Life is unpredictable, and you cannot say what will happen in your life in the future. It is one reason that makes the prospect of buying a term insurance plan appealing. A term plan will help you keep your family secure and financially stable even in your absence. Nowadays, you can also opt for getting survival benefits with some of the best term insurance plans available online as well as offline. However, there is one common myth prevalent amongst some people in India related to term insurance. It says that an individual who is suffering from pre-existing diseases is not eligible to buy a term plan, which is not entirely true.

Just like sudden death, critical illnesses may also come unannounced and deterioratean individual’s health and well-being badly. Keeping that aspect of life in mind, you can find some renowned Indian insurance companies like Max Life Insurance, offering critical illness riders for term plans. These riders or additional covers have been created by the insurers to protect you and your family against financial liabilities resulting from critical illnesses.

Now, let’s talk more about the next question that you may have started to think about –

Do You Need Critical Illness Riders?

Your health, which is a crucial aspect of your life, may face a critical illness at any stage of your life. Sometimes, it becomeschallenging to pay for medical expenses related to somediseases. You may even have to skip work or quit your job for the same until your health is back in good condition. If you have not bought a medical insurance policy, but only a term plan, you will not get any benefit during such times.

However, you can get additional benefits by opting for term plans with critical illness riders at a slightly higher premium. In case you are diagnosed with a specific illness, be it cancer, heart failure, lung diseases, deafness, to name a few, your insurer will provide you a lump sum amount to help you pay for the hefty medical bills.

All insurance companies offer term plans with critical illness riders for a predetermined list of illnesses, which may vary from one insurer to the other. So, it is advisable to check this list before buying a term plan along with the other policy terms.

Why Medical Tests Are A Must While Buying a Term Insurance?

You might have even seen or heard of the catchy term insurance ads that say, ‘No Medical Tests Required.’ However, it is not generally advised to buy term insurance without getting specific medical tests done. It is because your health status determines your eligibility for the benefits that a term plan offers.  An insurer will be able to give you a customized term insurance plan online or offline based on the health test reports.

So, you must know what medical tests are required for term insurance before buying one. Failing to get these tests done may cause problems for you in the long run. Most medical tests include full body checkup, HIV test, blood test, routine urine analysis, and similar others.

Let’s dig deeper to unravel the truth about the importance of medical tests about term plans –

• Ensure Lower Risk of Claim Rejection

Getting the required medical tests done before buying a term plan ensures there is no risk of getting your claim rejected.

• Less Premium Required

Healthier individuals need to pay a higher premium of a term plan as same as the unhealthier ones as it depends on the risk perceptionof the insurer.

• Gives Better Coverage

Based on the health test status, one can get better risk coverage through the chosen term plan than in the case where the reports are not all good.

Medical tests, therefore, can help you get maximum benefits while buying a term plan. You are also advised to consider purchasing onlineterm insuranceplanto save time and gain easy access to the information related to the policy.