The Role of Medical History When Buying Term Insurance

What Medical Tests are required for Term Insurance?

Medical tests help insurance companies understand your condition better. These tests usually include:

• Blood pressure check
• Blood sugar and cholesterol tests
• Liver and kidney function tests
• ECG (heart test)
• BMI (Body Mass Index)
• HIV test
• Urine test, etc.

These tests help in checking if you have any pre-existing illness that may increase the risk.

What are the Benefits of Term Insurance Medical Tests?

Here are the benefits of term insurance medical tests:

Assess Current Health Status

Medical tests show your current health. The tests help both you and the insurance company understand how fit you are. If there are any potential medical issues, they can be found early.

Ensure Accurate Premiums

The premium is the amount you pay regularly to keep your term insurance plan active. If your health is good, the premium you need to pay can be low. Existing health issues can affect the premium. Medical tests help the insurer decide the right premium based on your health.

Impact the Coverage

The sum assured is the money your nominee gets in case of your unfortunate demise during the policy term. Your health reports help the insurer underwrite your policy and determine the maximum sum assured that can be offered and the premium to be charged. If your health is good, you may get good coverage. If there are serious health issues, the amount may be reduced, or a higher premium may be charged.

Conclusion

Understanding your medical history is one of the most important steps while buying a term insurance plan. This helps the insurance company understand the possible health risks and measures and sets pricing and coverage.

Medical tests help you evaluate your current health condition and provide the insurer with accurate information to offer a policy that suits your needs.

FAQs

Is a medical test compulsory for Term Insurance?

Yes, medical tests are usually needed when you buy term insurance. These tests help the insurance company check your health before giving you a policy. The tests can include blood tests, sugar tests, heart checks, and more.

What to consider while buying Term Insurance?

While purchasing term insurance, you need to consider your family's future financial needs, your current age, health, income, and the appropriate sum assured. Your cover should be enough to fulfill long-term objectives like the education of your children, wedding costs, etc.