Congratulations, you just found out you’re pregnant!
Now that your life is changing and you’re about to have a new little person to take care of, it’s arguably the best time to rethink your life insurance.
One of the most overlooked ways to plan for the future is investing in life insurance.
Should a Pregnant Woman Get Life Insurance?
The short answer is yes.
If you have anyone who is dependent on you, you should have insurance. This includes people who are married, parents, and people who care for ailing family members.
Whether your loved ones are dependent upon you for financial support or for their care, you should still pursue an insurance policy.
Having an insurance policy means that, should something happen to you, your loved ones will have enough money to either replace your income or find someone who can take over their care.
Stay-at-home moms should also consider investing in an insurance policy in order to support their spouse in the event of their untimely passing. That money can go toward taking time off your work and finding quality child care.
It’s also especially important for single parents to have insurance coverage since they are the sole providers for their children. Unless you’re in the rare circumstances of having large enough savings to replace 10 years’ worth of income, you should have insurance.
Beyond getting life insurance during pregnancy, there are a couple of other things you should be doing during your maternity leave.
How Much Life Insurance Should a Pregnant Woman Aim for?
The general idea is to replace 10 years’ worth of income with your insurance policy.
To do this, take your annual income and multiply it by 10. For example, a person who makes $40,000 annually would purchase a $400,000 policy.
Aiming for 10 years’ worth of income gives your family a nice financial buffer to maintain their lifestyle for several years. It can also account for unpaid debts and other unexpected costs.
If you’re unemployed, you should still seek out an insurance policy. Stay at home moms have an estimated value of $113,000 per year. Although most people settle for a conservative $500,000 policy instead.
When Should a Pregnant Woman Apply Life Insurance?
The best time to apply for an insurance policy is before you get pregnant, but it’s still entirely possible to purchase a good policy if you’re pregnant.
You should apply for insurance when you’re in your first or second trimester, the earlier the better.
You’ll need to apply as soon as possible because the earlier you are, the less likely you are to be affected by complications and weight gain should still be relatively low.
If you should decide to apply for insurance late in the pregnancy, don’t be discouraged. You might still be able to find a good life insurance policy even if you’re in your third trimester.
How Does Pregnancy Affect My Life Insurance Policy?
Being pregnant alone isn’t going to affect your policy much. It is potential complications associated with being pregnant that can affect your policy.
Insurance companies don’t like to invest in people who are considered high risk and sometimes pregnancy complications can put a person in that category.
Things to Look Out for When Selecting Life Insurance for Pregnant Women
#1. Blood Pressure
One of the top things life insurance companies look out for before selling insurance to a pregnant woman is healthy blood pressure.
Blood pressure is the measure of the amount of pressure the blood exerts against your artery walls when the heart contracts.
Elevated blood pressure can indicate several dangerous medical conditions and can also increase a person’s risk of heart attack and heart failure. Unfortunately, blood pressure can vary greatly while you’re pregnant and high blood pressure when you’re pregnant can lead to dangerous complications like preeclampsia.
#2. Cholesterol
Insurance companies love to keep an eye on your cholesterol. This is because elevated cholesterol levels are associated with several heart conditions and strokes.
Your cholesterol levels will rise naturally while you’re pregnant, but if your levels increase too much it could cause some concern for your insurance company. Insurance companies prefer that you have a cholesterol level below 200, so it’s a good idea to keep an eye on your levels.
#3. Weight
Weight is a big matter of concern for most insurance companies. One of the reasons it’s best to apply for insurance during the first trimester is that your weight has not been affected much at that time.
Generally speaking, insurance companies greatly prefer you to be within a certain weight range for your height. Being within that range will give you better rates, though you can still purchase a policy if you’re a little bit over.
When you’re pregnant, your weight will increase as your baby grows. This is a good thing for your baby, but might be a big concern to your insurer.
Is Life Insurance More Expensive If You Are Pregnant?
No, life insurance won’t be any more expensive simply because you’re pregnant. The only thing that could affect the price is any health conditions that have arisen as a result of your pregnancy. If you do need to disclose any pregnancy-related complications to the insurer, they might postpone or decline your application.
Applying for life insurance when pregnant is no different from applying at any other time. As with any other applicant, you will be asked to answer questions about your health and lifestyle, but an insurer cannot decide that pregnancy alone is a reason to increase premiums or decline to offer cover.
What a Pregnant Woman Can Do If Her Life Insurance Application Was Rejected
If as a pregnant woman your life insurance application was denied, it’s likely that you were deemed too high risk to insure.
This doesn’t mean you should give up, though. Just because one company won’t work with you, doesn’t mean all of them won’t. Shop around as much as you need to until you find an insurance company willing to take you on.
With due diligence in your insurance shopping, you will be amazed to meet with many agents looking for ways to get more insurance clients that will take you in.
Having life insurance is important for the care and well-being of your family. You won’t regret taking the extra time to get it right.
