As exciting as a pregnancy can be, it definitely comes with a lot of questions. From a financial perspective, one of those might be whether you'll qualify for life insurance if you apply while you're pregnant. If you're currently in this situation, here's what you need to know about life insurance and pregnancy.
Can you qualify for life insurance when You're pregnant?
The short answer is yes. Most pregnant applicants should still be able to qualify for a great term life insurance policy. However, as with all changes in your medical condition, your eligibility will depend on various important factors that could change the outcome.
Potential roadblocks to receiving coverage
Some aspects of pregnancy may cause some applicants to be charged higher premiums or possibly be denied altogether. Here are a few important ones to consider.
The stage of pregnancy
The number of months you've been pregnant will be a significant consideration to the life insurance company. Generally speaking, those in the first or second trimester will experience fewer challenges than those in their third.
Life insurance is based on a large variety of personal attributes. Like it or not, a person's weight is part of this equation because research has demonstrated that people who are overweight are more likely to develop a disease such as diabetes or heart disease that could shorten their life expectancy.
Biologically, a woman's body size will grow considerably during pregnancy. Even though this is only temporary, the insurance company will still calculate the premiums based on the weight listed at the time of application. The insurance company may perceive this as an increased risk.
In some extreme cases, pregnant women can develop high-risk factors such as diabetes or high blood pressure. Again, even though these conditions may only be temporary and eventually return to normal after the pregnancy, they still could be viewed as negative risk factors and impact the applicant's chances of qualifying for coverage.
For these reasons, many experts often recommend waiting until you've delivered your baby to apply for life insurance. This lets your health return to normal, putting you in the best possible position to get a policy at a reasonable rate.
If you are approved for the life insurance policy during pregnancy, most will allow you to retake your medical exam one to two years later. If the new results are more favorable, they may reduce your premiums.
What if I'm turned down?
If you need life insurance immediately or have been turned down for any of the reasons mentioned above, you still have options. One of them is to consider purchasing guaranteed issue life insurance. This policy doesn't require any medical exams or health screenings.
You'll receive automatic coverage as long as you can pay the premiums. However, bear in mind that the cost of a policy without a medical exam will be much higher than traditional term life insurance.
The bottom line
While it's possible to qualify for life insurance while pregnant, there may still be some challenges. The life insurance company will consider factors such as the stage of pregnancy, your weight, and any newly developed medical risks.
For these reasons, it's recommended that most people who are several months into their pregnancy wait until after birth to apply. Don't forget that even if you are denied coverage, you could always opt for a policy that doesn't require medical screening, such as guaranteed issue life insurance.
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