Can You Hide Your Pregnancy When Applying For Life Insurance
Honesty is always the best policy when applying for a life insurance policy. If you hide your pregnancy, are approved for life insurance, and then pass on because of something related to your pregnancy, your life insurance benefits may be denied.
This could complicate things for your family and future child. It’s always best to be completely transparent when you apply for life insurance.
Should You Get Life Insurance Before Getting Pregnant
Its an unfortunate truth in our country that far too few young people consider life insurance before starting a family. Financial planning, in most cases, should begin before the wedding even happens. Unfortunately, most young people have busy lifestyles with work, friends, extended families, and other responsibilities all taking up the bulk of their time.
The reality is that having life insurance coverage is extremely important and should be part of anyones financial portfolio, especially if you or your spouse is planning on getting pregnant anytime soon. Pregnancy can have an impact on life insurance rates, so if you or your spouse plan on becoming pregnant in the near future, you might want to consider a policy. To learn more about how pregnancy can affect life insurance rates, continue reading below.
I Had The Baby Now What
Eventually, of course, pregnancy ends and youâre finding your rhythm amidst the ups and downs of newborn life. If underwriters put your application on hold during your pregnancy, the first few months postpartum can be an especially important check-in time.
Generally, if youâre pregnant when you apply for life insurance, your application will incorporate a postpartum assessment. On occasion, the insurance company might notify you that itâll need to put your application on hold until after the babyâs born. Moser says this is typically reserved for cases that fall on the border between being approved and being declined, or when underwriters need to see whether a pregnancy-related condition resolves.
Underwriters compare weight before, during and after pregnancy. âNormally, there should be about a five-pound-per-month weight loss postpartum,â Moser says, if you started out in a ânormalâ BMI range and gained weight according to your doctorâs recommendation. There are different guidelines for people who are overweight or underweight before pregnancy, or are carrying two or more babies.
Indulged a little extra in the name of eating for two? Youâre hardly alone. Whether extra pounds will mean extra premium costs depends on a few factors. These include weight-related health complications and how your postpartum recovery is going.
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Do Both Parents Need Life Insurance
The short answer is: YES.
The long answer is yes, 99% of the time, and heres why:
Life insurance protects your loved ones financially should something happen to you. If you are employed, its important to have a plan to replace your income.
However, life insurance is not just viewed as income replacement. Families should consider expenses. Even if you dont work outside the house, your contributions to the family would be expensive to replace.
Peace of mind, financial stability and security should be the goal for both people in your partnership. Term life insurance policies are an excellent way to meet that goal.
The only exception to this rule would be if there would be no financial impact if you or your partner died. Lets say you have accrued a large enough financial buffer through savings, an inheritance or other sources to cover the cost of living for about 10 years.
In this case, you may not need life insurance for both parents. Obviously, most do not fall into this category.
Can I Get Life Insurance While Pregnant
f you havent entered your third trimester of pregnancy, you likely can buy a life insurance policy. Most insurers are OK with offering new policies to pregnant women, but each have different requirements.
While getting a policy in your first trimester is easy, your second or especially third trimester can result in some companies delaying your application until after youve given birth. Approval often depends on whether youve experienced complications, such as abnormal weight gain or high blood pressure.
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Other Things To Consider For Your Insurance Coverage While Pregnant
One aspect of life insurance that may interest you if youre pregnant is the ability to add riders, or endorsements, to your policy to customize the terms of your coverage. Every company offers its own slate of riders, but in general, there are a few that are useful to those expecting children.
Although its not pleasant to think about, a child rider pays out a small death benefit that would cover costs of burial if your child were to die at birth or soon after. The child rider takes away one source of worry if you are mourning a devastating loss, by providing for the costs of the funeral and burial.
A disability income rider protects you if you are permanently disabled and unable to work, but still need an income to care for your child or children, while a spousal rider or a separate policy for your spouse or partner will also offer additional protection in the case of the disability or death of either of you. However, disability riders do not cover short-term disability periods, like the first several immediately after giving birth.
What Works For Your Spouse Might Not Work For You
It might be tempting to base the type and amount of coverage you get on what your spouse or partner has. But that might not be the right solution for you.
Ardleigh says that often the reason her female clients had bad experiences with life insurance before coming to her was because they bought the same policy their spouses had.
Insurance is highly personalized, she says Dont assume that what is a fit for your husband is the right fit for you.
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What If I Am Pregnant And Uninsured
If you are pregnant and uninsured, you have a few options for low-cost or free maternity care.
- Medicaid: State Medicaid provides medical coverage for low-income individuals, including pregnant women. Eligibility is based on income and household size. Contact your state for more information.
- CHIP: The Childrens Health Insurance Program provides health insurance to uninsured children. However, in a few states, CHIP covers pregnant women as well.
- Community health center: These centers provide care to those with limited access to health care. Prenatal care is usually low cost and based on income.
- Hill-Burton Facility: Certain hospitals and clinics nationwide offer free or low-cost care as part of the Hill-Burton Program . You must meet income requirements to be eligible.
- Charity organizations: Some charities and religious organizations, such as Catholic Charities and Lutheran Services, offer maternity and postpartum services. Services may vary by location.
- Planned Parenthood: Some Planned Parenthood locations provide pregnancy care and may use a sliding scale model for payment.
- Self-pay rate: If you must pay for your pre- and postnatal care out-of-pocket, ask if youre eligible for a self-pay rate. Some hospitals have a self-pay discount rate for patients with limited income.
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Buying Life Insurance During Pregnancy
Firstly, congratulations, you are now a part of a loving and happy family and are entering a world full of happiness. Also, congratulations on your baby.
The first rule of earning returns is more risk, the more will be the returns acquired. But with major life changes, you have to some major life choices. Huge life events like marriage, pregnancy, and death make you reconsider all your life choices, especially financial decisions. During pregnancy, it is always better to go for a safer and more reliable option. You must reevaluate your financial decisions and decide what would be in the best interest of you and your family. When you are pregnant, it could take a toll on your emotions.
This is the time to start looking out for your family and their future. However, it is the worst time to invest in equity instead, look for reliable life insurance plans. Future planning should be on the top of your bucket list. You wouldnt want your pregnancy to be worrisome, but rather it goes smoothly without any financial hold-up.
Everyones first instinct is to set up a college funds account or to get health insurance but getting a life insurance plan during pregnancy is just as important. Life insurance lets you protect your childs life even after your demise.
Should I Name My Baby As My Beneficiary
While this is technically possibly in many states, this often isn’t a great idea. That’s because naming a minor will trigger other complicated procedures. That’s because a 5-year-old, for example, can’t exactly be handed a huge check and know what to do with it. So in a case where a minor is set to inherit a life insurance benefit, the court will intervene. That could tie up the money for years and cost a lot in legal fees.
If you want to make sure that your child inherits the death benefit from your insurance policy, you can do so without naming them directly. Some ways to make this happen include naming your spouse or the child’s legal guardian to oversee the money on their behalf. You can also create a trust fund for your child to dictate where the money should go and who should oversee it while your kid is still a minor.
Read up on how to choose a life insurance beneficiary.
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What Is Life Insurance
Its an insurance policy that would pay your beneficiary, usually a family member, a specific amount of money in the event of your death. This money could be used by your family to replace your income, pay off debt such as a mortgage, create a fund for your childs education and cover funeral costs.
Are Premiums Higher If Youre Pregnant
Your life insurance premiums will not be higher because of a pregnancy. There are some instances where your pregnancy could indirectly impact your cost for coverage, however. These include:
- BMI/Weight Your height and weight are factors that get considered when determining the rates of your new policy. If you have gained pregnancy-related weight, this could shift your BMI and potentially increase rates. Many carriers will account for pregnancy-related weight gain, assuming it falls within normal and healthy limits. Other carriers may allow you to request a new physical exam after your baby is born.
- Medical conditions If you are experiencing certain medical conditions directly related to or stemming from your pregnancy such as preeclampsia, gestational diabetes, anemia, and more these can affect the life insurance-buying process. In some cases, your carrier may choose to postpone your application until a few weeks after your baby is born, to allow for things to resolve.
- A high-risk pregnancy If your physician has deemed your pregnancy high-risk, your approval will likely be postponed until after your baby is born. This will usually depend on your doctors concerns, any conditions present, and what risk the pregnancy poses to you and/or your unborn child.
In some cases, it may make sense to table your insurance-buying efforts until after your baby is born, to ensure that youre able to buy the best and most affordable coverage for your loved ones.
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Getting Life Insurance While Pregnant
Trying to find life insurance when you are pregnant can be daunting at times. In the following article we will help shed some light on the process involved as well as help you find the best life insurance quotes and rates when pregnant.
When you conceive a child, you automatically enter into a new phase of life whether its your first child or your third, growing your family will change everything. It should also make you more aware of the importance of life insurance after all, you want the best for your child, and you want to make sure their provided for in the event that something tragic occurs.
Getting The Best Life Insurance Rates During Pregnancy
Applying for life insurance during your first or second trimester is your next best option for life insurance coverage. The further into your term, the harder it may become to get coverage. Conditions that can occur during pregnancy will affect how the life insurance company rates you.
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If you have seen a physician regularly and have pre-pregnancy or at least early-pregnancy cholesterol tests that the life insurance companies can review, this will help determine your rating since your levels may be elevated during pregnancy and while nursing. Some companies are more lenient on cholesterol requirements, but proof that your numbers are high strictly due to pregnancy will be helpful. Your medical records will provide this information.
Many companies are willing to offer affordable life insurance coverage to you if you are carrying a single baby and have no complications. You may even be considered a Preferred risk class if you can meet certain criteria. Although it always depends on the life insurance company, typical Preferred-worthy criteria includes:
- Current age under 40
- Not considered a high-risk pregnancy
- No history of pregnancy complications
- No history of medical problems that require on-going monitoring or treatment
- Normal pregnancy weight gain as assessed by your physician
- Normal height/weight, blood pressure, and lab results
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Should Both Parents Look For Life Insurance Even Though Only One Of Us Is Pregnant
If your family would be adversely affected financially by either of your deaths, then yes. The main reason people get life insurance is to help replace the financial contributions they would have made otherwise.
So if you and your new baby would struggle without your spouse’s income, then your spouse might want to think about a policy. And ditto: If your spouse and the baby would struggle financially without you, then a policy probably makes sense for you, too.
Should I Buy Life Insurance Before During Or After Pregnancy
Ideally, its better to buy life insurance coverage as early as possible. This helps ensure that your family is protected if something unexpectedly happens to you. Also, the younger and in better health you are, the less you can expect to pay for coverage. Buying as early as possible reduces the impact that your age has on your premiums, as well as the potential for a medical condition to appear.
With that said: the best time to buy life insurance is before you even get pregnant, especially if you are already planning to have children in the future. This allows you to lock in lower rates and rest easy during your pregnancy, knowing that your partner and child are protected if anything happens to you.
If you are already pregnant, though, the idea still applies: buying sooner in your pregnancy is usually better than waiting until later. In many cases, you can purchase life insurance coverage while expecting, especially if you are in good health and have a low-risk pregnancy.
Some applicants may want to wait until after their baby is born to buy a new policy this is especially true for expectant mothers who have been diagnosed with pregnancy-related conditions or have high-risk concerns. If thats the case for you, be sure to resume your application as soon as your baby has arrived and your body has recovered. You may even want to add a child rider to your new policy once your little one is born, if available!
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Complications That May Impact Your Premium
As you may know, though pregnancy itself isnt a condition, there are some common pregnancy-related complications that insurance companies red flag.
Gestational diabetes, for example, is a type of diabetes only impacting pregnant women.
However, it can influence your premium because of the ongoing health implications.
More on that in a moment.
For now, here is a list of complications that may impact you applying for life insurance while pregnant:
Most important, be straightforward and honest on your life insurance application.
A life insurance application is much more detailed than simply getting a life insurance quote.
You can fudge a quote, not an application.
Often, life insurance companies will grant you a year or two after pregnancy to stabilize any conditions that came up during pregnancy.
They will also reconsider your application after a year or to possible reduce your rates.
At that point, your premiums may be adjusted based on your current health.
Working with a knowledgeable life insurance broker will help you plan everything, providing you with the best rates possible.
It Helps To Apply Sooner Rather Than Later
Again: In many cases, pregnancy wont affect life insurance premiums. But if you develop complications later in the pregnancy, it could make it more expensive to get life insurance coverage. History of complications, like gestational diabetes, may impact your premiums even later, when youre not pregnant. And thats why if youre thinking about getting coverage, its best to apply as early in your term as possible. Doing so may result in more affordable premiums. And it will absolutely result in more peace of mind
Which reminds us, honesty is always the best policy when it comes to applying for life insurance. Being pregnant is not something you should be worried about hiding in your application or during your medical exam . Honest responses will lead to a better application experience. If you have any questions or concerns, you can always reach out. Haven Lifes customer success team is available via , live chat and phone .
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