Let's Start Off the Right Way: Congratulations! 🎉
If you're expecting a baby, we are thrilled for you. A new addition to the family is super exciting. You've got so many wonderful things to look forward to and enjoy.
Can I even get life insurance while I’m pregnant?
The short answer is yes! 👏
Life insurance for expectant mothers is something you may think about already. 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 life insurance policy can make a huge financial difference and provide a measure of comfort to your dependents and family members.
Few simple guidelines for life insurance: pregnancy edition
Having your first child is a life-changing experience that marks a major shift in priorities within your family. As you think 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 protected from, and how much insurance coverage you are hoping to get.
Here are some things to keep in mind.
Plan for life cover for decades
We don't want to guess anyone's age, but we imagine you're young enough to love being new parents. This means you can plan for a term life insurance policy that covers you and your loved ones for decades. Many life insurance policies last for twenty or even thirty years, and we cover up to 40 years, so you know your loved ones will be covered.
Do what you can to increase your health
We don't want to nag anyone. In fact, our life insurance doesn't rely on a medical exam. But your baby is on the way! Now is a brilliant time to reduce your alcohol consumption, become a non-smoker, and invest in your health.
Here are a few tips about this potentially touchy subject:
- Ideally, quit smoking! Or maybe try replacement products if you're a struggling smoker, however, for some companies, even e-cigarettes increase the price.
- Take the money you would have spent on alcohol consumption and buy something to reward yourself.
- Work on your blood pressure now, before the kids arrive, with a few pleasant walks or exercise.
All these tips may help save you money on a life insurance policy and they'll also help reduce any health complications during your pregnancy and delivery.
Life insurance for you 🤰
Here are some specifics to purchasing life insurance cover with regular insurance companies.
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.
It becomes harder to find good cover as an expecting mother as your pregnancy progresses. Look to getting cover as soon as you can, especially because during high-risk pregnancies, your options for coverage go significantly down.
Expectant mothers should share their pre-pregnancy medical results with the insurance provider to ensure they get cover for as many pre-existing conditions as possible during pregnancy and nursing.
Life insurance for your child 🚼
Although some providers offer policies for your newborn, it doesn’t always make sense to do so. Newborn and child policies can be limited but useful if your child is ill or has a serious condition. Insurance can help cover the cost of you not working, medical treatment, or the cost of a funeral if the worst should happen.
What will the insurer want to know? 🤔
Applying for insurance when you are pregnant may require that you share some medical information with the insurer. There may not be a huge difference between the way insurers consider an application for cover during pregnancy and a standard one.
However, they may want to know:
- your pre-pregnancy weight (some may want to know your current weight as well)
- any complications that you are experiencing (e.g. gestational diabetes, anemia, 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, cesarean sections, and difficult previous pregnancies are also standard disclosures on a life insurance application.
3 reasons we're different 👏
Most complications you may experience during your pregnancy will be accepted and covered by the insurer. Sometimes, where your condition is of slightly higher severity, 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.
As mentioned before, we are very different from other insurance companies. We believe being pregnant shouldn't be a hindrance in getting cover but a beautiful reason to get it. Protecting your family is your #1 priority now! 🎉
Here's how we're different:
- Most importantly, being pregnant will not affect your life insurance premiums with us. We don't believe in penalising people for having children!
- Your health status is not the focus of your life insurance policy. Your family is. So we won't make you take a medical exam or answer overly-complicated questionnaires.
- We are one of the few life insurance providers that care about mental health and its related problems. We would love to help answer any of your questions and look forward to pushing more barriers aside as we change the insurance industry. 💛
We take care of you and your loved ones and if you are looking for someone to chat with, we would love to help. While it's always best to get cover sooner than later, it makes no different to your policy numbers if you are pregnant or not. How amazing! 💯
Can you get a life insurance policy while pregnant?
Pregnant women can apply for life insurance, too. In fact, it's common to arrange a policy during pregnancy as you'll soon have dependents who will be protected in case something goes wrong. Pregnancy will not affect your life insurance premiums with some life insurers.
What insurance should I have when pregnant?
You can protect your dependants and home with these policies:
- A life insurance policy to pay out a lump sum in case something happens.
- A family income protection policy means your insurance provider will pay out money each month if you are disabled and unable to work.
These policies will take care of large commitments, like a mortgage, and smaller payments, such as child care fees.
Should you get life insurance after having a baby?
Yes! Life cover helps families prepare for the worst. This isn't about being morbid or pessimistic. It's about protecting the life you are working so hard to build. Life insurance isn't about your death, it's about the future for your children and partner.
Do I need to tell my insurance that I'm pregnant?
It depends on your insurance company, as some may penalise you for not telling them. However, we don't even need to know! Take care of yourself first.