Term Insurance: Buy term insurance plan only for which full medical checkup is to be done.
Term Insurance: Term insurance is becoming increasingly popular these days. The biggest reason for this is that in case of untimely death of the insured, it provides strong financial support to his family and that too at a very low premium. Term insurance is fast becoming the preferred option due to large coverage at low premiums and insurance companies are also offering it at competitive rates. Usually, a medical test has to be done while buying this policy. Some companies may relax the medical test, but experts believe that one should avoid buying a policy that does not undergo a complete medical check-up before buying. If there is no complete medical check-up, then the insured gets some relief while buying the policy but it can cause a lot of problems at the time of claim.
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Problems can arise in claims without proper medical check-up
Term plans provide maximum coverage at low premiums. In such a situation, insurance companies conduct in-depth medical tests before selling the policy. However, in some cases, insurance companies do not insist on this and only giving a declaration of good health on behalf of the insured gets the job done. But the insured should avoid it. The biggest reason for this is that if the policyholder dies within a short period of time after purchasing the policy, many times insurance companies can reject the claim on the basis of hiding information. Insurance companies can argue that the insured did not give accurate health information at the time of purchasing the policy, hence they will not pay the claim amount.
Avoid these mistakes while buying a term insurance plan, the family will get full benefit of insurance
Buy term insurance plan only after complete medical examination
If you do a medical test before buying a term insurance plan, then the responsibility of the medical report falls on the insurance company and the doctor doing the checkup. In such a situation, the nominee of the policyholder does not face much problems in settlement of the claim. That is, it is wise to buy a term insurance plan only for which it is necessary to get a complete medical checkup.
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