Given that the importance of life insurance grows with the size of your family, it is both common and reasonable for many parents to consider purchasing a policy during pregnancy.
Starting a life insurance policy for the bemefit of your family. While you are pregnant is much the same as doing so when you are not but some insurers may ask extra questions or have certain conditions placed on those expecting a child.
Key points
- Applying for life insurance when pregnant is pretty much the same as when you apply any other time.
- Taking out a life insurance policy when you are pregnant is very common and straightforward to do.
- With a new dependant on the way more life insurance options will become available to you though. It is worth researching your options before opting taking out a new policy.
Can I get life insurance when pregnant?
- The process behind taking out a life insurance policy when pregnant is pretty much the same as when you aren't pregnant. You will need to inform your insurer of your new future dependant, but this should not have any effect on your ability to take out a policy.
Why take out a life insurance policy when pregnant?
- Starting a new fmily or increasing the size of an existing one will change your life in various ways, ushering in new experiences and new responsibilities on the part of you as parents.
- A growing family has a growing list of financial responsibilities as well as emotional ones, from mortgage costs to childcare. A good life insurance policy can give you the peace of mind you need, leaving you safe in the knowledge that should the worst happen, your family will still be able to cope financially.
- If you already have a life insurance policy active when you fall pregnant, you might want to consider changing the terms in order to make it more appropriate for your current situation. This may well involve increasing the pay-out and therefore increasing the cost of your premiums, but this is a worthwhile expense as you can’t put a monetary value on peace of mind and familial security.
- You might even want to consider writing your policy in trust so that when you pass away, your money is left in a trust that will be paid out directly to your children when they reach a certain age.
Does life insurance cost more if you are pregnant?
- The cost of a life insurance policy shouldn’t be affected by your pregnancy but rather will depend on various aspects of your lifestyle and health status generally.
- If you have a family history of a certain condition like diabetes, or if you have or have had any serious medical condition in the past, you will likely find the cost of your premiums increased.
