Tele Medical Checkup for Term Insurance – All You Need To Know

In today's fast-paced world, where convenience and efficiency are highly valued, telemedicine has emerged as a transformative force in healthcare. Telemedical checkups have revolutionised the way we access medical care, allowing individuals to receive timely and convenient health assessments from the comfort of their own homes. This groundbreaking advancement has extended its reach to the insurance industry, specifically term insurance policies.

When applying for term insurance, it is common for insurers to require certain medical tests based on your health declaration, age, and the desired cover amount. Medical checkups involve two key steps - telemedical tests and a subsequent physical check-up, supplemented by diagnostic and radiological examinations. By combining the advantages of both telemedical and physical examinations, a holistic and accurate picture of one's health can be obtained.

In this article, we delve into everything you need to know about telemedical checkups for term insurance, exploring the benefits, process, and impact on the insurance landscape.

Why Do Insurers Ask for Medical Tests Before Buying a Term Insurance Policy?

If you have ever wondered why insurers require medical tests before issuing a term insurance policy, then you are not alone. These tests serve an important purpose in assessing the long-term risk associated with insuring your life. They are specifically designed to provide detailed insights into your health and lifestyle habits.

By conducting these tests, insurers can evaluate how risky your profile is to cover and determine whether or not to offer you a policy. Moreover, these tests help you in declaring all your existing medical conditions truthfully and accurately. This will, in turn, minimise the chances of your family's claim being rejected in the future.

If your medical reports indicate that you are a healthy individual, you will be categorised as a ‘standard life’. The insurer will approve your term insurance proposal at standard prices, without any changes to the terms and conditions.

If your medical tests show sub-optimal results, you will be classified as a ‘sub-standard life’. The insurer may apply loading charge, i.e., charge a higher premium to cover the added risk associated for covering your life and issuance of your policy. They might also impose additional limitations on your policy or, in the worst-case scenario, decline your term insurance application in totality.

What Do Medical Tests for Term Insurance Include?

As mentioned earlier, when it comes to medical tests for term insurance, there are two main steps involved: a tele medical questionnaire and a physical check-up with diagnostic and radiological tests. The extent of these tests (whether you undergo only the tele medical test or both) depends on various factors such as the information provided in your proposal form, your age, the chosen cover amount, etc.

Insurers typically have different medical grids that outline the specific tests to be conducted. These tests can be either diagnostic (such as blood tests) or radiological (such as X-rays or scans). The specific grid assigned to you is based on your health declaration, age, and sum assured.

After you submit your proposal form, the underwriter will conduct a tele medical round, during which they gather your medical information. Following this, you will be assigned a specific medical grid and given an appointment at a scheduled date and time, at an authorised diagnostic centre for the required tests.

What is Tele Medical Checkup for Term Insurance?

Tele medical checkups offer a convenient method to assess your health without the need for physical medical tests, utilising virtual tools such as telephonic interviews, video calls, or online forms.

With telemedical tests for term insurance, there's no need for you to visit a doctor's office for a physical examination. You can have the same examination done through a telephonic consultation with a doctor. It saves you time and effort, as you can discuss your medical history, symptoms, and any relevant information from the comfort of your own home.

How Does it Work?

During the tele medical process, a doctor or healthcare professional will connect with you over a phone call and ask a series of questions related to your health history, current health status, lifestyle habits, family medical history, etc. Make sure you provide the doctor with accurate, complete, correct and detailed information regarding any existing health conditions, your family's medical history, any pre-existing illnesses you may have, and any medications you may have taken in the past.

These discussions take place at a predetermined time that suits both you and the doctor. You will need to be open and honest in sharing all the necessary details during the conversation. The doctor will gather all the information you provide and submit it to the insurance company.

You should keep in mind that if the insurance company discovers that the information you provided is false or misleading, the insurer is within its right to reject your application.

Keep This In Mind!

During tele medical for term insurance, answer all the questions truthfully. It is important to provide accurate information about your health, medical history, and any pre existing health conditions. If you hide and/or fail to disclose important details and this is later on discovered by the insurer during the claim settlement process, it can create complications for your family at the time of claim.

Securing the financial well-being of your loved ones is the essence of term insurance. As you won't be around in the claim settlement process, it becomes crucial to proactively disclose all pertinent information right from the start. By doing so, you ensure a seamless and hassle-free claim process for your loved ones, providing them with the support they need during challenging times.

So, if you realise that you’ve forgotten to disclose a disease or health condition during the tele medical checkup, you should inform the insurer as soon as possible. Promptly updating them with accurate information will help avoid complications in the future.

Conclusion

Tele medical checkups for term insurance offer a convenient and accessible way for insurers to assess your health without the need for physical tests. When you share your medical information during these tests, it allows insurers to understand the level of risk you pose and choose the most suitable coverage for you. Providing honest and truthful information during these checkups helps avoid complications during claim settlement and enables to settle claim instead of your claim rejection due to submission of false and misleading information at the time of policy issuance. It thus ensures adequate protection for your family.