Two people, one pregnant and one not, embracing tenderly
Insurance 101

What you need to know about getting life insurance while pregnant

Insurance 101

What you need to know about getting life insurance while pregnant

It’s always better to get insurance sooner rather than later.

We’re not gonna lie to you, it’s getting weird out there when it comes to people dealing with their own pregnancies. Having to think about an incoming child on top of everything else can be a lot. How will they be taken care of in case I die? Who is going to take care of the child? There are a lot of questions surrounding pregnancy, life insurance, and healthcare. But when it comes to getting life insurance when pregnant, the process is probably the least painful and potentially very rewarding. Here’s what you need to know about getting life insurance when pregnant.

  1. Can I get life insurance while pregnant?
  2. Best time to get life insurance
  3. Who should be the beneficiary?
  4. Other considerations
  5. Conclusion

Can I get life insurance while pregnant?

Generally speaking, yes, you can get life insurance while pregnant. If only everything were as simple as that though, right? In truth, it often comes down to which insurer you’re applying with. Some insurers may just utilize your pre-pregnancy information during the underwriting process. Depending on how far along you are, insurers may ask you to hold off applying until after the birth. If that happens, don’t get discouraged, it’s why we have a marketplace.

So when you apply for a policy, you’ll go through underwriting. Insurance companies are different, so some may require a medical exam, and others may just pull your medical records on file. In either case, it’s preferable to let the company you’re applying with know the status of your pregnancy so they can work with you in a better way.

Best time to get life insurance

The best time to purchase a life insurance policy is before you get pregnant. The second best time? As soon as possible. It’s advantageous for you to apply for life insurance during the first trimester, as it’s less likely you’ll experience pregnancy-related complications. Fewer complications might mean lower monthly payments (which is good for you).

The further along you are in a pregnancy, the more likely you are to experience complications. Common complications can include high blood pressure, gestational diabetes, infections, preeclampsia, and others. We aren’t trying to scare you, honestly. But the US isn’t terribly great at taking care of pregnant people.

Of 10 similarly wealthy countries, the US would rank last when it comes to maternal mortality rates. And the numbers are more grim for Black women, who are three times more likely to die from pregnancy-related causes than white women. It’s an unfortunate reality that pregnant people can experience complications from both internal and external sources. Again, we’re not trying to scare anyone. Instead, we bring all this up to say that, because of the prevalence of problems, it’s likely better for you to apply before anything nasty crops up.

Who should be the beneficiary?

A life insurance beneficiary is the person who receives the payout from a life insurance policy. If you’re a policyholder, you can name a person or persons as beneficiaries. You can also name organizations such as trusts, estates, or even charities if you want. Since our theme today is life insurance when pregnant, in thinking of a beneficiary, we can ask, “who is going to take care of my child?”

Whoever you want to take care of your child or children after your unfortunate death might be the best choice for a beneficiary. They can use the payout to better take care of your kid, and you, the policyholder, can feel confident knowing that your child’s needs will hopefully be taken care of after you’re gone.

Other considerations

Does pregnancy weight gain affect anything?

Some insurers will look at your pre-pregnancy weight during the underwriting process. Others may wait until after you’ve given birth to allow the application to go through. And some may use your then-current weight, even if you are pregnant, which can affect monthly payments. The important thing is to ask the insurance company how they look at pregnancy weight and plan accordingly.

Abstract graphic of the DIME method: Debt, income, mortgage and education.  The info is surrounded and grouped by a line that says: the general amount of coverage you need  Note: your coverage is calculated by combining these expenses for a more well-rounded idea of premium costs.

How much life insurance is good for a new parent?

There are a couple of ways to figure out the right amount of coverage. People think the most amount of coverage is the best option. But that’s not always the best idea. When it comes to coverage, think about your needs. If you want some money left to take care of funeral costs and set your children up to be taken care of, then get a policy that can do that. Another way to think about it is the DIME method (Debt, Income, Mortgage, Education). That’ll help come up with a ballpark total you can work with.

Conclusion

Whether this is your first child or you have multiple children, the best time to get a life insurance policy is as soon as possible. Getting a life insurance policy when you’re young and healthy could really work in your favor. So get out there, do your research, figure out your needs (and maybe some wants), and find the right policy for you. If you want, Wyshbox offers 100% digital and highly customizable term life policies. That means if you want to have coverage until your children become financially secure, then we can help you out. Click the link and check out our Wysh Builder process today!

The opinions we expressed in this post are for general informational purposes only and are not intended to provide specific advice or recommendations.
illustration of a man and woman holding hands
Insurance 101

What is a beneficiary? And other burning questions answered

5 things you must know before deciding who gets your life insurance money.

illustration of a man with computer screens flying around his head
Insurance 101

Insurance underwriting: what’s with all the questions?

An industry expert explains how insurers use data to guess how long you’ll live.

two breakfast plates with eggs and bacon making a smiley face.
Insurance 101

Stay-at-home parent? You’re worth more than you think

Joint life insurance could cover at-home responsibilities if the worst were to happen.