coverage differ. As a result, you must also consider the insurance company's credibility.

Get the Best a Medical Test for Term Insurance for a Better Coverage

A medical test for term insurance in India will assist you in obtaining the finest possible insurance coverage. There are many insurance companies that provide customised protection plans at affordable premiums. During difficult circumstances, the plan can provide financial assistance to your family. With adequate term insurance coverage to safeguard your loved ones, you can ensure that your family will have enough money to maintain their lifestyle after you pass away, and that they will be able to strive towards their objectives without fear of financial insecurity.


*Tax benefits are as per the Income Tax Act, 1961, and are subject to any amendments made thereto from time to time
The article is meant to be general and informative in nature and should not be construed as solicitation material. Please read the related product brochures for exclusions, terms and conditions, warranties, etc. carefully before concluding a sale.
Make responsible financial decisions. Consult with your financial advisor before making any decisions on insurance purchase.

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