Considering & Applying for Life Insurance When Pregnant
If you’re pregnant—or thinking of having children—one of your many considerations may be protecting your family financially in the event that you pass away. A good life insurance policy can assist with providing financial security, but it’s a little more complex than just signing on the dotted line and forgetting about it until it’s needed. Here are few frequently asked questions to help you learn more about life insurance considerations, specifically when you’re pregnant:
Can you get life insurance when pregnant?
Yes, depending on the results of a medical exam, you can get life insurance when pregnant. You’ll need to disclose your pregnancy to the healthcare professional who does your exam as it will likely include a blood or urine test, but it won’t include a pregnancy test, so if it’s not obvious that you’re pregnant, do let the examiner know.
If you choose not to disclose your pregnancy and you pass away during childbirth or during the policy’s contestability period—which is usually two years—your partner’s claim on the policy could be denied. Even beyond the contestability period, any untruths on your application may constitute fraud, which could result in denied claims or legal complications.
Do I need to tell my life insurer that I’m pregnant?
If you’re applying for new life insurance, you’ll need to disclose your pregnancy during the application process. In the worst-case scenario, failing to do so could invalidate your cover, which could mean you’ve paid your premiums, but your beneficiaries will not receive a payout if you die.
Do I need to change my life insurance when I have a baby?
If you already have life insurance in place, you won’t need to inform your insurance provider of your pregnancy; your policy will remain intact, and the cost of your premiums will not change.
However, you may want to increase the amount—also known as the sum assured— your existing policy would pay out to reflect the fact that you’ll soon have an(other) dependant and a larger family.
Bear in mind that upping your life insurance cover tends to result in higher premiums, so it’s worth using this opportunity to compare life insurance policies and ensure you have the best policy to fit your specific circumstances. If you decide to switch providers, check the dates thoroughly and be sure not to leave any gaps in cover.
Why should I consider life insurance when I’m pregnant?
If you were to die unexpectedly, a substantial cash payout to your family could cover ongoing expenses such as the mortgage and bills, child care fees, and other life expenses.
While the money would not take the pain away, it could make life much easier on a practical level for whoever you leave behind—for example, they would be able to stay in the same home and take time off work.
What about applying for life insurance after I’m pregnant?
If you decide to make your life insurance application after your baby is born, that’s okay but know that you’ll encounter a different set of questions, for example, around postnatal depression.
If you suffered from this condition, your insurer could ask for further details such as the length of time you were suffering and whether you needed to take medication or see a psychologist.
Questions like these might feel uncomfortable, but it’s essential you answer them truthfully for your cover to remain valid; it’s unlikely your application will be turned down on this basis as postnatal depression, in most cases, subsides over time and from the insurer’s perspective, the risk is low.
Whenever you choose to apply for life insurance, a good policy can give you peace of mind for you and your growing family’s financial security. For more information on how to start planning, contact Jessica Maiato, Life Sales Agent at Freisenbruch Meyer on 294-4618.