Answering 5 most-asked questions about medical tests for term insurance

1. Why are medical tests needed for purchasing term insurance?

Term plans require medical test reports to corroborate the declarations made in the form. The medical tests help the company estimate your risk profile. The insurance company then decides your premium, coverage, and whether to award you insurance or not based on your medical reports. The company can also ask for a medical test if you have a family history of specific illnesses or medical conditions.

2. What medical tests are required for purchasing term insurance?

The medical tests required for purchasing a term life insurance plan vary from case to case. It will depend upon the declarations made in the insurance form. The medical tests start with basic measurements of height and weight, which enables the company to determine your BMI. The company then calculates your risk based upon the BMI.

You are also required to undergo a blood test or a urine test that covers the following profiles-

1. 1. Complete blood count
2. 2. Differential blood count
3. 3. Glucose in the blood and urine

The insurance company might also ask you to undergo tests for HIV I & II, cholesterol and hormonal assays. You might also be advised for further tests if you have a medical history of certain illnesses like hypertension and diabetes, or if you smoke, or have an addiction. If you are suffering from any illness at the time of purchase, you might be prescribed additional tests or asked to bring a report from a specialist.

3. What are the benefits of getting the medical tests done?

Undergoing medical tests before purchasing a term insurance plan comes with its own set of benefits. A few of those are -

1. 
   a. No claim rejection due to discrepancy in the declaration
   Life insurance claims are rejected mostly because of mistakes in the submission of personal information at the time of purchasing the policy. Getting a medical test done when purchasing a policy absolves you of this. The reports are themselves proof of your fitness and are enough for any claim approval that might arise.
2. 
   b. No heftier premiums
   Insurance policies that do not require a medical test often carry heftier premiums. This is to cover the risk of the unknown. This makes the insurance policy more expensive.
3. 
   c. More coverage
   Plans without medical tests offer lesser coverage and sum assured as compared to traditional plans which require a medical report to be submitted. With medical reports, the company can properly estimate your risk profile and hence, possibly offer you more coverage.

4. Does the Insurance company staff conduct the medical tests?
No. You will be given a list of approved medical centres nearby, and you will have to visit them to get your medical test done.

5. Do all term plans require medical tests?
No. There are term insurance plans that you can purchase without medical tests. However, the premiums of these plans are comparatively higher, and the risk coverage is lesser. Also, the terms and conditions of term insurance plans without medical tests are quite strict, so as to cover the unknown risk associated with the plans.