Life Insurance And Pregnancy - What You Need To Know
Can I even get life insurance while I’m pregnant? The short answer is yes!
Life insurance for expectant mothers is something you need to start thinking about. During your pregnancy and after the birth of your child, it can provide financial security for your remaining family members if something were to happen to you. While the thought is not a pleasant one, the right insurance policy can make a huge difference and provide a measure of comfort to your family members.
Having your first child is a life-changing moment that marks a major shift in priorities within your family. As you start thinking about the wellbeing and future of other family members, this may be a natural starting point for buying a policy.
As with any life insurance plan, shopping for coverage for expecting mothers requires an understanding of what risks your family is protecting against, and how much insurance coverage you are hoping to get. If you are considering a policy for the first time, there are a few simple guidelines to get you started.
Life Insurance for the Mother
There are some specifics to purchasing life insurance coverage for the expecting mother.
- If you are planning on starting a family, you should consider purchasing cover ahead of the pregnancy. This will give you the most favorable prices and plans.
- Expecting mothers should share their pre-pregnancy medical results with the insurance provider to ensure they get coverage for as many pre-existing and possible conditions as possible during pregnancy and into the nursing period.
- Even if you haven't planned your pregnancy, try applying during the first or second trimester during the term of the pregnancy.
- It becomes harder to find good coverage as an expecting mother as your pregnancy progresses. And in the event of a high-risk pregnancy your options for coverage go significantly down.
- Some insurers raise their rates immediately after pregnancy, especially if there are risks related to post-partum depression. As an expecting mother, your best course is to shop around for plans.
Life Insurance for the Infant
Although some providers offer policies for your newborn, it doesn't make much sense to buy a policy for a newborn - in most instances. The plans for newborn policies are limited as the main purpose is to provide security against the loss of wages in the event of an unintended death. Some companies advertise child life insurance as an investment vehicle but there are better mechanisms for investing in your child's future.
Getting life insurance during pregnancy should be at the top of your list. As your family starts growing, it is best to set up your plan while you are still pregnant and make time to research your options very well. Now that you are about to have someone who depends on you every day, it is important to find coverage that meets your needs.
What will the insurer want to know about my pregnancy?
Applying for insurance when you are pregnant would require that you share some medical information with the insurer. There is not a big difference between the way insurers consider an application for cover during pregnancy and a standard one. But they will want to know:
- Your pre-pregnancy weight, some may want to know your current weight
- Any complications that you are experiencing e.g. gestational diabetes, anaemia, pre-eclampsia
These are usually the main points of concern an insurer will ask about when you are applying for coverage while pregnant. Pre-existing conditions, such as polycystic ovary syndrome, previous miscarriages, caesarean sections and difficult previous pregnancies are standard disclosures on a Life Insurance application. But some companies may only request this type of information within the last couple of years.
Any complications you are experiencing during your current pregnancy will generally be accepted and covered by the insurer. In some cases where your condition is of slightly higher severity e.g. gestational diabetes, the insurer may increase your premium rate on your plan or suggest that you apply for cover after your pregnancy ends and your symptoms have subsided.
Overall, insurance rates can vary greatly depending on your health status. For this reason, it is best to work with a comparison service that has access to multiple carriers. This way, you can be sure you are getting the best rates possible on your insurance cover during pregnancy and can make an informed decision.
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