Whether you’re expecting or hoping to become pregnant soon, you’ve probably dedicated a lot of time to contemplating how to take care of your future children – physically, mentally and financially. Life insurance can alleviate some of the financial burden on your family if you pass away, but you may be concerned: Is it possible to get a policy while you’re pregnant? It’s important to understand – but there are crucial factors that you should know before applying for insurance. Here is what you should know about having life insurance while pregnant.
Is it possible to get life insurance during childbirth?
Yes, you can get life insurance while pregnant, contingent on the results of a medical exam. You’d like to tell the medical professional that you’re pregnant. The medical exam may or may not include a blood or urine test, but it will most likely not include a pregnancy test, so it’s best to inform the medical examiner about this prior to the exam.
Why? If you don’t reveal your status as a pregnant woman and perish during the policy’s eligibility period, which is typically two years, your partner’s claim regarding the policy could be denied. Even after the contest period has passed, any untruths in your application may be considered fraud, this would lead to denied claims or legal complications.
When is the best time to apply for life insurance if you’re pregnant?
The most beneficial time to apply for life insurance is before you become pregnant. Still, pregnancies are considered a form of medical condition by insurance companies that specialize in life, this can increase your premium. If you’re pregnant with a family, and want to buy life insurance prior to the birth, this might help you to get lower rates. If you currently lack a policy, purchasing coverage during the first trimester of your pregnancy is the next best option. You are less likely to have complications during this period of time, and your weight gain is likely to be lower than it will be during the following period.
If you’re dealing with any complications during your pregnancy, such as gestational diabetes, high blood pressure or pre-eclampsia, your insurance provider may advise you to delay your application until after you give birth, in order to let your body return to its original state. Some insurance companies consider the previous pregnancies of you to be complications, or take your age when pregnant into account. If you’ve had issues in the past, you may be more benefitted by applying your materials and revisiting them after your child was born.
The impact of pregnancy on the insurance rates is discussed in this section.
With some insurance companies, if you have body changes that are typical of pregnant women and you apply during the early stages of your pregnancy, your life insurance may not be affected by the changes. Weighing up to 4 lbs. and other physical changes during pregnancy are common, and if you have no existing conditions or problems, your rates may still increase during this time.
However, be aware that every insurance company has its own rules regarding the writing of policies regarding pregnant women, you may want to talk to your insurance agent about the potential consequences of applying while pregnant. Typically, your safest bet with an insurance company is to apply as early as possible once you learn you’re pregnant or, more importantly, while you’re planning your family for the future.
Selecting a beneficiary during your period.
Many spouses or partners choose to be named the beneficiary of their life insurance. If you were to pass away, your spouse or partner may be the most likely person to take on parenthood, which will lead to an increased financial burden. Providing your partner with the benefit of your policy may serve to assist them in caring for your child while not having to pay a lot of money.
You also have the option of designating your child (or children) as your beneficiaries, but designating minor children as your heirs can lead to legal complications. Instead, you can choose a trusted caregiver that will oversee the administration of your life insurance if both you and your partner are deceased. As part of their job, the guardian is responsible for paying the policy’s beneficiaries and taking care of your children until they’re old enough to be cared for by the state, which is typically 18 in most states.
You can also create a trust for your child or account with the Uniform Transfers to Minors Act account, this option allows a minor to receive gifts without the supervision of a parent. If you’re interested in understanding what a trust is comprised of and how it functions, your lawyer can discuss the benefits and drawbacks of these types of accounts with you.
How to personalize your insurance if you’re pregnant.
One aspect of life insurance that may be of interest to you during your pregnant state is the ability to add supplemental insurance that will define the terms of your coverage. Every company has its own list of riders, but the general consensus is that there are only a few that are beneficial to those who are expecting children.
Although it’s not enjoyable to contemplate, a child passenger has to pay a small amount of money that would help with the burial costs if their child were to perish during birth or shortly thereafter. The child passenger takes away one source of concern if you’re feeling the effects of a devastating loss, by taking care of the expenses of the funeral and burial.
A policy that pays you for being disabled and unable to work, but still requires an income to support your child or children, is called a disability income policy. A spousal income policy or a separate policy for your spouse or partner will also provide additional protection in the event of the disability or passing of either of you. However, those with disabilities do not cover the short term, such as the first few months after having a child.
If a spouse or partner is included in the portrait, you may consider purchasing a joint life insurance policy with your spouse or partner. This insurance would benefit your child if something unfortunate happened to you both. If one of you is earlier in the line, this policy would benefit a spouse that is still alive by allowing them to take care of your child.
