Pregnant? Here's What to Know About Life Insurance
Whether a pregnancy is planned or unplanned, means of making sure all goes well during the pregnancy is a priority. Can you get life insurance while pregnant? Here's what to know.
Life is unpredictable, and insurance companies get that. It's part of their job to ensure you're secured and covered through any event, planned or not. Pregnancy has been treated as a delicate phase of life, and those who may be pregnant or spend time around a pregnant person know this well. There's an initiative to protect the parent and child at all costs. Whether a pregnancy is planned or unplanned, making sure all goes well during the pregnancy is a always priority.
Insurance is almost like a safety net that adds a sense of security, which is comforting during a pregnancy. Can you get life insurance while pregnant? Here's what to know.
Do I need to tell life insurance I’m pregnant?
While there's information that insurance companies may not need to know, it's important to keep them in the loop about any major life updates that have the possibility of impacting your plan. You'll have to tell your insurance company you're pregnant, as insurance companies will typically take the initiative of asking for themselves if you haven't disclosed this information yet. Pregnancy greatly affects your overall health, and life insurance companies must know of any changes.
Any pre-existing health condition that your life insurance company has previously recorded may be impacted throughout the extent of your pregnancy, which entitles them to that knowledge. You could face life insurance fraud charges if you decline to share this information with them. Life insurance fraud has the potential consequences of having your plan cancelled or losing any beneficiary claim. In short, yes, you must tell life insurance you're pregnant.
Can you get life insurance while pregnant?
It's entirely possible for you to get life insurance when you're pregnant. Insurance companies sometimes give you access to competitive rates, but if you wait until after your pregnancy to get life insurance, you may be entitled to better rates.
Sometimes, the eligibility for life insurance may depend on the result of medical exams during said pregnancy. Life insurance companies usually suggest that you name a beneficiary on the plan, which can lighten any financial troubles if there are complications during childbirth, or if the child is raised by someone else. Insurers write their own policies for when pregnancy may become a new factor that affects life insurance plans, meaning no two companies are the same.
Why should I have life insurance while pregnant?
Why should I have life insurance while pregnant? If you are to pass away, the life insurance plan that you purchased while pregnant assists things financially for your family that is directly impacted. Life insurance is in place to cover what it can on end-of-life expenses and supplement any loss of income during the grieving period. Having that life insurance plan on hand can ease any stress about making up for any financial setbacks during or shortly after the pregnancy.
This form of insurance protects spouses and children from any devastating loss. Knowing that pregnancy has no clear-cut path on how it may affect everyone, it is wise to have some support for the most unpredictable moments. In addition, life insurance can cover some medical expenses, which can be helpful considering all the routine hospital and doctor's visits.