Almost everyone needs a life insurance, but some of them hesitate to buy one. One of the reasons people hesitate to buy a life insurance is because of the medical exam. Today’s consumer is a lot aware of their health status. Some customers are even financially literate and all they require is the just information regarding the different types of life insurance. Once they have the information about the insurance they are capable enough to choose the right life insurance policy based on their requirements. With changing times, insurance companies too have understood the customer’s needs and today you have life insurance policies which do not have any medical exams. The best part about these policies is it takes away the need for a customer to physically go to a doctor and the online insurance portals have ensured that you do not need to meet the agent to buy an insurance policy. If a person is in good health and is aware of his health condition then he can buy a life insurance policy without going for a medical exam.
It is easier to get the policy
When you go for a life insurance policy without any medical exam you just have to fill the mandatory details like your name, age, address, occupation, smoking or drinking habits and nominate a beneficiary. Most insurance companies, however, allow it only for a certain age group. For example, most insurance companies insist on a medical exam after the age of 40. For a policy without the medical exam, once you fill the details, you will instantly get the life insurance policy in case you applied through an online channel. In case you contacted the insurance company or an agent you will have to wait for the policy documents to be mailed to your postal address.
Stringent Checks while disbursing the claims
If a company is not offering medical exams for their life insurance policy, it only means that they would have strict checks while disbursing the claims. The dependents could be asked to share all the information pertaining to the insured person’s death and also submit the valid documents as required by the insurance company which includes your death certificate, medical certificate etc.
Higher premiums
Policies without medical exam pose a greater risk to the insurance company. So the insurance companies have higher premiums to cover the risk when compared to policies with medical exams.
You can buy policies from the internet
No medical exam means you need not go to a doctor for medical check-up. This means all you have to do is provide your basic personal information and the relevant documents. This can be done through online as well. You can buy a life insurance policy online as you can submit the proofs online.
Based on the >type of life insurance you plan to buy, even without a medical exam, you have to be clear that you still have to provide the basic information regarding our health. For example, you will have to provide details if have you been diagnosed with any serious illness in the past few years or have been taking medication from a long time.
Life Insurance Policy Information In India 