A term insurance packs in lots of goodies into a compact package. It is one of the cheapest life insurance policies that your money can buy. It provides you with a life cover that is impressive, to say the least for the premiums that you pay.
There are various types of term insurance that you can opt for depending on your needs such as Normal term insurance, Increasing Term insurance or Decreasing Term insurance. And you can choose to buy a term plan online, making it even more convenient.
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Full Medical Report ( FMR Test ) – ECG, blood pressure, fasting blood sugar and blood count test included in the FMR test. Certain kidney and liver tests may also be included in this report.
To attract more and more customers towards their term plans, insurance companies deal with medicals differently. Some insurance companies do not expect you to undergo any medical tests below a certain age, making it easier for you to get a policy. While other insurance companies provide discounts on the premium amount if the applicant undergoes a medical test. Depending on the insurance company and policy you choose, you might end up with a medical test.
What do the medical tests cover?
The medical tests required for individuals vary from case to case. It largely depends on the declaration made in the application form. If your insurance company wants you to undergo some medical tests, the most common ones would be basic height and weight measurement, blood test, and urine test. The basic measurements help the insurance company to understand BMI and if the applicant is prone to risks. The blood tests usually consist of the following test profiles.
- Complete Blood Count
- Differential Count
- Fasting Plasma Glucose
Your medical visit might also include tests for cholesterol levels as well as HIV I & II. Urine tests ensure the cotinine levels found in the samples are within an acceptable range, thus supporting your smoker or non-smoker status in the application form. If you or anyone in your family has a history of some illness or diseases, the insurance company might ask for additional tests.
Once you fill up your application form and submit it to the insurance company, they would get back to you with a request for medical tests. If they deem it is necessary for you to undergo medical tests, you would receive a call to schedule an appointment. The insurance company would provide you with a list of available centers in your locality and you can select one. They would also mention if there are any specific requirements from your side, such as fasting for approximately 8 hours before the test, etc. You do not have to pay anything for the tests, as the insurance company bears all the expenses.
Is it needed?
In short, yes medicals are important when it comes to term life insurance. However, there is something even more crucial than medicals, proper declaration. As an applicant, it is extremely important for you to declare any health-related issues or hazards upfront. The premium amounts fluctuate based on these declarations, but that should not stop you from being transparent from your end. By hiding a health condition, you might be able to save some money upfront but it will have severe repercussions later on.
If you fail to provide all relevant information during the purchase of policy it might come back to haunt you in the form of claim rejection. Insurance companies don’t shy away from rejecting claims when they feel they were not provided with enough details at the time of purchase.
It might so happen that the applicant is not aware of his/her health conditions. Having medical tests done throws the ball in the court of the insurance company. Should anything happen to you as an extension of a health condition that you were unaware of, the insurance company cannot deny the claims. Because it is the responsibility of the insurance company to figure out health issues as part of the medical tests.
Several insurance companies call for quite strict medicals, ensuring they are absolutely sure about the individuals before releasing a policy. The insurance premium reduces to a decent enough extent in such cases. Having medicals done will give you peace of mind that there are lower chances of claim rejections.
Having medical tests done for your term insurance plan can have lots of positive impacts as mentioned. It helps you paint a clearer picture of your health conditions while preventing any unwanted rejections later on.