A policyholder is required to give a medical exam before buying a term insurance plan. The term insurance medical test determines your health, so the insurer can determine the premium for the term plan you want. Every term insurance buyer must pass a few basic medical tests.
The common medical tests that the policyholder has to give include:
- CBC
- Kidney function test
- Liver test
- Lipid Profile
- Fasting plasma glucose
- HIV
- Routine urine testing
For some patients, treadmill and ECG tests may also be required.
The full-term insurance medical test also depends on your age, family medical history, and insurance policy coverage. The term insurance medical test is essential in your insurance buying process.
Term Insurance Medical Test Importance
In case of untimely demise, term insurance might help your family financially. In your absence, the term policy’s insurance benefit can cover your children’s schooling, loan repayment, and household costs. However, term insurance requires a complete medical exam.
The insurance company can assess your health and risk profile based on term plan medical tests. The insurer will then provide bespoke term insurance policy quotes so you can choose the plan with the most benefits at the lowest premium.
Recognising Risk Perception
Based on the insurer’s assessment of your risk, the premium costs for a term insurance policy are set. Thus, getting a term insurance medical exam before choosing an insurance policy can significantly reduce your payable rates.
When choosing a term policy, you must bear the following considerations in mind as a term insurance buyer:
a) It is advisable to have a term insurance medical exam when you are young, say, in your 20s or early 30s.
b) You can lower your insurance premiums by purchasing a term plan early on and going through the term plan medical examination.
b) Choosing a maximum coverage tenure while purchasing a term plan in your 20s and 30s allows you to use the policy to protect the majority of your working and retirement years against life’s uncertainties.
We strive to keep a positive outlook on life by any means necessary. Being rewarded for caring for ourselves makes sense because we constantly work. Therefore, the premium for your term insurance coverage must be determined by how well you are overall.
The insurance company will likely ask you to disclose any existing medical conditions and your family’s medical history when filling out the term insurance application before you have a medical examination. You can learn about the list of medical tests for term insurance.
The likelihood that you won’t receive the required level of policy protection, or worse, that your term insurance claim will be denied, increases if you choose not to reveal your health condition.
Factors Affecting Term Insurance
Any term insurance medical test in India aims to inform the insurer about the applicant’s health. The insurer can then build a customised term insurance policy with maximum coverage duration, optimal premium rates, and other perks.
The insurance company’s term insurance medical test determines life insurance terms and conditions, especially term insurance. A term plan medical test affects policy elements like:
1. Premium Due
Insurance companies compute term plan premiums. Applicant risk perception drives the life insurance, business model. Thus, the insurer must assess your health before quoting a plan premium.
Your premium will be modest in good health if the term insurance medical test finds pre-existing conditions and your risk factor increases. Thus, your chosen coverage may cost more.
2. Guaranteed
Term insurance medical test results affect the Sum Assured. If something terrible happens during the term policy, your family receives the Sum Assured.
If your term insurance medical test is healthy, you can get a more significant Sum Assured. No-medical-test term insurance policies in India usually have a lesser Sum Assured, which may need more to protect your family financially. Before taking a term insurance medical test, read the features of the available plans and use an online term insurance calculator to determine the premium for the desired Sum Assured.
3. Refusal
Many consumers may get term insurance without medical screening, even if they have a pre-existing ailment.
If the insurer discovers that the policyholder’s premature demise was caused by a pre-existing condition not disclosed in their application, they may deny your term insurance claim.
Your term insurance application must state any health issues that may become life-threatening and lead to claim rejection.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
