Do I Need a Medical Examination Before Getting a Life Insurance Policy
[social_share]The significance of life insurance in Australia has certainly increased in the past couple of years. Australian life insurance industry is competitive and they offer a wide range of insurance plans. In such an industry choosing the right insurance policy can be confusing especially when you do not have an insurance background. There are some important things that you need to know before you get your policy. For example you should know whether it is necessary to go for a medical examination or not.
Applying for a life insurance policy is a crucial step. Similarly going through a medical examination with the intent to get a life insurance is also critical. Although highly recommended, these medical tests are not mandatory to get a policy. These medical tests are merely used as a basis to assess the amount of premium to charge to the policy holder. The insurance companies have a rather simple rule. If they determine that you will likely survive a few years then they are more likely to charge exuberant amounts of premium to make sure that they have enough to cover the policy. Conversely, if the company assesses that you will likely live for a long period of time then they will charge lower amounts of premium to the policy holder.
The medical tests are not hard and can even help you reduce your premium payments. To make sure that you have a clean medical test make sure that you avoid eating heavy meals at least eight to ten hours before the test. Having a glass or two of water prior to the medical tests would be wise. This is because it is highly likely that a urine specimen will be required during the medical tests. Avoiding any type of fatty foods as well as alcohol at least 36 hours prior to the test is highly advisable. Apart from these avoid having any medications that contains paracetamol and try to wear loose fitted clothes during the examination.
Having a life insurance policy is seen as a necessity in Australia. Although, approximately 84% and 88% of the population insure their cars and home respectively, but the life insurance numbers are on the lower side. The remaining people who do have life insurance policies have a minimal amount that is not able to sustain their family even for a year. The rates of accidents in Australia are also quite alarming approximately 1,500 adults die every year in road accidents alone. 1 in 4 and 1 in 3 men are also likely to have some form of cancer late in life, but before the age of 75.
Although having a life insurance policy without a medical exam does seem like an appealing option most of the insurance companies in Australia require a medical exam for issuing any life insurance policy. You therefore need to find out from the insurance company first before you can go ahead with the application process.
The major appealing factor of the no medical test policies is that they are not time consuming and less expensive. Besides, the process of getting the life insurance is also quite simple and flexible. However, a major con of this option is that the insured amounts are often quite lower than one would expect in a life insurance that includes a medical policy. Apart from this the fixed premium amounts to be paid by the policy holder is also higher in a no medical life insurance. Therefore, before getting a policy assessing the pros and cons of the options is suggested.
Life insurance has become a necessity in our lives. It helps the insured person to take care of their family even in their absence. This helps the family stay financially stable even after the loss of a dear one. If you are confused of whether to get no medical life insurance or opt for a medical examination simply contact the insurance company for life insurance quotes. If you are too hesitant to go and contact them, then you can easily use the web to find companies that provide free life insurance quotes online. This will also help you to get a glimpse of the premium payments that you will be expected to make in the future.
Insurance is merely a guarantee that if a person dies, his or her beneficiaries shall get the amount of money insured for and mentioned in the life insurance policy. In return for this guarantee the insured must pay fixed amounts of payments every month to the insurance company. Other important policies provided by Australian insurance companies are Total Permanent Disability Insurance (TPD) and is provided to the policy holder when they suffer from permanent disability. This differs from a life insurance policy because it does not have any implied term and is applicable on the entire life of the policy holder
