Can I Get Life Insurance While Pregnant? What to Expect

If you are pregnant (or planning to start a family soon), buying life insurance is about time. Life insurance is crucial in protecting your family’s financial future. As your family grows, so do your insurance needs. If something were to happen to you, life insurance will protect your family financially. Here are a few things to consider when shopping for life insurance after having a child in Canada.

Can I get approved for life insurance if I am having a child in Canada?

Yes, you can! Buying life insurance coverage during pregnancy is very common.

As long as your pregnancy progresses normally, it will not affect your health rating. This is particularly true if you apply early into your pregnancy.

When purchasing life insurance during pregnancy, it is essential to consider factors such as age, health history, and lifestyle choices, as these can influence life insurance rates.

While you may experience many physical changes during pregnancy, most will not have long-term health effects. As a result, insurers can offer you standard rates.

As a side note, the life insurance medical exam excludes pregnancy tests. The examiner will ask you if you are expecting a baby, and, of course, you must answer truthfully.

Your pregnancy by itself does not impact your health rating. Instead, the potential health complications related to pregnancy could affect your life insurance rates.

Regular health changes that will not affect the approval

When applying for coverage, you must take a medical exam. From your test results, your insurer will determine your insurability and premiums. This exam is similar to a routine health checkup, requiring a blood and urine sample. Your blood pressure and pulse will also be measured. Furthermore, the technician will use your weight and height to calculate your body mass index.

If you are pregnant, you may be worried about how pregnancy-related changes will affect your test results. Fortunately, if your pregnancy is progressing normally, it will not affect your ability to get life insurance coverage.

Here is the list of health changes that insurers consider normal during pregnancy.

Weight Gain

We get it. When you are pregnant, you gain weight. This is not something you should worry about when applying for coverage. Insurance companies make adjustments for the average weight gained during pregnancy.

As long as your weight gain is within the normal range, it will not affect your insurability. To help underwriters understand how much weight you have put on, be ready to share your pre-pregnancy weight.

Blood Composition

Blood composition changes in pregnancy. Recording higher cholesterol levels and lower levels of protein and globulin is normal. You are also likely to see a drop in your iron and hemoglobin levels.

Unless you had any of these issues before pregnancy, your insurance company will view these bodily changes as expected. Consequently, they will not impact your health rating.

Innocent Heart Murmur

During pregnancy, a woman’s body makes more blood. The excess blood flowing through the heart can cause murmurs. These heart murmurs are harmless and typically go away after pregnancy. So they are rightly called “innocent heart murmurs.”

Insurers consider innocent heart murmurs as regular changes during pregnancy. This means they will not affect your chances of getting coverage.

Pregnancy-related complications that might postpone approval

Some pregnancy-related conditions may temporarily affect your insurability. If you have any of these, most insurers will postpone offering you a life insurance policy until after giving birth.

Here are some conditions that may deter life insurance companies from insuring you during pregnancy:

Gestational Diabetes

Gestational diabetes is diabetes that occurs during pregnancy. It is a short-term condition but can put you at a higher risk for several health conditions. These include premature delivery, miscarriage, and pre-eclampsia, among others. The good news is gestational diabetes generally goes away after childbirth. However, it does increase your chances of developing diabetes later on in life.

Most insurers will not issue a policy to a pregnant woman with gestational diabetes. Instead, they will likely postpone offering to converge until a few weeks post-delivery.

Pre-eclampsia

Pre-eclampsia is characterized by high blood pressure and protein in your pregnancy. It is a potentially dangerous condition for both the mother and the baby. If you develop this condition during pregnancy, insurers will put your application on hold until you have had the baby.

How Pregnancy Affects Life Insurance Premiums

Pregnancy can have a significant impact on life insurance premiums. Insurance companies often view pregnancy as a temporary condition that can increase the risk of health complications. As a result, life insurance fees may be higher for pregnant women, especially if they have a history of pregnancy-related complications or pre-existing medical conditions.

However, it’s important to note that not all life insurance companies treat pregnancy similarly. Some may view pregnancy as low-risk and offer more competitive premiums, while others may be more cautious and charge higher rates.

To minimize the impact of pregnancy on life insurance premiums, consider the following tips:

• Apply Early: Applying for a life insurance policy early in your pregnancy, when the risk of complications is lower, can help you secure better rates.
• Choose the Right Insurer: Look for a life insurance provider that has a favorable view of pregnancy and offers competitive premiums.
• Disclose Health Information: Be honest about any pre-existing medical conditions or pregnancy-related complications to ensure accurate underwriting.
• Consider Term Life Insurance: Term life insurance is often more affordable than whole life insurance and can provide the necessary coverage during the early years of parenthood.

By taking these steps, you can help ensure your life insurance fees remain manageable during pregnancy.

Choosing the Right Life Insurance Coverage

Choosing the right life insurance coverage is crucial for pregnant women, as it provides financial security for their loved ones in the event of their passing. Here are some factors to consider when selecting life insurance coverage:

• Term Life Insurance: This type of coverage protects for a specified period, usually 10-30 years. It’s often more affordable than whole life insurance. It can be a good option for pregnant women who want to ensure their family’s financial security during the early years of parenthood.
• Whole Life Insurance: This type of coverage provides lifetime protection and can accumulate a cash value over time. While it’s more expensive than term life insurance, it offers a guaranteed death benefit and cash value.
• Variable Life Insurance: This type of coverage allows policyholders to invest their cash value in various investments, such as stocks or mutual funds. It’s more expensive than term life insurance but offers the potential for higher returns.

Pregnant women should consider their family’s financial needs, income replacement needs, and budget when choosing life insurance coverage. Working with a licensed insurance professional can help navigate the complex world of life insurance and ensure the right coverage is selected.

Should I tell my life insurance company if I have a child in Canada?

Pregnant women who are shopping around for a life insurance policy must tell the insurers they are having a child. As we mentioned earlier, your medical test does not include a pregnancy test, but the medical examiner will ask you if you are pregnant. You should answer all the questions on your application honestly.

Lying on your application is considered life insurance fraud. Consequently, the insurer can reduce the death benefit or deny the claim should you die.

However, if you conceive and already have life insurance, you do not have to inform your insurance carrier.

When should I apply for life insurance if I am having a child in Canada?

The sooner into your pregnancy you apply, the better for your financial protection. Applying early gives you the best chance to receive low rates. But you can shop for coverage anytime before, during, or after.

Before Pregnancy

If you plan to have a child soon, you may want to consider buying coverage before becoming pregnant. Since life insurance increases by 8% to 10% on average for every year of age, you will benefit from locking in low rates now that last you several decades.

Buying coverage before pregnancy helps you receive the best rates. It also ensures your family will be provided for should you die due to pregnancy-related complications.

During Pregnancy

If you are pregnant and want coverage, the sooner you apply for coverage, the better your chances of getting affordable rates. Most insurers will increase your premiums or postpone your application if you are close to childbirth.

If you received higher rates owing to pregnancy-related complications, you may be able to retake the medical test one or two years down the line. If the new test results are better than the previous one, the insurer will adjust your rates. (If they are not, your premiums will remain unchanged.)

After Pregnancy

If you cannot get a life insurance policy during pregnancy, the best time to reapply is 30-40 days after childbirth. By this time, you will likely lose some of the weight you gained during pregnancy. Also, by now, complications related to pregnancy, like high cholesterol, should be resolved.

That said, gestational diabetes and postpartum depression can increase your rates for the next few years. An independent life insurance broker, like Dundas Life, can help you find a more accommodating provider with such diagnoses.

Planning to be a stay-at-home parent? You should still consider coverage

Many people think that only the family’s primary earner needs life insurance. That, however, is not the case. The death of a stay-at-home parent is not only equally devastating but also impacts the family financially. Consider the services the stay-at-home parent provides for free. Should they be no longer there, the surviving spouse will have to pay for daycare, hire a caretaker, or take time off work.

This is where a life insurance policy for a stay-at-home parent can come in. It provides the surviving spouse with money to cover all jobs the stay-at-home parent provides for free.

This brings us to another question: How much coverage should a stay-at-home parent get?

There is no single objective answer to this question because every family is unique. The general rule of thumb is to get to a 15- to 20-year policy with enough death benefits to cover childcare and housekeeping costs. A 15- to 20-year term policy is usually satisfactory because your children will be fully grown by this time.

Should you name your child as a life insurance beneficiary in Canada?

You can name a minor as a beneficiary, but it is not advisable.

Should you pass away while your child is underage, a court will place the money in a trust. The court will also appoint someone to take care of the funds for your child until they are of age. This process could involve unnecessary legal costs. Plus, the funds may be placed in the care of someone you may not have wanted in that position.

The best way to ensure your kid’s payout benefits is to name your spouse or partner as the policy beneficiary. Alternatively, you can appoint a legal guardian for your child and name them as a beneficiary. Another option is to create a trust and name it your policy beneficiary. The custodian of the trust, appointed by you, will hold on to the funds until your child reaches maturity.

If you plan to have a child in Canada, you need a more life insurance policy than ever. You can buy a policy now if you are pregnant and did not get coverage earlier. You can expect the same health rating as before by applying early into your pregnancy. If you are closer to childbirth or have developed a pregnancy-related complication, you may have to wait until after birth. Whatever your situation, you can count on Dundas Life to help you find the right coverage at the right price.

Martin is an expert in building consumer-facing companies. He is passionate about simplifying the life insurance buying process.

Postpartum Insurance Needs

After giving birth, a woman’s insurance needs may change. Here are some factors to consider:

• Increased Income Replacement Needs: With a new baby, families may need to increase their income replacement needs to ensure their loved ones are financially secure.
• Changes in Lifestyle: New parents may need to adjust their lifestyle to accommodate their new baby, which can impact their insurance needs.
• Changes in Health: Pregnancy and childbirth can impact a woman’s health, affecting her insurance needs.

To ensure adequate insurance coverage, new mothers should:

• Review Their Policy: Ensure that their life insurance policy provides sufficient coverage for their loved ones.
• Increase Coverage Amount: Consider increasing coverage to account for new expenses, such as childcare costs.
• Add Critical Illness Rider: Consider adding a rider for critical illness coverage to protect against unexpected medical expenses.
• Ensure Financial Security: Review the policy to ensure adequate financial security for their loved ones.

By understanding how pregnancy affects life insurance fees, choosing the right life insurance coverage, and reviewing postpartum insurance needs, pregnant women can ensure their loved ones are financially secure and protected.