If you’re pregnant, or thinking about having children, one of your many considerations may be how you can financially protect your family in the event of your death. A good life insurance policy can help, but it’s a bit more complex than just signing on the dotted line and forgetting about it until needed.
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You may want to learn more about pregnancy life insurance: what does it involve? how does it impact you? what are the payments? Learning more about life insurance can help you have peace of mind about your family’s financial security.
Is it possible to get life insurance during pregnancy?
Yes, you can get life insurance during pregnancy, based on the results of a medical exam. You will want to disclose your pregnancy to the health professional doing the exam. The medical exam will likely include a blood or urine test, but will not include a pregnancy test, so if it’s not obvious, let the examiner know.
why? If she does not disclose her pregnancy and dies during childbirth or during the policy’s contest period, which is usually two years, her partner’s claim on the policy could be denied. Even beyond the dispute period, any misrepresentation in the claim may constitute fraud, which could lead to denied claims or legal complications.
when to apply for life insurance if you are pregnant
The best time to apply for life insurance is before you get pregnant. Life insurance companies still consider pregnancy to be a medical condition and it can increase your premium. If you’re planning a family, buying life insurance before you get pregnant could help you get lower rates. If you don’t already have a policy, buying coverage during the first trimester of your pregnancy is the next best thing. you’re less likely to experience pregnancy-related complications during this time, and your weight gain, which can be a factor in determining your rates, will likely be lower than later in your pregnancy.
If you experience any complications of your pregnancy, such as gestational diabetes, high blood pressure, or pre-eclampsia, your insurance representative may advise you to hold your application until after you give birth, to allow your body to return to its original state. normal state. some insurers take into account complications from previous pregnancies, or consider her age when pregnant. if you’ve had complications in the past, it’s best to apply and review it six to 12 months after the birth of your child.
how pregnancy affects life insurance rates
With some insurance companies, as long as your body changes are within normal parameters for a pregnant woman and you apply early in your pregnancy, your life insurance premiums may not be seen. affected. Weight gain and other body changes are expected with pregnancy, and as long as she has no pre-existing conditions or a history of difficult pregnancies, her rates may remain similar to what they would be if she were not pregnant.
However, keep in mind that each insurer has its own rules for writing policies for pregnant women, and you may want to ask your agent what ramifications you might encounter if you apply while pregnant. In general, the best thing to do with any insurer is to apply as soon as she finds out she’s pregnant or, better yet, while she’s planning her family for the future.
choosing a beneficiary when pregnant
many parents name their spouse or partner as the beneficiary of their life insurance. If you were to pass away, your spouse or partner may be the person most likely to bear the burden of parenting responsibilities and thus the greatest financial strain. Giving your partner your policy’s death benefit can help ensure you can care for your child without significant financial strain.
You can also name your child (or children) as your beneficiaries, but naming minor children as your heirs can lead to legal complications. A better way to ensure that your child benefits from your life insurance policy if both you and your partner leave is to appoint a trusted legal guardian to oversee the payment of your policy and care for your children until they reach the age of majority, which is 18 in most states.
You can also set up a trust for your child or an account called a Uniform Transfer to Minors Act account, which allows a minor to receive gifts without the help of a guardian, but this option is rarely used. If you’re wondering what a trust is and how it works, your attorney can discuss the pros and cons of these types of accounts with you.
other things to consider for your insurance coverage during pregnancy
One aspect of life insurance that may interest you if you are pregnant is the ability to add riders or endorsements to your policy to customize the terms of your coverage. each company offers its own list of passengers, but in general, there are some that are useful for those who expect children.
Although it’s not pretty to think about, a children’s rider pays a small death benefit that would cover burial costs if your child died at or shortly after birth. The Child Rider removes a source of concern if you are grieving a devastating loss, by covering funeral and burial costs.
A disability income rider protects you if you are permanently disabled and unable to work, but still need income to care for your child or children, while a spouse rider or a separate policy for your spouse or partner will also offer additional protection in the event of the incapacity or death of either of you. however, disability riders do not cover short-term periods of disability, such as the first ones immediately after childbirth.
frequently asked questions
Should I name my children as my beneficiaries?
If your children are over the age of 18, they may legally be able to receive your death benefit directly. If your children are still minors, you can name a trusted guardian for your children and name the guardian as the beneficiary of your death benefit. You can also choose to set up a trust and name it as a beneficiary. Talking to an attorney can help you decide which way to go.
How do I get the lowest life insurance rates if I’m pregnant?
One of the best ways to get the lowest life insurance rates during your pregnancy is to apply for coverage as early as possible. Buying life insurance before you get pregnant is often the best strategy. If you’ve already missed this window, you may want to get coverage as early in your pregnancy as possible. Life insurance premiums vary by company, but not as much as auto or home insurance rates. however, it can still be helpful to compare quotes from multiple life insurance companies. just remember that the best life insurance company will be different for everyone.
Is term life insurance or pregnancy permanent life insurance the best option for me?
The best type of life insurance for you depends on your life insurance goals, but for many people, term life insurance is a great option. you can tailor a policy to last as long as you anticipate having dependents at home. If you’re concerned about the cost of life insurance, you’ll be pleased to know that term life insurance is significantly less expensive than permanent life insurance.
Does weight gain during pregnancy affect life insurance costs?
Pregnancy weight gain may or may not affect your life insurance costs. Along with factors like blood pressure, age, and cholesterol, companies use weight to determine life insurance premiums, since obesity can cause certain health problems. If you’re applying for a life insurance policy while you’re pregnant, the company may use your pre-pregnancy weight, your current weight, or simply determine whether or not you’ve exhibited healthy weight gain during your pregnancy. If your life insurance company plans to use your pregnancy weight to determine your premium, it will probably be cheaper to shop for life insurance during your first trimester, when weight gain is minimal.