Well, the time has come. This Sunday, millions of people will be tuning in to watch the 54th Super Bowl. If you’re a Kansas City Chiefs or San Francisco 49ers fan, you’re either extremely excited or incredibly nervous – maybe a little of both? This week, let’s discuss pregnancy & life insurance.
The Super Bowl is always an over-the-top production. For people watching at home or their local drinking establishment, there’s also a go-big-or-go-home mentality. The Super Bowl brings on the consumption of 1.25 billion chicken wings, 28 million pounds of chips, and 8 million pounds of guacamole. And perhaps also an increase in babies. Wait, what?
In 2016, the NFL claimed that nine months after a Super Bowl victory, winning cities saw an increase in babies born. From then on, October babies came to be known as “Super Bowl Babies”.
However, an in-depth study was done by the University of North Carolina to find out if these claims were true and there was no evidence that showed increases in births associated with Super Bowl wins, losses, or even participation in the NFL playoffs.
Maybe the NFL’s statistics were true at the time their research was done. And maybe the University’s research was also correct at the time of their research. Either way, if your favorite NFL team is playing Sunday, may we suggest planning ahead for life insurance?
All joking aside, if you’re married or in an otherwise long-term relationship, then you need life insurance. Unexpectedly leaving your loved one behind with bills, a mortgage, and funeral expenses isn’t a pleasant scenario for anyone. However, add children to the mix and it’s even more devastating.
Will your partner need to uproot your children because they can no longer afford to pay the mortgage? What about daycare or the college savings fund? So, yes, for couples life insurance is important, but for parents – it’s essential.
Term life insurance is affordable and can fit into most budgets so it’s a great financial product for families. But if you are trying to apply for life insurance while pregnant, it can get a little tricky. We recommend that you buy life insurance before you become pregnant or as soon as you can after you discover that you are. The further along you are into your pregnancy, the harder it will be to get approved for affordable coverage.
Applying for Life Insurance While Pregnant
The reason life insurance companies are more hesitant to approve currently-pregnant women for life insurance coverage is because of health issues that may occur as a direct result of their pregnancy. For example, pregnant women are routinely screened for gestational diabetes (GM). This first appears during pregnancy and may disappear after delivery, but such women are at future risk for Type 2 diabetes.
In addition, pregnancy-induced hypertension (PIH) can produce dangerously high blood pressure during pregnancy. Plus, it increases a woman’s risk of later developing chronic hypertension.
Other pregnancy-related conditions that could increase a woman’s risk of morbidity or mortality include:
- HELLP (hemolysis, elevated liver enzymes, low platelet count)
- Acute fatty liver of pregnancy (AFLP)
- Post-partum depression
We’re not here to create panic. The vast majority of pregnancies are perfectly healthy with no issues, but life insurance companies are all about actuarial data. In other words, they calculate the risks of everything and base their guidelines off these statistics. So, even if the risks are low, for example only 5-10 percent of pregnant women actually develop gestational diabetes, the life insurance companies can’t ignore them.
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 a salary of $162,581.
Planning ahead for life insurance doesn’t have to be a chore. We know you’re busy. As you’re waiting to pull the buffalo wings out of the oven, take thirty seconds and run a term life insurance quote. You may be surprised at how affordable life insurance can be. If you like what you see, you can apply right online. It will probably take less time than it will take Demi Lovato to sing the National Anthem. If you have any questions, feel free to comment below or contact us directly.
About the writer
Natasha Cornelius, CLU
Senior Editor and Life Insurance Expert
Natasha Cornelius, CLU, is a writer, editor, and life insurance researcher for Quotacy.com where her goal is to make life insurance more transparent and easier to understand. She has been in the life insurance industry since 2010 and has been writing about life insurance since 2014. Natasha earned her Chartered Life Underwriter designation in 2022. She is also co-host of Quotacy’s YouTube series. Connect with her on LinkedIn.