If you are one of those people who is attracted by the ’No Medical Test Required’ ad for life insurance then this article is for you. You are surely not the only person who does not believe in the importance of medical test for term insurance before buying the policy. However, you must understand that medical tests are designed for your benefit.
Why is the medical test required?
Many insurance companies in the market offer term policies. So, when opting for one, you will find plenty of different options. This is where a medical test can help. Depending on the insurer, you will find what medical test is required for , and the results of the tests greatly matter. Once the insurer knows about your exact health condition, they can design a policy that is customized to meet your specific needs. This way, you will always have the best term plan at your disposal to fight life’s greatest uncertainties.
So, do not fall for the insurers who promise test-free policies, as these plans will not come with benefits that are specific to your needs.
Benefits of buying a term plan with medical tests
When you understand the issues with term insurance without medical, you will understand its benefits better. So, here is a list of challenges you will have to face when opting for a term plan without medical-tests:
- Your claim might be rejected
- You will end up paying a high premium
The insurance company always offers lower premium rates to healthy customers. Imagine you and your friend are applying for the same insurance policy. If the test shows that your blood sugar level is normal and your friend’s is high, you will have to pay a lower premium compared to him. However, if there is no medical test, you both will end up paying the same amount, which will be a bad deal for you.
- Your cover will be insufficient
When buying term insurance, your priority is to opt for a cover that will be adequate for the wellbeing of your loved ones. The money must take care of all their financial needs when you are not there. However, term insurance policies with no tests tend to pay a small cover to manage their risks. You must avoid such a situation.
When buying online term insurance, make sure to find out if the insurer requires medical tests. You can find this information by a thorough research on the Internet.
