How to buy a term plan without a medical test?
Some life insurance providers in India offer term plans without medical screening. Insurers usually consider the buyer’s age and the sum assured amount before asking for medical tests. They only require you to furnish details about your health and your family’s medical history. You can compare different term plans online to find a policy meeting your needs. PNB MetLife is one such insurance company offering term insurance without medical tests.
For example, you can buy the PNB MetLife Mera Term Plan policy online without health checks up to a specified sum assured limit. Also, you can increase the coverage with changing insurance needs without any checkups.
For this term plan, you need to follow a simple and straightforward process to get the life cover you want:
- Select the sum assured
- Customise the policy to safeguard your family against financial burdens in case of accidental death or disability
- Opt for extra payouts on the diagnosis of severe and critical illnesses
- Choose additional benefits like joint coverage for your spouse or the option to increase the sum assured at life’s milestone events
- Enter details such as your age, family medical history, health status, and occupation
- Pay the premium and start enjoying the financial safety net
Therefore, factors increasing the chances of not having to go through medical checkups include:
1. Buying at an early age
Insurers consider young policyholders to be less at risk of diseases. Thus, they give significant consideration to age as a determining factor for medical checkups. Increasing age brings age-related health problems and decreases life expectancy. Therefore, the chances of claims increase from policies with older insured individuals. Hence, if you delay buying a term plan, you may have to get medical checkups done and pay a higher premium too.
2. Maintaining a healthy lifestyle.
The possibility of contracting illnesses increases due to unhealthy lifestyle choices like smoking. Thus, if you forego such habits, work out and stay fit, you can increase the likelihood of buying a term plan without a medical test. Moreover, non-smokers are eligible for better premium rates too.
3. Selecting the right coverage
A higher sum assured means the insurer assumes a larger financial liability. Hence, they ask for medical tests as a precaution against the likelihood of claims. But being underinsured is not advisable. However, buying more coverage than necessary can burden your pockets.
Hence, you must assess your insurance needs before deciding on your term plan cover. The parameters to consider include:
- Family’s living costs: Calculate your annual household expenses. Include utility and grocery bills, education charges, and other spends
- Duration for the financial support: Multiply the annual expenses with the number of years your family needs to attain financial independence.
- Future expenses and pending liabilities: Add in outstanding debts, if any, and funds needed for children’s higher education, marriage, or spouse’s old-age necessities.
- Inflation: It eats into the purchasing power of money. Hence you must factor in inflation to estimate the amount your family will need to sustain their livelihood in the future.
However, it is also not worthwhile to settle for lower coverage than your family needs only to avoid medical examinations. The hassle is a small price to pay for your loved ones’ financial protection against the uncertainties of life.
Moreover, if you suffer from chronic or pre-existing health complications, you may need medical evaluations. But you should never suppress any health details when you fill out term insurance application forms. It can lead to your family losing out on your life cover benefits in their hours of need.
Things to keep in mind when buying term insurance without a medical test
1. Understand the policy terms
You need to read the fine print carefully when you buy a term plan without a medical test. Most term plans exclude coverage for pre-existing diseases. It means that in case of a life claim arising due to pre-existing illnesses, the insurer has the right to deny payouts. Hence, it is better to undertake checkups your insurer requests. It can rule out the possibility of such life-threatening health issues and resulting claim refusal.
2. Mention your medical history and habits in details
You must list details about diseases you suffer from, surgeries or treatments you have gone through, and your lifestyle habits. False specifics or missing information will nullify your term life insurance contract. Your insurer will no longer remain liable to reimburse your family in case of any contingency. Hence, do not leave out facts when you apply for term insurance to get lower premium rates or avoid medical screening.
3. How can undergoing medical tests help in buying the right term plan for your needs?
The goal of medical tests is to find out the exact status of your health at the time of buying term insurance. It helps insurance providers design the best plan for you. Some of the factors that depend on the results of your medical test include:
Life insurers ask for medical tests to gauge your health status. Your health is a primary determining factor for the probability of a claim arising soon. Insurance premiums depend on risk perception. Therefore, the insurers need to know your medical condition to quote the premium you need to pay. If your reports show you as physically healthy, you may get high coverage at a lower premium.
Adequate sum assured
The sum assured is the money your family receives in case of an unfortunate event during the term plan tenure. If the medical test reports reveal that you are relatively healthy, you can get a higher sum assured. Term insurance without medical test typically offers low sum assured amounts. The coverage might not be enough to meet your family’s current and future living costs in your absence.
What medical tests can you expect before buying term insurance?
Insurers ask for specific tests depending on the buyer’s individual health condition. However, most insurers need some basic tests such as:
- Differential Blood Count
- Complete Blood Count
- Cholesterol and Lipid levels
- Fasting Blood Sugar
- Urine tests
A blood pressure record and ECG/EEG may also be necessary. Your family’s medical history, age, and the health details you provide in the application form decide the tests you might need.
You need to take time and look online to find a term plan matching your needs. Buying one early and taking care of your health can help you get term insurance without medical tests. But you must not leave out particulars of your health and habits to avoid diagnostic checkups or higher premiums. It can lead to claim rejections later.
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The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.
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