Discover the best time to get coverage and a whole host of other considerations for getting term life insurance while you’re pregnant
Having a baby is one of the biggest life changes women go through. When you welcome a child into the world, your priorities and your lifestyle shifts dramatically. Any time you go through a major life change, you should be considering your financial future. This is especially true when it comes to pregnancy.
Life insurance is one of the ways you can protect your family in the future no matter what happens. By purchasing a life insurance policy, you can guarantee that your child will be well taken care of after you’re gone. This is true for both stay-at-home parents and parents who are a part of the workforce. While you’re expecting, it can be difficult to find the time to research the best life insurance policy for your needs. Not to mention the changes that your body and mind go through before, during, and after you give birth. That’s why we’re going over all of the most important things you need to know before you purchase a policy while you’re pregnant.
What is it Like Getting Life Insurance While Pregnant?
Purchasing a cheap term life insurance policy while you’re pregnant will give you added peace of mind
Ensure your family is protected with a term life insurance policy.
The process of getting a life insurance policy will be slightly different for everyone depending on their age, health, and finances. However, there are a few special considerations you need to take into account when it comes to getting life insurance while you’re pregnant. One of the first things you need to take into account is disclosure.
It is important that you are completely honest with the insurance company. During the life insurance application and medical exam, you need to clearly state that you are pregnant. While the medical exam does require a urine sample, it does not include a pregnancy test. Should you pass away during your pregnancy or during the contestability period, then it is likely that the claim on your policy will be denied. The reason for this is that insurance companies need a complete picture of your health and lifestyle in order to offer you an appropriate policy. If you do not disclose a major health factor like pregnancy, there is a big chance that any claim will be denied in the future. So, while you are filling out the medical questionnaire and undergoing the medical exam, you need to disclose your pregnancy.
When is the Best Time to Apply For Life Insurance While You’re Pregnant?
If you are pregnant, the best time to secure cheap term life insurance rate is as soon as possible
Get life insurance in your first trimester for the lowest monthly premium.
Though getting life insurance is always a good idea to protect your family—and future additions to the family—the best time to get affordable life insurance is before you are pregnant. However, that doesn’t mean that getting insurance when you are already pregnant is a bad idea. When the insurance company reviews your application and begins the underwriting process pregnancy is factored in as a medical condition. The presence of any medical condition can raise the price of your monthly premium.
If you are pregnant and searching for a low monthly premium, the best time to get coverage is in your first trimester. During your first trimester, you are far less likely to have pregnancy related health complications or weight gain. Because of these factors, you will be able to secure a lower rate the earlier you are in your pregnancy.
In some cases, it may be beneficial to wait until your baby is born to take out a life insurance policy. These cases include the presence of a pregnancy related complication. Let’s take gestational diabetes for example. This is a condition where your body enters a diabetic state during your pregnancy. If you apply for a life insurance policy while you are experiencing a temporary—yet serious—health condition, it will affect your premium. When health complications come into play with your pregnancy, you will likely be advised to wait until the baby is born before purchasing life insurance. After your baby is born, you should wait until any of the medical complications associated with your pregnancy go away. Often, this will take anywhere from 6-12 months.
Who Should I Designate as My Beneficiary?
In most cases, it is easiest to designate your spouse as your beneficiary
Before you make any insurance decisions, talk it over with your partner.
In the event that you pass away, the most obvious option for a person to care for your child is your partner. For that reason, most expecting mothers will designate their partner as their beneficiary. When you nominate your partner as a beneficiary, they will be able to receive the payout from your policy after your death. In most cases, this payout is used to pay for childcare or other important considerations after you’re gone.
You can also designate your child as the beneficiary of your insurance policy, though the process is more complicated. In most cases, your child won’t be able to access the payout until they turn 18. In order to prevent any confusion, you can add a guardian as a part of your life insurance policy in case both you and your partner pass away unexpectedly. That way, your child’s guardian can provide for them using the money from your policy.
Are There Additional Considerations I Need to Make When Purchasing Life Insurance During Pregnancy?
Find out if you may need additional riders to complete your ideal life insurance policy
Getting some help finding the right policy for you is never a bad idea.
When you are in the process of purchasing a life insurance policy while you’re pregnant, you will likely be confronted with several riders. A life insurance rider is an extension or an add-on to your insurance policy that will provide additional protections. The catch is that a lot of these riders have very specific qualifications that warrant payouts. Let’s take a look at some of the most common riders associated with pregnancy and why they might be useful.
You may consider a disability rider. A disability rider will protect you in the event of a disability that prevents you from working. Many people have this type of insurance to protect them in case of a debilitating medical condition or a major accident. This type of life insurance rider can be beneficial in the event that you are unable to work and provide income for your family.
There is also the possibility that you will be offered a child rider. The child rider insures you in the event that your child dies at birth or very soon after. Though this isn’t pleasant to think about, these types of riders help provide extra money for funeral costs and will help during the bereavement period.
Pregnancy is complicated—and it makes getting an affordable term life insurance policy complicated too. That’s why it is so important to do your research before you begin applying for a life insurance policy. If you aren’t sure how to begin searching for insurance policies or aren’t sure if now is the right time, you can always reach out to an insurance agent or a financial advisor. Overall, the peace of mind that comes with having term life insurance and a new baby will outweigh the cost of your monthly premium.
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