Are you considering buying a term plan anytime soon? You can consider getting a term plan without a medical test. It may simplify the process of buying term insurance, while helping you save time and avoid common hassles along the way. Here’s understanding these plans in more detail below.
How Term Insurance Without Medical Tests Works
Term insurance without medical tests is a plan where the insurer issues the policy without requiring a medical examination of the policyholder. Here is how these plans work:
- Questionnaire & Application Process- You will have to complete a paper or online application which also includes a health questionnaire. You will have to be honest about your present health status, personal and family medical history, lifestyle habits like smoking, and so on.
- Underwriting & Review- The insurance company will verify the data provided by you through multiple databases and review your answers.
- Issuing the Policy- In case the review is found satisfactory by the insurer and you meet the criteria of the insurer (mostly linked to the coverage amount threshold and age), the policy may be issued swiftly. In some cases, it may be instant, while other policies may take up to a few days.
- Coverage & Premiums- Since you will not undergo a medical examination, the premiums may be slightly higher, while the coverage amount may be lower as well.
Key Pointers to Understand Term Insurance Without Medical Tests
Here are some other pointers worth noting when you opt for a term plan without any medical tests.
- Convenience & Accessibility- Whenever you require essential coverage or even a top-up to your existing insurance plan, these policies offer a convenient way to purchase the same. They are also more accessible for everyone as a result.
- Your Age & Considerations- If you are young without any health issues, you can consider buying these plans, especially if you’re too busy to schedule and wait for medical tests. Older individuals may also opt for the same, although if they have a family medical history of serious ailments, they will get a lower sum assured amount.
- Transparency- You should be completely transparent about your personal and family health history, along with your lifestyle habits like smoking. Not doing so will be tantamount to insurance fraud, and claims may be rejected in the future in case you pass away due to these factors.
Buy Term Insurance Plans Without Undergoing Screening Today
You can easily purchase term insurance without medical tests from leading insurers online or offline. If you’re young or are too busy to go through the entire rigmarole of medical screening, it works out to be the best option. It can give you greater peace of mind, knowing that your insurance coverage will be swiftly activated instead of having to wait for a few weeks for the same. It goes without saying that term insurance coverage is a must for every individual. So, without further delays, go ahead and purchase it today.
Also Read–Hotels in Bangalore: Discover Comfort in India’s Tech Capital