Im A Single Parent Does That Change My Needs
Yes. Life insurance becomes that much more important when you are your childs one and only. Single parents are unsung heroes. You are taking on the responsibility that, typically, two people share.
Between helping with homework, cooking dinner and mowing the lawn, youre guiding your children to emotional and physical well-being. Chances are, you are accomplishing all this while holding down a job.
Nearly four in 10 single parents have no life insurance, and many with coverage say they need more than they have. With so much responsibility resting on your shoulders, you need to make doubly sure that you have enough life insurance to safeguard your childrens financial future. Life Happens, Who Needs Life Insurance?
Often, budgets are tight for a single parent. But, term life insurance is surprisingly affordable, even early into pregnancy. Age and health are the two biggest factors in determining the cost of term life insurance.
Consider this example:
Single Mom, 24 years old, healthy and 10 weeks pregnant. $500,000 of term life insurance for 20 years. Approximately $18/month.
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How Does Pregnancy Affect Life Insurance
Life insurance companies typically use your pre-pregnancy weight to determine your health class. The following complications could delay your application until after you give birth:
- Extreme weight gain
Is it too late to get a good rate if Ive already bought a policy?
Typically, insurance companies will allow you to retake your medical exam after one or two years of having a policy. So if your post-pregnancy weight and health werent ideal when you purchased it, you could ask to retake the medical after one or two years.
Is Pregnancy Life Insurance A Thing
Starting a family is one of the most exciting parts of life. It can also be one of the most terrifying especially for new parents. There are so many things to prepare before having a baby, from furniture to diapers. That said, you should also think about pregnancy life insurance.
A life insurance policy helps protect your child if you or your partner passes away. It covers daily needs as well as future costs like education. You might be able to get life insurance even if youre already pregnant. This guide will help answer all your questions about pregnancy and life insurance.
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Purchasing Pregnancy Life Insurance Is Possible
Most life insurance companies will let you apply for life insurance while pregnant. Remember that your health plays a big role in getting approved. Weight gain and health complications during pregnancy could lower your chances of approval. Or, you may face higher premiums due to your health.
The best way to get pregnancy life insurance is to plan ahead. Apply for life insurance now if youre thinking of starting a family. That way, your policy is in force before you deal with health changes.
Tara Seboldt
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Article | July 2018
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In Case If You Are Unable To Work And Not In The Hospital But In Isolation At Home Aflac Short
In Order to get Cover in this case Documentation with a positive presumptive diagnosis code will be necessary, including both employer and physician statements indicating you are disabled, not working and, if applicable, not receiving 80%* of your pay or in the case of group products, 60%* of your pay. Any required elimination period would need to be met as outlined by the policy. Benefits for events other than disability will be paid as outlined in the policy.
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What Happens If I Go Into Labour Abroad
At the early signs of labour, you should try to stay calm and go to the nearest hospital as soon as possible. If its a medical emergency, please call us immediately so we can help – +44 292 010 7777.
If youre planning to have your baby abroad, youll need to speak to your doctor in the UK first. Youll also need to apply for a Maternity S2 to cover the costs of your care because most policies dont cover planned overseas births.
Be aware lots of airlines wont allow new-borns on flights until theyre two-weeks-old, or even longer for premature babies. Have a plan in place if you need to stay away longer than expected and ask the airline when youll be able to fly home.
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What Do I Need In A Health Insurance Policy For Pregnancy And Birth
It’s a good idea to check with the hospital, your fund and your doctor before booking with a hospital to ensure you will be covered and to discuss any costs you may have to pay.
Some policies dont cover obstetric or midwifery care. Many of the lower cost policies dont cover obstetrics, or pay restricted benefits that will only cover you as a private patient in a public hospital. If youre planning a pregnancy, check to see that your policy covers these areas and whether your child is automatically covered after the birth or if you need to change to a family policy.
How To Name Your Baby As A Beneficiary
Naming your child as a beneficiary can be done in two ways, at policy issue or after the policy is issued.
- At Policy Issue – If you already have your childs name, you can add them to the policy or simply state that your children would be the beneficiary.
- After Policy Is Issued – Once the policy is issued, you will need to submit a change of beneficiary form to add a specific child to the policy. You will need to submit their name, date of birth, address, phone number (if applicable, and social security number.
There are some instances where you wont be able to name your child as a beneficiary, like people who live in community property states. It will vary by the state you live in, so you should reach out to your states insurance department or a local attorney to get more specifics.
INSURANCE WHERE YOU LIVE
Life insurance by state.
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Long Term Disability Coverage Can Provide Further Protection
If you have long term disability insurance that you purchased through the workplace or as an individual from an insurance company, it typically wont cover a typical pregnancy and recovery, due to the longer elimination period required under an LTD plan. However as with STD coverage complications are another matter, and if an issue renders you unable to work, it will generally be covered if the disability satisfies the benefit waiting period for the LTD. Also, pregnancy can worsen other conditions that may have been dormant or under control, such as diabetes or multiple sclerosis. Post-partum depression can be issue for people who have never experienced mental health issues, and if it causes you to miss work it could be covered by your LTD policy.
One thing to remember about LTD coverage: compared to short term disability, theres typically a much longer waiting or elimination period until benefit payments start. The typical STD plan has a 2-week waiting period with an LTD plan, the elimination period commonly lasts 60-90 days, but it can be as long as a year.
Getting Health Insurance When Already Pregnant
- Insurance can no longer be denied because of a pre-existing condition, and this includes pregnancy
- Having a baby is considered to be a special life event, meaning that women do not have to wait until the next Open Enrollment Period to get health insurance
- Pregnant women cannot be charged a higher premium because they are about to give birth
- Maternity care is considered to be one of the essential health benefits under Obamacare meaning that all insurance companies are now required to provide it
The Health Insurance Marketplace now makes it possible for women to compare policies side by side, so you will want to take advantage of this to ensure that you get the best possible coverage for your situation. Let us now cover this topic in a bit more detail.
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Cons Of Pregnancy Life Insurance
Trying to get life insurance while youre pregnant isnt always a good idea. Reasons you might want to skip applying for a policy until later include:
- The insurance company may deny your application.
- You may face higher rates due to health concerns.
- Many policies wont pay life insurance claims until the policy is a certain age. For example, your policy might need to be in force for six months. If youre injured or die during childbirth, your beneficiaries might not get the proceeds on a new policy.
How Do I Get The Best Life Insurance Rates While Pregnant
If youre in your first trimester and need to get a medical exam, a few factors will help you get the best rate:
- A healthy BMI. A large part of companies rates are based on height-to-weight ratio, so even though youre likely gaining weight during pregnancy, maintaining a healthy pregnancy weight can help your rates.
- No history of smoking or alcohol abuse. While youve likely stopped smoking and drinking since becoming pregnant, if you didnt smoke or drink much prior to becoming pregnant, you wont be hit with these surcharges.
- Positive family health history. If the company thinks youre at a low risk of developing familial health complications, you may get lower rates.
Does a life insurance medical exam include a pregnancy test?
A life insurance medical exam does not check for pregnancy but sometimes requires a blood or urine test.
Its important to be honest and up front with the company. If you lie during the application process, the life insurance company will have a reason not to pay your death benefit if you die in the first two years of having a policy. If the company determines that you knew about your pregnancy but lied, it may be cause to void your policy.
If you dont know youre pregnant when you take your medical exam but find out shortly after, its still best to notify your company.
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If You May Qualify For Medicaid Or Childrens Health Insurance Program
- Medicaid and CHIP provide free or low-cost health coverage to millions of Americans, including some low-income people, families and children, and pregnant women.
- Eligibility for these programs depends on your household size, income, and citizenship or immigration status. Specific rules and benefits vary by state.
- You can apply for Medicaid or CHIP any time during the year, not just during the annual Open Enrollment Period.
- You can apply 2 ways: Directly through your state agency, or by filling out a Marketplace application and selecting that you want help paying for coverage.
- Learn how to apply for Medicaid and CHIP.
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What Is Best Start Foods
Best Start Foods is a prepaid card to buy healthy foods for children under three. It can be used online or in shops. You will get:
- £17 every four weeks during pregnancy
- £34 every four weeks from when your child is born until theyre one year old
- £17 every four weeks between the ages of one and three.
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Is Pregnancy Covered By Health Insurance
In a word, no. Health insurance does not cover pregnancy as it is deemed as a lifestyle choice. In the same way private health insurance does not cover cosmetic surgery to improve your appearance, transgender operations or injuries sustained from dangerous sports.
You can compare health insurance quotes using the specialist site Activequote.com. We’ve also written a guide to the best health insurance companies and the average cost of private health cover.
Why Take Out A Life Insurance Policy When Pregnant
Starting a new family or increasing the size of an existing one will change your life in various ways, ushering in new experiences and new responsibilities on the part of you as parents.
A growing family has a growing list of financial responsibilities as well as emotional ones, from mortgage costs to childcare. A good life insurance policy can give you the peace of mind you need, leaving you safe in the knowledge that should the worst happen, your family will still be able to cope financially.
If you already have a life insurance policy active when you fall pregnant, you might want to consider changing the terms in order to make it more appropriate for your current situation. This may well involve increasing the pay-out and therefore increasing the cost of your premiums, but this is a worthwhile expense as you cant put a monetary value on peace of mind and familial security.
You might even want to consider writing your policy in trust so that when you pass away your money is left in a trust that will be paid out directly to your children when they reach a certain age.
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Should You Buy Life Insurance If You Plan To Be A Stay
Its probably a smart idea for both parents to consider life insurance, whether you work full time, part time, or stay at home. It could be a way to help ensure your growing family remains financially stable in the case of an unexpected death.
A life insurance payout may cover more than just funeral costs it could potentially replace monthly income, pay off the mortgage, or provide support for expenses like childcare, housekeeping, college tuition, and more.
If youre a stay-at-home parent, chances are you play a big role in childcare, extracurricular activities, errands, and keeping the house running smoothly. Life insurance coverage can help ease the burden for your family members in the case of your unexpected death.
What Changes When A Woman Already Enrolled In Medicaid Becomes Pregnant
Generally, nothing. A woman who was previously eligible and enrolled in full-scope Medicaid who becomes pregnant continues to be eligible, and will be able to access pregnancy services. A woman who becomes pregnant while enrolled in Medicaid Expansion can stay in that coverage, at least until redetermination. The state must inform the woman of the benefits afforded to pregnant women under other coverage categories, such as pregnancy-related Medicaid, and provide the option to switch categories if the woman is eligible.
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Childrens Health Insurance Program
The Childrens Health Insurance Program provides health insurance to uninsured children, but it also provides coverage to pregnant women in several states:
- Colorado
- Virginia
- West Virginia
Although it focuses on people who cant afford health insurance, CHIP programs allow higher incomes than Medicaid does.
All six of those states have eligibility thresholds of 200% of the poverty level or above for pregnant women to qualify for CHIP. Even if you dont qualify for CHIP, your baby might qualify when it’s born. Like Medicaid, CHIP allows enrollment all year long.
What Is Meant By A ‘complication’
A complication arising from pregnancy could be covered by your private health insurance. Most insurers will cover some of or all of the following list of conditions as a complication from pregnancy
-
Ectopic pregnancy
-
Gestational diabetes
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Caesarean sections in specific clinical circumstances
Each insurer has a different set of conditions that may or may not cover pregnancy complications so it is important to check the terms of a policy before proceeding with your chosen health insurer. Compare policies in-depth online via Activequote.com.
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What If You Already Have Life Insurance
If youre already insured, pregnancy might be a good time to reassess your life insurance needs. Make sure your coverage amount still fits the financial needs of your growing family. And dont forget to revisit your beneficiaries. You might want to make sure your new babys legal guardian is named as a beneficiary to help make sure your insurance payout benefits your child.
Does My Partner Need Life Insurance As Well
Its a good idea for both parents to get a life insurance policy, if possible. Your policy only covers your life.
Lets say your partner passes away without life insurance. Youve lost their income, time, and support to help raise your children. You also wont receive life insurance benefits to help cover what youve lost.
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How Can I Make Sure Im Getting The Best Rates
When shopping for life insurance, its important to work with an independent agent who is not held captive to a particular life insurance company.
That way, you can receive multiple quotes from multiple life insurance companies. You decide what company you want to apply with and the purchasing power is in your hands.
Depending on your health status, insurance company rates can vary greatly. To make an informed decision, you will want to be represented by someone who has access to multiple carriers.
