Medical Tests for Term Insurance – All You Need to Know

Term insurance is a life insurance policy that provides life coverage to provide financial security to a family in the case of a death. The sum assured is provided to the family when the insured dies during the policy tenure. It will be the only corpus for the family to survive if the policyholder is the only earning member. Thus, term insurance plans are important. Medical Tests are vital to buy Term Insurance. Let us try and understand more about them.

Why are Medical Tests Necessary?

Medical tests are not always mandatory while purchasing an online term plan. It is made mandatory by the insurer only in specific cases depending on the product chosen. However, a medical test is vital for the following reasons:

  1. Premium Amount – The insurer can decide on the best premium amount payable only by analysing the health condition. Based on the medical report, they can calculate the risks involved and calculate a premium rate. The premium is generally lower when you are healthy and higher when there is a pre-existing ailment.
  2. Sum Assured – The insurance company will pay a high sum assured based on your medical condition. If there are no medical tests, the sum assured will be lower because the insurer accounts for unknown illnesses and the associated risks.
  3. Rejection of Claim – If medical tests are not conducted, and if the insurer comes to know that the death was due to a pre-existing health condition that was not mentioned during policy issuance, the claim gets rejected.

What are the Medical Tests taken in general?

The Medical Tests required are based on the age, medical history of the family, the extent of sum assured opted for, and plan type. However, the following tests are generally done along with determining the height and weight for Body Mass Index:

  1. Urine Analysis
  2. Complete Blood Count
  3. Differential Blood Count
  4. Blood Sugar Levels
  5. Electrocardiogram
  6. Lipid Profile
  7. HIV

Other specific tests are taken based on these results, habits, and lifestyle. Buy term insurance online and get a detailed account of what constitutes a medical test in special cases.

When is Medical Test Mandatory?

Medical Tests are mandatory when:

  • You are above 35 years of age
  • You opt for a sum assured more than the no-medical limit declared by the insurance company

What are the benefits of Medical Tests in a Term Life Insurance Plan?

  1. You will get a fair idea about your current medical condition and take the necessary steps to recover if required.
  2. If the medical tests are provided and if any pre-existing ailment is elaborated, an insurer cannot stop you from getting the sum assured on any case.
  3. You don’t have to end up paying a lot of premium amounts comparatively if you are declared healthy, even for a higher sum assured.

Summing Up

Your medical condition will help the insurer to assess the mortality risk. Lower the mortality risk, lower the premium rate will be! It is best to undergo these tests at an early age. The ailments or any diseases are less prevalent, and the premium is lower. With a low premium rate and a long policy duration, you get a higher sum assured for your loved ones through online term insurance. Ensure to keep yourself fit with the right habits and a healthy lifestyle. Reproduce the same and avail the best premium rate, sum assured, and the ideal plan exclusively for you. Do not hesitate to take a medical test if it for your betterment!

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