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Term Insurance Postponement

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02 Sep, 2023 by  Richa Prateek

I applied for following insurance from Maxlife

1. Term Insurance. In Nov 2022, I applied for an term insurance which was postponed by max life due to anxiety and liver enzymes issues. I was not any medications since Aug 2022.

2. ULIP insurance- In Aug 2023, I applied for ULIP for which they required additional medical tests and investigation reports of previous health check up. I withdrew my proposal without undergoing medical or providing any documents. My proposal has been cancelled

My questions are :

1. Considering I don't have any medical issues or on any medications from last 12 months, Should I consider taking term insurance from MaxLife again or any other good life insurance company.

2. If I go with other insurance company, should I disclose both ULIP and term policy from maxlife in other company proposal form or just term insurance proposal since I withdrew ULIP application before their decisioning.

3. Should I need to declare anxiety again in form as i inadvertently mentioned it previously as Anxiety but it was not ( stress related concerns).Since proposal form specifically asks for this question in the proposal form.

4. Do I need to ensure any documentation from doctor regarding fit and health status ?

5. Should I wait further to get term insurance ( considering cooling off period by some insurance companies of 2 years or so)

Thank you!

Term Life Insurance

1 Answer

11 Sep, 2023

Hello Richa,

Here are answers to your questions:

  1. Yes, you can consider taking term insurance from Max Life again or explore options from other life insurance companies.
  2. Keep in mind that insurance is a contract of utmost good faith. It is important to declare every detail with complete honesty. So, yes, you should declare both your ULIP and term policy from Max Life. Honesty is crucial in insurance applications.
  3. If you are certain that your previous condition was not anxiety but rather stress-related concerns, you should declare it as such on the proposal form. Be accurate in your responses to the questions.
  4. There's no harm in getting a documentation from a doctor regarding your fitness and health status and submitting it to the insurer.
  5. To make the best decision regarding when to get term insurance, I recommend consulting one of our expert advisors. Our free 1-to-1 personal consultation service connects you with an advisor who can assist you in this matter and guide you in selecting a plan that aligns perfectly with your unique needs. This service is entirely unbiased and powered by Beshak Research. Here's the link for your reference:

Hope this helps. Thank you!

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