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 financial difference and provide a measure of comfort to your family members.
Few simple guidelines
Having your first child is a life-changing experience 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 protected from, and how much insurance coverage you are hoping to get.
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 is not a huge difference between the way insurers consider an application for cover during pregnancy and a standard one.
However, they will 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.
In general, most complications you may experience during your pregnancy will be accepted and covered by the insurer. In some cases 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 above, some companies have different insurance rates depending on your health status. For this reason, be sure you can make an informed decision and are getting the best rates possible on your insurance cover during pregnancy.
We are different than the average insurance company 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! 💯
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