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How much is term insurance cover possible without undertaking medical tests?

Life is unpredictable today because unforeseen events can happen anytime in the life of a person. Anyone who wants to protect their families from financial hurdles should consider buying a term insurance plan because it offers several advantages. However, policy buyers should evaluate the different types of term plans before investing money. This will help a lot to select a plan with better coverage to meet essential needs. The term insurance plans have various types that need proper research before buying.

A majority of policy buyers think that they require medical tests while purchasing a plan from an insurer. However, it is not true because some insurers offer insurance policies even without medical exams upto a certain limit. On the other hand, policy buyers should know more about them in detail that will help avoid expenses to a large extent. Another thing is that it enables a person to focus more on their objectives while buying an insurance plan. 

Is it possible to buy term insurance without a medical exam?

Can policy buyers choose term insurance without medical tests? Yes. They are eligible to purchase a plan that will help accomplish goals in the coverage process. At the same time, policy buyers should evaluate the plans that satisfy their requirements. A person must understand the policies in detail before investing money. At the same time, the premium rates may vary from standard plans, and policy buyers should evaluate them while buying a policy.

How much cover can policyholders get for term insurance without a medical test?

The following factors will determine how much policyholders can get term insurance without medical tests enabling them to make the right decision.

  1. Age: Insurers provide insurance plans without medical plans when they are young. Those who are in their 20s and 30s can avoid medical exams while buying a plan. Not only that, they allow young people to choose a plan at lower prices. As people age, they tend to develop medical conditions that can affect their lives. Older people have to pay high premiums when they want to buy a policy. However, some insurers offer a term life insurance policy without a medical exam for up to 55 years. A policy buyer should gather more details about them from various sources that will help save more money.
  2. Lifestyle: The lifestyle of a person will influence the premium rates of an insurance plan. For instance, if a person is a smoker, then he/she has to pay a higher premium as the risks are high. The consumption of alcohol or tobacco can also lead to health complications, and policy buyers have to spend more money on premium rates.
  1. Pre-existing illnesses: Pre-existing illnesses can affect the premium rates of policy buyers, and insurers provide coverage with high premium rates. In some cases, an insurer will reject the policy when he/she has some pre-existing conditions. Therefore, it is wise to read the terms and conditions of insurance policies in detail before buying them. This, in turn, gives ways to process the claim without any difficulties.


Things to consider while buying a policy without medical tests

It is important for policy buyers to keep certain things in mind while buying a plan without a medical test. They should disclose the details of past medical treatments and having any health illnesses. This will help a lot to determine the right premiums that suit the needs of a policyholder. 

The second thing is that they have to mention their lifestyle habits to an insurer before buying a term insurance plan. Most insurers will examine a person’s lifestyle when he/she wants to buy a policy from the markets.

What are some companies that offer term plans without medical tests?

Some insurance companies offer a term life insurance policy without medical exams that will help save more money. Some of them include the MetLife term insurance plan, ICICI Prudential iCare term plan, LIC Tech term plan, and HDFC Click 2 Protect Plus plan. On the other hand, it is wise to gather more information about the plans from respective companies that will help invest money according to needs.

How to buy the best term plans without medical exams?

Those who want to buy the best term insurance without a medical exam should compare the quotes online. Moreover, they can even know the differences between term plans that will help proceed further. Buying the right type of term insurance enables policyholders to provide maximum protection to their families. Also, it provides ways to reduce financial problems caused by terminal illnesses. Another thing is that it contributes more to living a trouble-free life to experience peace of mind.

What are the benefits of buying a term insurance plan?

The primary advantage of buying a term insurance policy is that it gives ways to select a large sum assured amount at affordable costs. It is a simple and purest form of life insurance that gives ways to understand the coverage with ease. Many term insurance plans offer rider options such as death benefit, critical illnesses coverage, and disability coverage, enabling policy buyers to select the right one depending on their needs. They even offer multiple payout options when a policyholder passes away. Some of them include lump-sum payout, monthly payout, lump sum, and monthly income, lump sum increasing monthly income, etc.

It is possible to buy a term insurance policy even at a young age that will help get high coverage at lower premiums. In addition, buying a term plan allows customers to ensure income tax benefits under income tax. While choosing a policy, one should consider the claim success rates (CSR) of an insurer that will help accomplish goals in the coverage process. In addition, customers should evaluate their reputation, reviews, testimonials, and other factors before buying an insurance plan. Finally, an insurance company will guide policy buyers to select a plan which caters to their budget and requirements that will help lower the financial risks.

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