What If I Have Pregnancy Complications
What are some complications that could affect your life insurance rating? While pregnancy-related conditions can be stressful to think about, but its better to plan ahead rather than be surprised later in the pregnancy. Prenatal care is also important.
This is why considering life insurance during pregnancy can help alleviate some of that stress. Even if you are charged more during pregnancy for health concerns, some coverage is better than none when it comes to taking care of yourself and your family.
Remember, you can always reapply for coverage after your pregnancy if your premiums are elevated.
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.
» Learn more: Getting Life Insurance While Pregnant
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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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.
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Types Of Life Insurance To Consider When Pregnant
Life insurance is a simple, sensible way to protect your familys future finances, especially if youre a parent. And there are lots of different policies to choose from. Many parents choose , a policy where the lump sum paid out gradually decreases over time. This makes sense if your needs will also reduce over time . Alternatively, a level term life insurance policy would make sure your family receive the same lump sum amount if you die at any point during the policy term. Read more about different types of life insurance here.
When you become a parent and have financial dependents, you could also consider insuring yourself in case of illness or injury not just death. Income protection insurance pays you a monthly cash sum if youre unable to work for medical reasons and critical illness coverpays out if youre diagnosed with one of the illnesses listed in your policy . Being protected in case of both death and illness gives you complete peace of mind that your family will always be financially secure, whatever happens to you.
Expecting a baby? Plan ahead with life insurance. Select your age to get started:
Is life insurance more expensive if youre pregnant?
Do life insurance providers test for pregnancy?
Can you get a life insurance policy while pregnant?
Who Should Your Beneficiary Be
When you apply for life insurance, you must choose a beneficiary, which is the person who will receive a death benefit if you die. When pregnant, you might choose your spouse or partner as your beneficiary. You may also choose another family member who would care for your children in your absence.
While you can designate your child as a beneficiary, a payout will typically not be made directly to a minor. Instead, a court may put the funds in a trust, which would be administered by a court-appointed guardian. To avoid any potential delays in getting the funds to your beneficiary, its generally recommended to name your partner or another trusted adult as your beneficiary.
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Does Pregnancy Affect Life Insurance Rates
In most cases, being pregnant wont affect your insurance premiums. However, if you develop complications later in your pregnancy and then try to get life insurance, it will probably be more expensive. Conditions like gestational diabetes wont always affect your premiums. Still, your rates will be determined based on how the insurance company will underwrite your pregnancy and how much life insurance you need.
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.
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Do I Need To Tell An Insurer Im Pregnant
You dont need to disclose the pregnancy itself, but you do have to disclose any health conditions, including any that arise during or because of pregnancy. Anyone who applies for life insurance will be asked questions about their health and lifestyle, and its important you answer these accurately including any pregnancy complications, even if you think theyre only temporary. If youre dishonest when applying, you risk invalidating a future claim and leaving your family unprotected.
While pregnancy itself wont stop you being eligible for life insurance, any health conditions or complications you disclose related to your pregnancy could affect your application. The insurer might delay their decision about whether or not to insure you or, depending what the condition is, refuse your application.
Pregnancy Conditions That Might Postpone Approval
Some pregnancy-related conditions may temporarily affect your insurability. If you have any of these, most insurers will postpone offering you a life insurance policy, until after you have given birth.
Here are some conditions that may deter life insurance companies from insuring you during pregnancy:
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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.
How To Get Life Insurance While Pregnant
We know the answer to Can you get life insurance while pregnant? is yes, but how do you go about applying? The best time to get life insurance is when youre young and healthy, but thats not always possible. If youre pregnant, you can still get life insurance, but your rates may be a bit higher than if you werent expecting. This is because there is always some risk associated with pregnancy.
There are a few things you can do to get the best rates possible. First, be honest about your health and pregnancy history. Dont try to hide anything, because the insurance company will likely find out anyway. If youve had any problems with pregnancy in the past, it will likely increase your rates.
You can also ask the insurance company about their pregnancy riders. These are special policies that are designed for pregnant women. They usually dont cost very much and can provide a lot of peace of mind.
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When To Apply For Life Insurance If Youre Pregnant
The best time to apply for life insurance is before you are pregnant. Pregnancy is still considered a medical condition by life insurance companies and it can increase your premium. If you are planning a family, buying life insurance before getting pregnant might help you secure lower rates. If you dont already have a policy in place, buying coverage during the first trimester of your pregnancy is the next-best option. You are less likely to be experiencing pregnancy-related complications during this period, and your weight gain which may be a factor in determining your rates will likely be lower than it will be later in your pregnancy.
If you are experiencing any complications from your pregnancy, such as gestational diabetes, elevated blood pressure or pre-eclampsia, your insurance representative may caution you to hold your application until after you give birth, to allow your body to return to its normal state. Some insurers take complications from previous pregnancies into account, or consider your age when pregnant. If youve had complications in the past, you may be better served by tabling your application and revisiting it six to 12 months after your child is born.
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The Best Insurance To Get When Pregnant
If youve decided to get life insurance when pregnant, youll be left with the same conundrum that all prospective life insurance purchasers have: what kind of life insurance should you buy?
The two main types of life insurance are term and permanent. The former is a type of policy that you buy for a specific number of years, usually 10, 20, 30, etc. Its valid for that time period and once it expires, you are no longer covered.
Permanent life insurance lasts your entire lifetime. The most popular type of permanent life insurance is whole, and it comes with an investment component that allows you to accumulate cash value over the life of the policy . Due to the nature of the policy, whole is significantly more expensive than term .
When pregnant, youll need to decide what type of policy you want. When it comes to life insurance, there is no better or worse, only what is best for YOU. Term life insurance is the most affordable, and that might make your decision. If, however, you can afford higher premiums and like the idea of lifetime coverage, whole life insurance might be the better option. If youre considering whole life insurance as an investment, you can read this article to find out if its worthwhile.
How Much Life Insurance Do You Need
The level of your policy depends on a few factors. Think about covering funeral expenses, your income for a series of months if not years and even a sum to cover outstanding debt or future college tuition.
The folks at Life Happens, a nonprofit educational organization founded by insurance companies, recommend a policy thats 10 to 15 times your salary as a starting point plus an additional $100,000 for your childs college costs. You can calculate how much you might need with the sites life insurance calculator.
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Can I Get A Life Insurance Policy If Im Pregnant
Yes, you can get a life insurance policy when pregnant. While pregnancy, even smooth ones, can cause a lot of strain on the body, it is possible to get life insurance at any time during your pregnancy! That being said, if you have a pregnancy-related complication such as gestational diabetes, the underwriting process can get a bit more complicated. Additionally, if you apply really close to your due date, underwriters may postpone your application until after you give birth.
Any pregnancy has associated health risks before, during, and after birth and can lead to a variety of medical conditions and complications. Thus, the insurance company takes a higher financial risk when approving your application while you are pregnant compared to when you are not. This may be reflected in higher costs and less extensive coverage depending on if the pregnancy has complications. Otherwise, pregnancy is not usually a huge concern for insurance companies. However, it is always best to apply for coverage ASAPthe later you apply for insurance during pregnancy, the more likely there may be health complications that could impede the approval process.
Should I Get Life Insurance For My Child
Child life insurance is a type of policy that pays out a death benefit in case an insured minor passes away during the coverage period. Since most children don’t contribute to the household income, you should carefully consider if you should get this policy for your baby.
Getting child life insurance can help pay for their burial expenses, which costs roughly as much as an adult burial. It can also help replace your lost income in case you need to take time off work during the difficult grieving period.
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Life Insurance When Pregnant
05 January 2022
If youre expecting a baby, its only natural if youre feeling excited, a little apprehensive, and keen to make plans for your future family life. Bringing up children is not cheap, so its understandable that pregnancy is a trigger for many people to start thinking about life insurance, and the best ways to secure their childrens future if they were to pass away. In this guide, well look at the different ways you can buy life insurance while pregnant, and whether it affects your premiums or ability to get covered.
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Choosing A Death Benefit When Buying Life Insurance For Pregnant Women
When deciding how much life insurance to get, understand the potential financial needs your family would have if you weren’t here. If you work, how would the loss of your income affect your family? If you’re a stay-at-home parent, what’s the cost of childcare and household tasks? How long do you want to support your family financially after you’ve passed? Other expenses to consider include:
- Your children’s education costs
- Your funeral and other end-of-life expenses
- Your outstanding debt
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You Can Get Life Insurance While Pregnant But Timing Matters
Great news. If youre pregnant now, you can apply for a life insurance policy. Being honest about your health when applying for life insurance is importantthis is no different when youre pregnant. Omitting information when applying for life insurance can impact your family financially should something happen to you in the future.1
If youre healthy and dont have complications due to this or any prior pregnancy, your rate shouldnt be different than if you werent pregnant. If you can, apply for a life insurance policy in the first trimester, so that you are protected should something arise later in your pregnancy, says Alicia Coppa, Amica Assistant Life Sales Supervisor.
We always tell our customers, the earlier in the pregnancy you apply, the better. Because later in the pregnancy there may be additional medical testing. Coppa says you can take a huge weight off your shoulders if you lock in a rate during the first trimester. Even if a health condition arises later, your rate wont change.
But life happens, and sometimes you cant apply for coverage right away. If youre diagnosed with a pregnancy-related complication, like gestational diabetes or preeclampsia, an insurer may ask you to postpone your application until after you give birth.1 Coverage is always determined by insurers on a case-by-case basis and all medical conditions can factor into the final decision.
Waiting To Apply For Term Life Insurance While Pregnant
Should you wait to apply for term life insurance if youre pregnant? Its best to talk with a qualified life insurance professional to predict how favorably a life insurance company might consider your application when getting life insurance while pregnant.
Even if you apply for term life and youre declined for coverage or approved at a higher premium than youd like, you might opt to reapply six to eight weeks after youve had your baby.
You might also ask about life insurance companies who offer pregnant life insurance without requiring a medical exam.
According to QuickQuote owner Tim Bain, you could potentially get up to $400,000 in term life coverage from them. But expect to pay a higher premium when dealing with life insurance and pregnancy.
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Why Should I Have Life Insurance While Pregnant
Buying life insurance while pregnant offers your growing family financial support in case you pass away. If you were to die during or soon after your pregnancy, having your closest family members as your life insurance beneficiaries can help them with your end-of-life expenses and even replace the loss of your income while they’re grieving.