Can I Get Life Insurance While Pregnant? Irrespective of whether you are expecting a baby or you are hoping to get one soon. It can be quite a daunting task to start determining how you will care for your babies.
Moreover, most times, caring for your children can take a huge part of your finances. In cases like this, purchasing life insurance while pregnant is a good idea. Life insurance reduces the financial burden on your family if you ever pass away during childbirth.
Most women often ask if it is possible to get life insurance while pregnant; fortunately, it is. However, before carrying out this process, you need to be familiar with some important factors. While pregnancy can change your priorities, placing the health and financial care of your baby before everything else. It makes more sense to consider purchasing life insurance when pregnant.
Life insurance companies offer life insurance to pregnant women based on different factors used to determine their premiums. These factors can either increase or decrease your chances of affordable insurance premiums. This write-up contains all the information you need to know about this insurance.
Can I Get Life Insurance While Pregnant?
Yes, it is possible to get life insurance while you are pregnant. Getting this insurance depends on your medical exam results and your health condition considered by the life insurance company.
During the medical exam, you will be required to disclose every piece of information about your health to the healthcare professional taking the exam.
Failure to inform the healthcare professional about your pregnancy and your child passes away during childbirth. Your life insurance policy will not cover you, and your claim on the policy may likely be denied.
When Can I Purchase Life Insurance For Pregnancy?
The best advised time to get life insurance is before you get pregnant. Pregnancy is classified as a medical condition by life insurance companies, which may cause higher premiums.
If you intend to build a family or you are planning to build one, purchasing this insurance before getting pregnant can help you get lower premiums and insurance rates.
In cases where you do not have a policy in place, another best time to purchase a policy is during your pregnancy’s first trimester. In this stage, you are less likely to face pregnancy-related issues.
Weight gain, being one of the factors considered by life insurance companies, will be less than it will be as your pregnancy grows older.Â
How Does Pregnancy Affect Life Insurance Rates?
As long as the changes to your body due to pregnancy are normal for a certain period and you purchase insurance on time, your life insurance rates may not be affected. This, however, depends on the life insurance company.
Bodily changes like weight gain are always expected with pregnancy, but as long as you do not have any pre-existing conditions or a medical history of difficult pregnancies, your insurance rates may stay the same as those of a person who is not pregnant.
Stay aware that every life insurance company has its own rules for issuing policies for pregnant women. Because of this, it is important to check with your insurance company to see how your rates are affected by pregnancy.
Can I List My Children As My Beneficiaries?
If your children are above age 18, they are legally able to receive your death benefit. While if your children are below 18, you cannot name them as your beneficiaries.
However, you can name a trusted guardian for your children and list that guardian as the beneficiary for your death benefit. Aside from this, you can also create trust and name your children as your beneficiaries. Contacting a lawyer can help you decide what step to take.
How To Get the Lowest Life Insurance Rates While Pregnant
As mentioned earlier, one of the best ways to reduce your life insurance rates while pregnant is by purchasing insurance coverage on time. Purchasing life insurance before you get pregnant is another way to get the lowest life insurance rates. In cases where you have missed this opportunity, consider getting coverage as early as you can in the early stage of your pregnancy.
Insurance rates and premium costs vary by the insurance company. But they are not as much as those of home or auto insurance. Aside from these, it is advisable to compare quotes and rates of different life insurance companies. But keep in mind that everyone has that life insurance company best for them.