Starting a family is a life-changing experience filled with love, excitement, and new responsibilities. While there’s so much to look forward to, it’s important to also prepare for the unexpected.
So, in addition to buying strollers, car seats and diapers, it should come as no surprise that buying life insurance while pregnant can also become a priority for some. Particularly if they don’t have any existing coverage in place already. This is why, in this article, we’ll take a closer look at some of the challenges someone might face when buying life insurance while pregnant and discuss some tips you can use to find the best policy for your needs.
Challenges one might face when applying for life insurance while pregnant
Applying for life insurance while pregnant can come with some challenges, and it is important to be aware of these factors before making a decision. After all, pregnancy can do a number on a woman’s body which can have a negative effect on the outcome of their life insurance application.
For example, here are just a few maternal health conditions or problems that may arise during pregnancy that could affect whether or not you can qualify for coverage and/or the price you might have to pay for your coverage.
Common maternal health issues may include:
- Mental Health Conditions including depression/anxiety
- Hypertension (High Blood Pressure)
- Obesity and Weight Gain
- Gestational diabetes
Additionally, while life insurance companies may have different policies and underwriting criteria, most won’t issue policies to women who are in their third trimester of pregnancy.
This is because there is a higher risk of health complications during this time. It is best to check with individual insurance companies to determine their specific requirements and policies.
It’s also advisable to apply for life insurance as soon as possible after finding out you are pregnant, before entering the third trimester, or experiencing many of the possible complications of pregnancy to ensure that you can secure coverage without any issues.
Types of life insurance for pregnant women
There are several types of life insurance policies that can be suitable for pregnant women, including:
- Term Life Insurance: It provides coverage for a specific period of time.
- Whole Life Insurance: It provides permanent coverage and can also provide a savings component.
- Guaranteed Issue Life Insurance: It does not require a medical exam and is available to individuals with pre-existing conditions, including pregnancy.
- Accidental Death and Dismemberment Insurance: It provides coverage in the event of death or injury caused by an accident.
Accidental death policies can also be used as a “bridge policy” for those unable to qualify for a true life insurance policy due to their pregnancy. In situations like these, individuals will briefly own an accidental death policy until they are able to qualify for a traditional life insurance policy later on.
Are there certain “strategies” one should use when applying for life insurance when pregnant?
Here at IBUSA, there are some “strategies” we’ll commonly try to employ when trying to help a life insurance applicant that is currently pregnant. The first thing that we’re going to want to look at is whether or not we’ll have any No Medical Exam Life Insurance options available.
We can avoid having an examiner meet with you to collect a blood and urine sample. Not that this would necessarily be an issue for someone who is pregnant, but it’s always kind of nice to avoid this added inconvenience (particularly when one is pregnant) if possible. This is especially true if the pricing for a No Medical Exam Life Insurance Policy is comparable to a policy that would require an exam.
We’re going to want to look at what “kind” of rate you’re likely to qualify for while pregnant.
- Will you be able to qualify for the SAME rate now as you would have been able to qualify for before you became pregnant?
- Has your pregnancy caused you to gain a significant amount of weight?
- Are there “other” complications that may cause you to be approved at a high (more expensive) rate now?
We want to know the answers to these questions because, while our first priority is to get you insured before delivering birth, it isn’t going to make all that much sense to purchase a 30 year term life insurance policy at an INFLATED rate due to your pregnancy.
If you would have been able to qualify for a Preferred rate prior to your pregnancy but can only qualify for a Standard rate now, it may be in your best interest to purchase a 10-year term life insurance policy now, and then “reapply” for coverage after you have given birth. This way you are insured throughout your pregnancy but aren’t paying a higher rate for a 20 or 30-year term, which you would likely drop once you “recover” from you pregnancy and are able to qualify for a better rate.
This brings us to the last topic that we wanted to discuss with you for a moment, which is…
Process of buying life insurance while pregnant
To buy life insurance while pregnant, you can follow these steps:
- Determine your coverage needs: Consider the amount of coverage you need, the length of time you need coverage, and your budget.
- Shop around: Compare life insurance policies from different providers to determine which one offers the best coverage and terms for your needs.
- Review medical underwriting: Each insurance provider has different underwriting guidelines, so be sure to review the provider’s requirements for pregnant women before applying.
- Gather medical information: Some insurance providers may require medical information, including information about your pregnancy, to determine your eligibility for coverage.
- Complete an application: Once you have determined which provider you would like to use, you can complete the application and provide any necessary medical information.
- Compare no medical exam vs fully underwritten insurance options.
- When necessary, take a medical exam: Some providers may require a medical exam as part of the underwriting process.
- Wait for approval: After completing the application and medical exam (if required), the insurance provider will review the information and make a decision on your coverage.
Life insurance exam tips for pregnant applicants
Here are some tips for pregnant applicants taking a life insurance exam:
- Schedule your exam as soon as possible. If you’re not experiencing any complications with your pregnancy, scheduling your exam before any occur is best.
- Be honest: Provide accurate and truthful information about your health, including your pregnancy, during the application process and medical exam.
- Prepare for the exam: Research what the exam will entail, such as blood tests and urine samples, and take any necessary steps to prepare, such as fasting beforehand.
- Drink plenty of water: Being well hydrated can improve your blood pressure readings and other health indicators during the exam.
- Get a good night’s sleep: Being well-rested can help you perform your best during the exam.
- Relax, while being pregnant may complicate your application, it’s not going to complicate it much more than any other “pre-existing” medical condition.
Now as you can see, buying life insurance while pregnant may complicate your application, but it shouldn’t be something that prevents you from applying.
After all, even though you may have to answer a lot more questions during the application process, many pregnant women will be able to qualify for a Preferred or Preferred Plus rate, insurance companies are just going to want to make sure that pregnancy is a healthy one before extending an offer of coverage to you.
Frequently asked questions
Here are some frequently asked questions and answers about applying for life insurance while pregnant:
Can I still get life insurance if I am pregnant?
Yes, you can still get life insurance while pregnant. However, some insurance providers may have different underwriting guidelines for pregnant women and may require additional medical information or exams.
Will my pregnancy affect my life insurance premiums?
It is possible Ithat your pregnancy could affect your life insurance premiums. Factors such as your overall health and the stage of your pregnancy can impact the cost of your coverage.
Do I need to disclose my pregnancy on the life insurance application?
Yes, it is important to disclose your pregnancy on the life insurance application in order to ensure that you receive an accurate quote and that the policy provides the coverage you need.
Will I need to take a medical exam as part of the life insurance application process?
It depends on the insurance provider and the type of life insurance policy you are applying for. Some providers may require a medical exam, while others may offer coverage without an exam.
How long will I have to wait to receive coverage after I apply for life insurance while pregnant?
The amount of time it takes to receive coverage after applying for life insurance while pregnant can vary based on the insurance provider and the individual’s specific circumstances, such as their health and pregnancy stage.
Can I still get life insurance if I have pre-existing medical conditions, including pregnancy?
Yes, you can still get life insurance if you have pre-existing medical conditions, including pregnancy. Now, this of course will be dependent upon what “types” of pre-existing medical conditions one has been diagnosed with.