Pregnancy and Life Insurance - What You Need to Know!

If you are considering adding to your family, inevitably you have thought about the importance of protecting the new little being. Protection includes products such as car seats and baby monitors, but it also includes financial protection.

Life Insurance is the easiest way to protect your family. By providing financially for your loved ones in the event of premature death. While it is not something you want to dwell on during this exciting time in your life. You will sleep better at night knowing you have prepared for any situation as a parent.

The sooner into your pregnancy you apply for Life Insurance, the better. Applying early gives you the best options for low rates. But, if you get sidetracked with baby-proofing your home, and the months have flown by, you can shop for coverage anytime before, during or after pregnancy.

Pregnancy and Life Insurance – What You Need to Know!

Pre-Pregnancy

If you are planning to have a child soon, you should consider buying Insurance coverage before becoming pregnant. Life Insurance rates increase by 8% to 10% (on average) for every year you age. There is a huge benefit to locking in low rates at a younger age.

During Pregnancy

For women who are pregnant and want coverage, it is best to apply as early in your pregnancy as possible. Most Insurers will either increase your premiums or postpone your application if you are close to childbirth.

If your pregnancy is progressing without challenges, your health rating (the formula Insurance companies use to determine your rate) will not be impacted. Unfortunately, there are a number of pregnancy- related complications such as Gestational Diabetes and Pre-eclampsia that can influence the cost of your coverage.

After Pregnancy

The months can fly by in a blur when you are expecting. But don’t worry, you can apply for Insurance coverage at any time. Apply as soon as possible since it’s easy to get distracted by all the demands of being a new parent.

And, if you were denied coverage during pregnancy, the best time to re-apply is 30-40 days after childbirth. By this time, complications related to pregnancy, like high cholesterol, which may have impacted your application should be resolved.

However, conditions such as Gestational Diabetes and Postpartum Depression can increase your rates for the next few years. An independent Life Insurance broker, like iClick Financial Services, can help you find a provider that offers the right product for you.

While it is not fun to think about, Life Insurance is an important item to get off your list. Be prepared for the arrival of your child.

CLICK to see a full checklist of items you should get off your list before you are elbow-deep in diapers!

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Noa Segal

Digital Marketer at Gerber Media

Hey there! My name is Noa Segal and I live in Toronto, Canada with my family. I'm a mother of 4 (one girl, one boy and twin girls ) , I'm also parents trainer and I work as a digital marketer at Gerber media. I love blogging when I find the time.