There are certain life stages during which getting life insurance is essential to your family’s well-being. Having a baby is one of those life-changing and rewarding experiences. Your priorities shift, and one of your greatest concerns is protecting your new little one.
Getting the best life insurance rates possible is one way you can financially protect your growing family. Quotacy is here to help guide you through the process of qualifying for a life insurance plan your family can afford, even after the little one arrives.
Can I get life insurance during my pregnancy?
Yes, most pregnant women can still qualify for life insurance even while pregnant. Quotacy has successfully worked with many pregnant applicants getting them approved for life insurance coverage.
Your best chances of getting life insurance while pregnant is to apply through a broker, like Quotacy. Brokers are not tied to one life insurance company and are able to shop the market.
Here at Quotacy we can take your online application, review it, and advise you on which life insurance company will give you the best options. Banner Life Insurance Company (Legal & General America) is one company in particular that Quotacy works with who is great with pregnant moms-to-be.
Pregnant and looking to buy life insurance? Start the process by getting a free term life insurance quote. Your Quotacy agent will work to get you the best coverage option and keep you updated every step of the way.
Getting the Best Life Insurance Rates During Pregnancy
Applying for life insurance during your first or second trimester is your next best option for life insurance coverage. The further into your term, the harder it may become to get coverage. Conditions that can occur during pregnancy (such as high blood pressure and gestational diabetes) will affect how the life insurance company rates you.
» Learn more: Getting Life Insurance While Pregnant
If you have seen a physician regularly and have pre-pregnancy or at least early-pregnancy cholesterol tests that the life insurance companies can review, this will help determine your rating since your levels may be elevated during pregnancy and while nursing. Some companies are more lenient on cholesterol requirements, but proof that your numbers are high strictly due to pregnancy will be helpful. Your medical records will provide this information.
Many companies are willing to offer affordable life insurance coverage to you if you are carrying a single baby and have no complications. You may even be considered a Preferred risk class if you can meet certain criteria. Although it always depends on the life insurance company, typical Preferred-worthy criteria includes:
- Current age under 40
- Not considered a high-risk pregnancy
- No history of pregnancy complications
- No history of medical problems that require on-going monitoring or treatment
- Normal pregnancy weight gain as assessed by your physician
- Normal height/weight, blood pressure, and lab results
If you have a high risk pregnancy or complications during pregnancy, the life insurance company may post-pone issuing a policy until after delivery.
See what you’d pay for life insurance
Planning Ahead for a Family
We know that you can’t plan for every life event, but purchasing life insurance before starting a family is a good way to save yourself money. While pregnancy is not a barrier to purchasing life insurance, it can still limit your options for getting the best life insurance rates.
Temporary conditions during pregnancy can cause pricing on life insurance to be much higher than pre-pregnancy. Whether you apply before, during, or after pregnancy, we will work with you every step of the way to help you get your growing family protected.
Life Insurance for Both Parents
Now, while this post focuses mainly on mamas, both parents need to have life insurance. You can be incredibly healthy and always wear your seatbelt, but accidents happen. You never know what tomorrow will bring. And parents can’t predict which of them may die first.
The goal of owning life insurance is to protect your children from the loss of financial support that they rely on to have a happy and fulfilled life. In order to do this, both parents need life insurance.
For couples, owning life insurance policies on each other is a simple process. Or you can opt to own your own policy and name your partner the beneficiary.
Life Insurance for Stay-at-Home Parents
You may be thinking “I plan on being a stay-at-home parent so I don’t need life insurance since I won’t be bringing in an income.” This way of thinking is common, but actually life insurance is important for those parents who don’t bring home a paycheck as well.
If you were to hire someone to do all the tasks that stay-at-home parents do, it averages to about $200,000 each year.
Learn more about how stay-at-home parents can get life insurance.
Don’t Wait to Apply
If purchasing life insurance while pregnant brought higher costs, you can always re-apply later to see if the company will lower your rates. Most insurance companies allow you to re-apply 1-2 years after activating your policy.
Going this route, you would not need to fill out a new application, but most likely will have to undergo another medical exam. To get the best life insurance rates, the new results would ideally show that your weight, cholesterol, and blood pressure levels are now back to normal.
If you do not want to wait one to two years, you can apply for a new policy and cancel your old one. This route would require you to fill out new applications, complete a new medical exam, and have your medical records pulled again.
Waiting until six weeks after the birth is the recommended length of time since postpartum depression is something the insurance companies would watch for.
You never know what life may bring, so we always recommend buying life insurance sooner rather than later.
Peace of Mind
There are so many things that come with a new baby. Deciding on a name, nursery items to buy, sleep schedules, the list goes on. The security and peace of mind that life insurance brings can be one thing to check off the list now.
First start by running term life insurance quotes for an estimated cost. We will help you make sure your growing family is financially protected in case of the premature death of a provider.
While death is not something one enjoys talking about, it is very important to plan for it especially if you have dependents. Consider purchasing life insurance today, it may be the one thing you wish you didn’t put off until tomorrow.
Learn about other pre-existing conditions, how they impact rates, and what your alternatives are.
I had been diagnosed with gestational diabetes when pregnant with my son two years ago. My father had been diagnosed with diabetes so the preferred rate I was given and the one that was given after has doubled. Is there a way to get a better rate later – if I don’t god will get diagnosed with diabetes?
Hi MJ,
Thank you for your question! There are similarities and differences in how life insurance companies underwrite gestational diabetes. To qualify for Preferred (or better) the vast majority of insurance companies will want to see a period of time to go by after the baby is born to see that the diabetes has resolved after birth. The waiting period varies by insurance company but typical ranges are anywhere from 2 to 10 years. During the waiting period a Standard offer is likely the best case scenario.
Not all insurance companies are created equal though; one of the life insurance companies that we work with is able to offer Preferred and occasionally Preferred Best rates immediately after giving birth assuming you qualify otherwise and assuming the gestational diabetes resolved after birth. All lab tests and doctor notes must show that you aren’t diabetic any longer and you must qualify for the Preferred rate class otherwise.
Hello
My wife and I are shopping for life insurance and my wife is pregnant with our second chilld. The baby is due Nov 6th 2015. I got a preferred plus rating and my wife was given a standard rating since she has gestational diabetes. Also her dad is diabetic and her mother passed away at age 42 with non-genetic disease. So our agent is pressuring us to take her policy too as he says we can never get a better rating for her even after childbirth. I am thinking of waiting 6-8 months for my wife to try an get a better rating. What do you think is the best strategy for us in this situation?
Thanks for your advice.
-Gopala
Hi Gopala,
First off, congratulations on baby #2! I’m glad to hear you and your wife are buying life insurance. It’s so important especially if you have little ones who depend on you.
Secondly, because your wife’s due date is so close we recommend you accept the Standard rated policy instead of waiting. It’s important that both of you be covered sooner rather than later because you never know what life may bring.
Most life insurance companies will offer Standard for clients who have had gestational diabetes within the past 10 years, and after that 10 year period they can be considered for Preferred rates. After your wife gives birth and assuming her blood sugar returns to normal, she may get better than Standard. But most will give her Standard rates. The concern carriers have is that she is at an increased risk to develop diabetes later in life, so that is why they have the 10 year waiting period. It also generally gets the client past the age when she is likely to have more children.
After your wife’s second policy anniversary, you can then ask for a rate review to see if she can be approved for Preferred rates. The only other piece of the strategy that could save you money would be to make sure that the standard rates are competitive in the market. Even though she will be underwritten at a Standard rate, insurance carriers have different pricing models for this standard classification. But even if you choose to shop for the best standard rate, our recommendation is for you to take the policy being offered her before you continue shopping and make sure that your family is covered in the event of a tragedy.