If you’re planning on starting a family, then buying life insurance is an absolute no brainer.
I was compelled to buy life insurance after I got married and buy even more life insurance after we started having children.
It seems more often than not that the husband or dad always has life insurance on himself, but what about the mom?
Doesn’t mom deserve to have life insurance too?
You shouldn’t have to think twice about buying life insurance when you’re young.
It’s cheap. It’s easy. You’re in good health.
It should be a very seamless process, but what about if you’re pregnant?
How is that going to impact your application? Will you still be able to be approved?
How does pregnancy affect getting approved for life insurance?
There are a few life insurance companies out there that won’t issue a policy while you’re pregnant, if this is the case, you can either go to a different company, or wait until after the delivery. Most life insurance companies don’t have any issues getting expected mothers approved for life insurance and you actually can get approved as a preferred rating. This, however, is only the case if you have a normal pregnancy. Luckily, with my wife we didn’t experience many complications in any of her pregnancies, but then again we weren’t applying for life insurance either. Generally speaking it’s easier to get approved in your first two trimesters. Typically nothing happens then in a pregnancy, fingers crossed, and little baby is developing just fine.
Pregnancy with complications
While my wife was one of the lucky ones, that’s not always the case with pregnant women. It’s estimated that 4% of all pregnant women in the United States develop gestational diabetes. Several of my wife’s friends who also got pregnant encountered excessive weight gain which led to pre-clampsia which can also affect the mother’s kidney, liver and even the brain.
While most of these complications don’t pose any long-term risk to the pregnant mother it does pose a short-term risk into getting approved for life insurance at least at an affordable term life rates. Whereas the pregnant mother would typically get preferred, gets rated a preferred rating, if she’s encountering any of these conditions she might get rated a standard or even a table rating, especially what this means is that you’re going to be paying that much more for life insurance; more than you need.
Worth the wait?
If it’s not urgent then it’s often suggested to wait six to eight weeks after baby arrives to then reapply for life insurance. As long as you can wait, it most cases it could save you thousands of dollars to hold off on applying for life insurance. If you had any of the conditions noted above hopefully by now they will pass and getting approved as a preferred rating will be a cinch.
What the Company will be look during the application
When applying for life insurance while pregnant or not, there are several things that the life insurance company will look at to determine if you’re accepted or not, and also to determine your rates. The company is going to look at age, weight, blood pressure, cholesterol, and more.
It’s easy to see that the health of the applicant will have a huge impact on your life insurance application. Obviously during pregnancy, there is going to be weight gain and increased blood pressure, but in most cases it won’t impact the policy. The insurance company can look at your health and compare it to pre-pregnancy levels to ensure that there is nothing abnormal. The problems come after the delivery and the weight and blood pressure linger. This could cause your monthly rates to go up.
If you’re looking to save money on your life insurance premiums, one of the best things that you can do is focus on your health. It’s important to remain healthy for you and your baby, but it can also help save you money on your monthly premiums.
How much Life Insurance do you need?
Deciding how much life insurance you need is one of the biggest questions that applicants ask when looking for a policy. Because you’re about to go through an amazing life change, having enough life insurance is extremely important. There are several things to consider before you decide how much you need.
The first thing to consider is the working situation of you and your family. Do you plan to work after the baby or stay at home? Who would take care of the baby if something tragic were to happen to you? Would you have to hire someone?
Another factor to consider is how much debt you would leave behind. The amount of unpaid expenses you have is going to be a huge factor in deciding the size of your life insurance. Sit down and add up all of your debt; mortgages, car payments, credit card bills, etc. the total will be your starting point for the life insurance plan. Don’t forget to add in some future expenses as well.
Life insurance and Pregnancy
Life insurance is one of the most vital purchases you can make for the future of you and your family, which is about to get larger. During pregnancy is when a lot of people start thinking about getting a life insurance plan, and you shouldn’t have to wait to get the coverage that you and your loved ones want.
While every situation is different, in most cases, your pregnancy isn’t going to impact your life insurance application. You can’t put a price tag on the peace of mind that having life insurance will bring to you and your loved ones.