Life insurance is commonly purchased to financially provide for children in the event of a parent's unexpected passing. Pregnancy, therefore, is a natural time to purchase policies.
Pregnant women can usually get life insurance without issue but finding coverage can occasionally be a little challenging. If you're pregnant and in need of life insurance, here's what you can expect in your search for a policy.
Coverage Is Widely Available for Uncomplicated PregnanciesIf your pregnancy is uncomplicated, and you don't have a history of pregnancy-related complications, you'll likely have no problem finding a policy. Insurance companies understand that people get pregnant, and they know that most pregnancies result in a healthy mother and child. Therefore, they are normally willing to underwrite policies for pregnant women with no sign of elevated risk.
In fact, you might even qualify for a preferred risk class if you're under 40 years old and have no history of medical issues, no ongoing medical conditions, are experiencing a normal pregnancy, are a normal height and weight, and have normal blood pressure and lab test results.
If you're experiencing a normal and healthy pregnancy, you shouldn't delay applying for a life insurance policy. Since complications may arise that could make finding coverage more difficult, it's better to purchase a policy as soon as possible.
Premiums Might Increase for High CholesterolElevated cholesterol levels are one of the more common complications that might arise during pregnancy. Insurance companies typically consider cholesterol levels when underwriting policies, and many women experience higher levels during pregnancy and while nursing. If your cholesterol increases because of pregnancy, insurers might charge higher premiums as a result.
While there's not always something that can be done about elevated cholesterol levels, you might be able to eliminate a cholesterol-related premium increase if you have blood test results from early on in your pregnancy. If your obstetrician has copies of blood tests that show your cholesterol levels were low or normal early in the pregnancy, an insurer can see that the elevated levels are the result of pregnancy and not the result of other health issues. In that case, companies will sometimes waive any related premium increase.
Complications Might Make Finding Coverage DifficultIf you develop more serious complications during pregnancy, finding a life insurance policy could become difficult. Insurance companies may refuse to underwrite a policy for you, and those that agree to offer you a policy may charge extremely high premiums.
If that happens, your options will be limited. The best solution may be to purchase a short (e.g. 1-year) term life insurance policy. A short-term policy will typically be the most affordable option, and you can keep the policy for a limited amount of time. Once your pregnancy is over and you're healthy again, you can re-shop for life insurance. A more affordable policy with a longer coverage period should be easy to find after the pregnancy is over.