A Mother’s Guide To Life Insurance
All parents want what's best for their children. That's a given. But life can be unexpected. That's a given as well.
Now, we know the months ahead of your delivery and the ones after spent bonding with your little bundle of joy are filled with raw emotions of love, tenderness, hope, excitement, happiness and fear. And you've got plenty on your plate as it is. But it is because of this new life you're cradling in your belly or in your arms that you need to be thinking about the future. A future that has some sort of a safety net just in case.
If you haven't yet started looking into life insurance as a mum for your family, now is as a good time as any. In the months ahead of your due date, you can sit down and compare life insurance plans to make an informed decision about the best plans and rates from providers.
What You Need To Know About Life Insurance As a Mum
Taking care of yourself during pregnancy and after the birth of your child can be challenging. There are so many conflicting advices even from established medical professionals. Not to mention that the moment we're close to thinking 'the science is settled' on a topic, a study or research paper makes us rethink everything we know. As an expectant mother, you may not necessarily be aware of the best to take care of yourself and your unborn child in terms of health care. Or what's even more – not be aware that many pre-existing conditions need to be monitored early on in the pregnancy for the best possible outcome for you and your child.
There are numerous health-related conditions that may occur during pregnancy. High blood pressure or preeclampsia, gestational diabetes, difficulties with a previous pregnancy and previous c-section births are just a few of the most common ones. And preconception counseling, prenatal screening and diagnosis are a few ways in which the risks can be reduced. But all of these services cost money and can put a strain on any family's budget.
This is where life insurance comes in.
Life insurance gives your family financial security should something happen to you or your child. While this is something no one wants to think about, we owe it to our families to do what we can to secure their future, particularly when a child is on the way.
Many expectant mothers worry that UK insurers will not accept pre-existing conditions but that is not always the case. Depending on your health and medical history, you can find a policy at standard or preferred premium rates (if underwriting hasn't uncovered any other health concerns). Most UK insurers will insure a pregnant woman up to her third trimester. In fact, you can get a policy throughout the entire pregnancy, assuming you meet the underwriting guidelines and there are no serious complications with the pregnancy.
Naturally, sometimes even despite taking care of oneself exceedingly well, a woman can give birth to a child with a disease, birth complication, genetic disorder or congenital defect. Even if that were the case, you still have life insurance options for pregnancy and birth complications. You can discuss your options with a life insurance agent and find what insurance plans are available and how to apply.
Applying for Life Insurance during Pregnancy
Ideally, you should start looking at insurance plans as soon as you see the positive result on your pregnancy test. Applying early on in your pregnancy will position you for the most favorable policy and rate.
During the underwriting process, your weight and cholesterol are both considered. Expectant mothers know that these levels often fluctuate during pregnancy and while breastfeeding. Discuss your options with an insurance agent and make sure they know your medical history to have a complete picture of your health. But don't make any rash decisions; take the time to choose the policy that best fits your families growing needs. A few days isn't going to make a huge difference, but choosing the wrong policy could.
Ideally, you want to have life insurance before you are pregnant but if this is not possible, try to find a policy before the third trimester. Look for plans that cover a broad range of pre-existing conditions as well as possible post-pregnancy complications, such as postpartum depression. If you're experiencing postpartum symptoms, discuss this with your agent early on.
We understand that life insurance can be a scary thought, even under normal circumstances. But the peace of mind of knowing your family is cared for financially should the unexpected occur makes it all worthwhile.
At Bequest, we strive to help you make financial decisions about your family's future with confidence. Our team is here to make the process as painless as possible. So you can enjoy your family with the comfort and security of knowing they will receive the care they deserve.
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