Welcoming a new family member is one of the most exciting milestones in life. If you’re expecting, you may be wondering about purchasing life insurance during pregnancy. You can buy life insurance during your pregnancy, and taking this step is a great way to protect your growing family. However, your rates may be dependent on whether or not you have complications during your pregnancy, so applying sooner rather than later is a good idea. In this article, we’ll help you understand how pregnancy affects life insurance rates, whether you can get life insurance for an unborn child and how to decide on a beneficiary for your new policy.
Does pregnancy affect life insurance rates?
If you’re applying for a new life insurance policy and you have a high-risk pregnancy or experience complications, it could increase your life insurance premium. If you already have a policy, your premium won’t change. Certain conditions during pregnancy—like high blood pressure or gestational diabetes—will likely result in you being quoted for higher rates. In those cases, it makes more sense to wait and apply for a life insurance policy after your pregnancy, giving those complications and conditions a chance to resolve.
Can you get life insurance for your unborn child?
You want to do all you can to protect your new little one, so you may wonder if you can purchase life insurance before they’re born. However, you cannot buy life insurance for an unborn child. This is because life insurance is intended to benefit those who are financially dependent on your income, and carriers will not consider an unborn child to be dependent yet. However, you can purchase coverage on your child’s behalf after they’re born.
Who should be your beneficiary?
Deciding on a beneficiary is a vital part of purchasing life insurance. In most cases, your beneficiary will be your children. It’s important to keep your life insurance beneficiary’s information updated so they will receive your benefits without delay if you pass away unexpectedly. Even if your child is ultimately the person you want to receive your death benefit, keep in mind that you can’t directly name a minor as a beneficiary. You’ll want to name a guardian or set up a trust to help support the child financially until they turn 18 and can access the death benefit.
Looking to buy life insurance during your pregnancy? Let SelectQuote help you find the coverage that is right for you.
There’s much to consider when you have a new baby joining the household, and purchasing life insurance during your pregnancy can give you peace of mind that your family will be protected. At SelectQuote, we have over 35 years of experience in the industry to guide you through the life insurance application process. We do the shopping while you do the saving, searching trusted carriers in just minutes so you can focus on your growing family.
