How to Buy Term Insurance Without Medical Tests


Securing the financial future of your loved ones from the uncertainty of life is essential, as no one can forecast the future. In such a case term insurance plans can come in handy, as they can provide your family with much-needed financial protection family even if you are no longer around. Here, the sum assured that your family members receive will take care of their requirements in case of your untimely absence. If you do not have a clear idea of what is term insurance plan, read on.

A term plan is a type of life insurance policy that insures the life of a policyholder from the eventualities of life. The best feature of this policy is that it offers a high sum assured at an economical premium. As there are numerous insurers providing term insurance plans, it can become a daunting task to select the ideal one. Here, you can seek the help of a term plan calculator, as it allows you to compare the features of the policy and pick the one that meets your family’s requirements. If something unfortunate happens with you during the plan’s tenure, your family will receive the death benefits, which will help them to meet their day-to-day costs and fulfill their long-term financial objectives.

While buying a term plan it is necessary to undergo a medical examination, as it helps the insurer to ascertain your life risks based on which they determine the premium. Many insurers provide term plans without medical tests. Here, you will have to share information regarding your pre-existing medical conditions. This procedure saves time as well as the cost associated with medical examinations.

Factors to consider while buying a term plan without medical tests

  • Be honest about your health situation

As you are buying a term plan without undergoing any medical examination, it becomes necessary to be transparent with your insurer. Inform them about any pre-existing disease or if you have undergone any specific treatment for a medical ailment in the past. It is not advisable to hide such crucial facts just to save some premium. If the insurer gets to know about this at a later stage, they can reject the claim filed by your nominees during your absence. Due to this, your family may end up facing monetary hardships.

  • Inform the insurer about your lifestyle habits

Besides being truthful about your medical condition with the insurer, it is essential to disclose your lifestyle-related habits to them. For instance, if you are an alcoholic or a chain smoker, let the insurer know about the same. In such a case, there is a higher risk of an untoward event. So, the insurer may raise the premium.

Is it a good idea?

As there are two sides to a coin, similarly there are various pros and cons when you buy term plan online without a medical check-up. Doing this may be convenient for you, as you will save on the costs related to  medical tests. However, here, the premium and sum assured will depend on your health. It is one of the reasons why insurance companies request the insured to undergo medical tests. If you do not do the medical tests, the chances of claim rejection are high, as the insurer can state that the information provided during the application is false or incomplete. Investing in a term plan after doing medical tests does not give the insurer an opportunity to deny your nominees’ claim in the future.

Do not take a risk and jeopardize your family’s economic well-being. It is advisable to undergo the required medical examinations and buy a term policy. If the purpose of not taking the medical examination is to save on premium, then it is advisable to buy a term plan online. When you purchase insurance through this mode, insurance companies offer discounts to help you get a term plan at a cost-effective rate. You can take the assistance of a term plan calculator to review analyze different policies and avail of the most suitable deal.

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