What if the person in your family who takes care of the financial conditions of the family dies? What will happen? Who will look after the family and the financial conditions?
Life has become so unpredictable, thousands of people die every day. In this condition, how will you ensure that after you, your family will live a stable life. However, the cause of death can be because of health issues or because of the accident or some other external reasons.
Life insurances are the policies that can be purchased by anyone for a particular time period. These policies can be affordable depending on your age and health.
This article will discuss the followings points:
- Life Insurance with No Medical Exam
- Plan benefits of a life term insurance
- In case you have a pre-existing disease
- Some life insurance companies which requires no medical test
LIFE INSURANCE WITH NO MEDICAL EXAM:
Many people avoid having a medical test before purchasing a life term insurance due to many reasons. The reason can be they get uncomfortable whenever they hear that it needs a medical examination. And some individuals avoid medical examinations because of the fear of being charged higher life insurance premiums if they get any health issues.
But generally you have to give a medical test to avail a life term insurance policy. However, there are certain companies that provide insurance that doesn’t require you to pass through any medical examinations. But again this depends on your age and sum assured. These insurance providers take your medical conditions/history virtually and issue the policy to the purchaser.
TERM INSURANCE BENEFITS:
Life insurance comes with a number of amazing benefits. The following points discuss the various benefits of a life insurance policy:
- Death Benefit: the amount of the sum assured will be given to the beneficiary of the insurance if something happens to the policyholder and he/she dies. It ensures the protection of the beneficiary (family).
- Maturity Benefits / Survival Benefits: life insurance provides no maturity benefits. In case if you survive throughout the policy term and want to claim your premium, then you need to buy return of premium plan (TROP) and you will get your paid premiums back.
- Tax Benefits: under the section of 80C of the Indian income tax act, 1961 you can get the tax benefits on your premium paid.
IN CASE YOU HAVE A PRE-EXISTING DISEASE:
You can also go for multiple riders like permanent disability rider, critical illness rider etc. in case you are suffering from an inheritance disease, or you are suffering from any disease at the time of policy.
These multiple riders will add other parameters to that were not included in the previous policy and will maximize the coverage.
SOME LIFE INSURANCE COMPANIES, WHICH REQUIRES NO MEDICAL TEST:
- ICICI Pru iProtect: the ICICI Pru iProtect does not require any medical examination before buying any premium.
- Met life: certain term insurance offered by Met life does not require any medical examination.
Purchasing life insurance might be a difficult task but to make sure about the validation of the policy before buying it is the most important thing, to ensure that you have purchased the right one.
Also, before buying a policy that doesn’t require any medical test, it is really important that whatever the information you are giving to the insurer should be valid. Make sure you don’t hide anything that is related to your health and illness.
If you hide something and that particular thing leads to your death, your beneficiary may not get the claim, the claim can get rejected.
Take your time to do research properly in the market before buying any plan that comes without medical examinations.
Can I buy life insurance without a medical examination?
Yes, you can purchase a life insurance plan without giving any medical test, but in that case you will need to tell the insurer about all your medical conditions.
In case, if you are going under any medication, you need to mention that as well. And if you hide any of your medical condition that causes your death later, the beneficiary will not be able to get the claim after you.
Why is it important to have a medical test before buying life insurance?
Having a medical test before buying life insurance helps the provider to determine your health conditions and risks. Medical test provides an estimation for the future claims. Suppose a person having some diseases and health issues, the chances of medical attention, and claims will also increase.
On the other hand, a healthy person will require lesser claims. Hence, having a medical test allows the provider to understand the optimal amount of cover needed for the customer.
Does the insurance company staff itself conduct the medical test?
No, the insurance company staff does not conduct any medical tests. But the insurance companies may have a network of registered medical centers. You can visit those centers as well as per your requirements and convenience.
What are the factors that are determined for a medical test for life insurance?
There are mainly three factors that are determined for a life insurance:
- Health conditions: in case you are suffering from any disease at the time of insurance or are suffering for a long time. In that case the insurer will check the extent of your health conditions before providing you the policy.
- Age: age will determine how older you are. The older you are, the higher the chances of getting diseases. In that case, the insurer may ask for a medical examination.
- Sum assured: in this case, if you asked for the policy that has a higher sum assured, the insurer can ask for a medical examination.
What if someone buys life insurance without having a medical examination?
No doubt, one can get the life insurance even without having any medical test, but this can also increase the chances of rejection in the cases:
- If you have declared that you are healthy while buying the insurance plan and the death occurs due to the illness of the disease that you were suffering with before buying the plan, your claim will get rejected in that case. The beneficiary will not be able to get the claim.
- Even if it is found that you were suffering from any kind of disease while buying the plan, in that case as well the beneficiary will not get the claim after your death.
- So it is really important to stay honest while telling about your health to your insurer so that if something happens, and you die, your family member can get the claim and can survive.