Buying Life Insurance During Pregnancy
Congratulations on your journey into parenthood! This will be such an exciting and sometimes nail-biting experience. Now that you will be responsible for another human being in this world, it is crucial that you will need to protect your baby’s future by being insured. You are probably wondering if it is hard buying life insurance during pregnancy. Well, as a matter of fact it is easier than you think!
How Insurance Carriers View Your Pregnancy
If your health is good and your weight falls within the acceptable guidelines, you should have no issue in obtaining coverage. Insurance carriers are now accepting applications in your third trimester as long as you and baby are healthy. Standard rating is typical and some carriers will even offer preferred rates.
What the underwriters are looking for in regards to your health is that you have a normal healthy pregnancy. They want to make sure that you currently have no complications and that any prior pregnancies if any were also free of any complications. The underwriter will look at your pre-pregnancy weight and not your current weight. I know that is a relief for some of you women out there. With my first pregnancy, I was shocked at how much weight I gained. So, don’t be hard on yourself when you are trying to lose the post baby weight. Remember that it took nine months to gain those pounds and for some it will take up to a year to take the weight off.
The bottom line is that the carrier will underwrite your policy in the same manner as if you were not even pregnant. On your medical exam just make sure that you state that you are currently pregnant.
The standard risk assessment will also be factored in such as:
· Smoking & alcohol habits
· Family health history
· Health conditions
It is advisable to obtain insurance early in your pregnancy so you will have a greater chance of receiving a preferred rate (lower premiums) rather than waiting till later.
Pregnancy Induced Complications
Gestational hypertension and gestational diabetes are known complications during pregnancy. Gestational hypertension typically shows up after 20 weeks. You will be tested for gestational diabetes between weeks 24 and 28. If this is your second pregnancy, be aware that gestational diabetes may be triggered at an earlier stage than in your first pregnancy. Sometimes it can be diagnosed as early as 8-9 weeks in repeat pregnancies. The chances of you having type II diabetes later in life are increased when you have had gestational diabetes.
It is important to purchase life insurance in the early stages of pregnancy, before these complications occur. By getting coverage within the first two trimesters in your pregnancy, you will be getting the most affordable rates.
For those of you who currently have these health conditions, it will be more challenging and costly in obtaining insurance. If an insurance carrier has declined your application, it is best to wait 6-8 weeks after delivery and reapply. In most cases, your pregnancy related condition will disappear after birth, and you will be able to qualify for the best rates.
High-Risk Pregnancy And Previous Complications
Most insurance companies are unwilling to issue a policy during pregnancy if:
· You are considered high risk
· Had complications with a previous pregnancy
· You have preeclampsia
· Previously had or are planning on a cesarean birth
There may be a few companies out there that will cover you. However, you will be paying a higher rate. Most women will just wait until after delivery in submitting an application. If the need to be covered under a policy is urgent with the above-mentioned health conditions, you may want to consider a guaranteed issue life insurance policy. After the baby is born, you may want to apply then for a medically underwritten policy to reduce your premium rates.
Please note that these are general guidelines. Each pregnancy has its own unique variables that need to be taken into account. That is why it is beneficial to be working with an independent life insurance agent who can comparison shop with the various insurance carriers for your particular situation. In doing so, you will be able to receive the best coverage at the lowest rate possible.
Make purchasing a life insurance policy a priority before the baby arrives. You are currently in the calm before the storm and now is the perfect opportunity to get things in order. Once that bundle of joy enters your household you will be so busy; you will not even know what day of the week it is.
Having a policy in place will ensure that if anything should happen to you, your child can continue to thrive in the lifestyle that you have provided and worked so hard for.
If you are thinking of buying life insurance during pregnancy, please email me at Terumi@tdlinsurancegroup.com or call me at 800-876-9016. I will be happy to assist you getting you the right policy for you at the best rate.