The moment you learn that you’re pregnant, everything starts to change. Your future, your body and even your perspective shifts as you prepare to bring a new life into the world. This is also the time that many women begin asking questions about life insurance, ranging from “Do I need a policy?” to “Do I have enough coverage?”. Some women wonder if they even qualify for life insurance while they’re pregnant. The answer is usually – but it can be a challenge.

Pregnancy and Insurance Qualification

In most cases, you can apply for and receive life insurance at any point in your pregnancy, but there is often a gap between the time you apply and the time you receive your benefits. This means that it’s possible to apply for life insurance while you’re pregnant but not have a valid policy until after your delivery.

Although you can apply for coverage at any time, some issues make it more likely that your application will be denied. These are:

• Third Trimester. It is easier to obtain insurance in the first or second trimester of your pregnancy than in your third.
• Multiple Births. If you are having twins or triplets, you may be denied coverage due to the elevated risk factors.
• If you are over 40 years old, it is likely that your application will be denied while you are pregnant.
• Known Complications. If you have gestational diabetes, high blood pressure, or other pregnancy-related health challenges when you apply for your insurance, you may be denied.

Pregnancy and Insurance Rates

The insurance company will review several factors when issuing life insurance to a pregnant woman. Once these issues are evaluated, you will receive a rating of preferred (lowest cost), standard (normal rate) or sub-standard (highest rate).

The factors that can result in a preferred rate are:

• Current age is under 40 years old.
• The pregnancy is not considered high risk.
• You have no history of pregnancy complications.
• You have no history of medical challenges that require on-going monitoring or treatment.
• Your pregnancy weight gain is deemed to be normal as assessed by your physician.
• You have normal blood pressure and lab results.

If you do not meet these requirements, your rating will drop and your premium costs will rise.

Best Times to Purchase Life Insurance

The best time to purchase life insurance is before you’re pregnant, so if you’re planning to start a family, now is the time to buy life insurance.

If you’re already pregnant, the best time to purchase insurance is during the first trimester because your weight is lower. Your weight to height ratio is a factor insurance companies consider when assigning your rate, so the lower your weight the better.

The other option is to wait until after your pregnancy. However, you might want to wait several months before applying. Issues such as weight gain, post-partum depression and effects of complications can result in denials or higher insurance rates.

Child Rider

A rider is an addition to your life insurance policy. The most common rider is the option to convert a term policy to a whole policy. As a pregnant woman, you might consider a child rider.

This rider is life insurance on your child to be used for the funeral expense if the unthinkable happens. You can purchase these riders in units of $1,000 and for a cost of between $5-7 per unit. The cost of adding $10,000 of life insurance on your child is about an annual cost of $50 and most children are eligible at around two weeks of age. The policy ends when they are 18, 22, or 25 years old, depending on the policy. Another reason to consider a child rider is that a single rider can cover all of the children in your household.

Other riders you should consider are disability income and spousal riders to assure that there are will always be the funds necessary to provide for your child, regardless of the circumstances.

Getting the Best Rates 

The goal of purchasing life insurance and riders is to give you peace of mind while you prepare for the birth of your child. The challenge with purchasing life insurance while you’re pregnant is finding the right provider. Some companies will not insure pregnant women while others will do so but only at the highest rates.

Avoid the hassle of multiple applications to find the best life insurance rates by working with us. At Alliance, we represent the best life insurance carriers in Florida. Provide us with the information we need and we’ll do the research to find the best policies for a price that meets your budget.

Remember, it can take weeks or months from application to coverage, so don’t wait. We’re here to help you and your growing family so contact us today.