Term life insurance plans offer a financial shield to protect your family during the days when you aren’t around. This type of life insurance product is a pure protection plan that ensures to provide life cover minus any maturity benefit.
In simple words, term insurance should be bought by every sole earner to meet his family’s requirement post his demise. A lot of people till today keep procrastinating this ‘important task’ of buying a term insurance plan. Reasons may be many for delay. The most common that you may find is ‘it’s too complicated’. There might be a medical test required for term insurance approval depending upon case-to-case. This process involves an entire medical checkup, doctor’s appointment and all. This also might be one of the reasons to procrastinate the buying of ‘term insurance plan’. If you also fall in this category, there is a good news for you! You really need not worry and therefore do keep aside your essential investment decision with the fear of visiting a doctor!
Many life insurance companies offer term insurance cover without any medical test. This certainly seems to be a good option for those who wish to buy insurance quickly.Or someone who wishes insurance at a smaller amount or for someone who find the hospital too far. Not having a medical cover does not necessarily mean your life cover is limited. It all depends on your age, medical fitness and history as well as the income level.
1. Get insured when young
It all depends on your medical history and age, that the life insurance company would offer you coverage under any non-medical term insurance plans. But, you will be offered an insurance policy only post assessing the risk. Therefore, assessment will be done basis your answer provided on health questionnaire even though there won’t be any requirement of a medical examination. So it’s better that get insured at an early age especially when you are healthy. You will also be charged a lower premium for an adequate coverage.
2. Online purchase is the best buy
If you wish to buy a non-medical term insurance plan, buying one online is the best decision. Simply because, digital platforms offer quick and hassle-free services. Besides, you can buy a term plan at the convenience of your home or workstation in few clicks. Usually insurance companies target no-medical term plans on the online audience who spend a lesser time at the same time who wishes an easy buy.
3. Do research and compare
You can also filter your search online, by adding ‘no medical exam’ plans if you wish to get the term insurance plans without any medical test. Your life insurer will then decide your eligibility for the non-medical term plan with the help of details that you provide such as your age, health conditions, etc.
4. Provide correct information
To get a non-medical term insurance plan in place, it is vital that you provide correct and valid information when you buy a term plan. Any information that is incorrect may land you in trouble later and would later lead to claim rejection.
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