India Post News Paper

 Breaking News

3 Reasons Why a Medical Test Holds a Fundamental Importance for Your Term Insurance Plan

3 Reasons Why a Medical Test Holds a Fundamental Importance for Your Term Insurance Plan
August 15
10:40 2020

When insurance providers advertise their services, it is usually contingent on a successful medical test. A long term savings plan benefits individuals that understand the necessity of the exam. Every applicant has to take a few tests before getting started, and time is of the essence. The faster you resolve outstanding issues, the sooner you become covered by your preferred insurer.

1. Getting the Best Premium

The results of your medical test will determine how much you have to pay for a premium. For some people, this is the most important part of a new contract. Term insurance plans vary by price, features and individual availability. Without a medical test, there is no way for the insurer to gauge the risk associated with a premium.

Consumers that opt out of a medical test are almost guaranteed to pay the highest premiums. This is completely avoidable and makes no sense if you qualify for a better deal. Even if you have pre-existing conditions, it does not guarantee that your premiums will be high. With the test, you have a chance to lower your premiums. Without it, you’re at the mercy of the insurance company.

2. Rejection of Claim

When the medical test is optional, consumers make the mistake of avoiding it entirely. The fine print spells it out pretty clearly that you give up leverage by opting out of the test. Deep into the contract, a claim can be rejected based on the cause of death. If the parties involved rule that the death was from a preexisting condition, then the insurance company has no obligation to pay out the claim.

In the same scenario where a consumer decided to do the medical exam, they are at least partially covered by the plan. Claim rejection is an unthinkable situation to deal with while still processing someone passing away. To prevent loved ones from having to deal with this extra stress, you should always think of an optional medical test as being mandatory.

3. Sum Assured Amount

Most people want the highest amount of money possible as the sum assured. Although getting that amount isn’t guaranteed, you get peace of mind by knowing the maximum. Insurance companies are more likely to provide a higher sum assured amount to applicants that take a medical test. It helps the provider understand the actual value of the contract while providing a fair sum assured amount. Just like the premium, you want to optimize the features of your contract with assurances.

Once a sum assured amount is agreed upon, you’ll have a better idea of how to manage your finances. With a concrete amount in mind, you can make plans that will financially cover your family and loved ones. It’s not a gamble and is something that is only possible if you go through with the medical exam.

Wrap Up

Consumers should not be afraid of getting a medical test. Schedule some time to make it happen, or you run the risk of losing a good contract. The examination is a minor inconvenience to get the coverage you deserve.

Comments

comments

Related Articles

    Polls

    Is the Corona Virus a 'Bio Weapon' Deveoped By China?

    Loading ... Loading ...

    E-paper Latest Edition

    ADVERTISEMENT – SHEA HOMES

    betting India

    PRESEDENTIAL GENERAL ELECTIONS – AWARENESS CAMPAIGN

    Presedential General Elections

    ADVERTISEMENT – HOMES BY WARMINGTON

    50 SPIRITUAL APPETIZERS – VINOD DHAWAN

    50-ad-Indiapost

    It’s a lovely book. It feels energetically clear and light. It’s easy to read, dip in and out and most importantly it offers information without fluff! Blessings on this project.

    Jac O’Keeffe
    Spirituality teacher based in USA.

    *Available on Amazon, Flipkart & other online stores*

    ADVERTISEMENT – JOBSORA- FIND A JOB NOW!

    Jobsora Jobs

    POPULAR CATEGORIES

    Download Media Kit

    India Post Media Kit