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These days, many insurance providers advertise a ’no medical test’ term plan. This surely attracts customers because they think not going through medical tests can help them save time and get better terms. However, that is a false notion. A medical test is a necessity when it comes to buying a term insurance plan. If you are wondering, what medical test is required for term insurance, you must know that the answer is subjective depending on the customer. The goal of the medical test is to find the exact condition of your health so that the policy provider can create the best plan for you.
However, every insurance applicant must take a few basic tests such as Complete Blood Count, Differential Count, Fasting Plasma Glucose, Cholesterol, HIV I and II, and urine test. The test depends on different factors such as your age, family medical history, and the kind of insurance policy you apply for.
The main purpose of these medical tests is for the insurance company to know everything about your health so it can create a term plan that fits your needs perfectly. One single policy can never work for every policyholder as different families have varied requirements. For that reason, the policies that do not require any medical test can never be right for you. The terms of the insurance
plan are decided based on the results of the medical tests that the insurer asks you to take. Let’s take a look at some reasons as to why medical test is required for term insurance:
The primary goal of the insurer is to determine the amount of premium you need to pay for your term plan. The insurance business works based on risk perception. So, it is important for the insurance company to know your medical condition before they can decide how much premium you need to pay. If you are physically healthy then your premium will be lower. However, if you have pre-existing medical conditions the risk factor is higher, which will lead to a higher amount of premium.
Another aspect of term insurance is the sum assured. The sum assured is the amount of money that your nominees are paid in case of an unfortunate event takes place during the tenure of the term plan. The medical test for term insurance helps the policy providers to know everything about your health condition. They can then offer you a higher amount of sum assured if you are relatively healthy. The term plans without any medical test offer a lower amount of sum assured, which, in most cases, are not adequate to financially cover your family.
If you think, you can get a good deal despite having a pre-existing condition by buying a term plan that does not require a medical test, you are wrong. In most cases, the insurers reject the policy claim if it is found that the policyholder’s death is a result of any pre-existing condition.
If you are taking a term plan or life insurance policy without any medical checkup, then the policy is bound to provide lower coverage. This is because the insurer has to compensate for the risk linked with unknown medical issues that you may have which have not been revealed to the company.
You surely understand now that term insurance without a medical test cannot serve you as well as a term policy that requires a medical test. You might find the process a little grueling but it helps you in the long run. Your goal is to leave your family with enough money so they can maintain their lifestyle after you. Only the right plan can help you with that.
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