Life Insurance While Pregnant

When you should get life insurance while pregnant

The best time to get life insurance is before you get pregnant. Insurers may, but not always, offer lower premiums since they consider pregnancy a health condition for underwriting purposes.

If you are already pregnant, getting life insurance during the first trimester can help ensure your coverage is approved and ready to go by the time the baby arrives. That way, you are not lacking coverage once the baby is born.

How pregnancy can affect your life insurance premiums

Your premiums typically will not increase if you get pregnant after getting a life insurance policy. Getting a life insurance policy after you become pregnant does not always result in higher premiums. However, complications or signs of a high-risk pregnancy may result in higher premiums.² Therefore, shopping around is vital. It allows you to compare insurance rates so you can get the lowest coverage.

Types of life insurance to consider if you’re pregnant

Some life insurance policy types to consider when you’re pregnant include:

Term life insurance

A term life insurance can cover you for a period that normally ranges from 10 to 30 years. With this policy, you get to choose the term length. If the policy expires, you must renew it or get a new policy to continue coverage. Fortunately, premiums are typically low compared to the death benefit.³ As a result, term life insurance can work well if you need to keep costs low and only need coverage until your new child becomes an adult. Aflac offers term life insurance with various term lengths and death benefit sizes to fit most of your needs and budget.

Whole life insurance

A whole life insurance plan is permanent life insurance, meaning it offers lifelong coverage and a cash value growth component.³ Premiums typically cost more than those for term life insurance. Each premium payment helps grow the cash value, which grows tax-deferred at fixed interest. Once you accumulate enough cash value, you can borrow against it or withdraw from it. You get your cash value minus surrender charges if you surrender your policy. Aflac’s whole life insurance could help you protect your new family member for your lifetime and build wealth you can use to reach your long-term goals.

Universal life insurance

Universal life insurance offers lifelong coverage and cash value, like whole life insurance, but premiums tend to cost less.⁴ Plus, you can change your premiums and death benefit within specific limits.

Reducing your premiums lowers your death benefit. On the other hand, raising your death benefit can increase your premiums. This flexibility can be helpful during and after pregnancy. If you run into financial worries as your child grows, you can reduce your premiums as necessary. Then, if your long-term goals and obligations increase, you can pay more to increase your death benefit. Aflac does not offer universal life insurance.

Guaranteed issue life insurance

Guaranteed issue life insurance is a small permanent policy that doesn’t require a medical exam. Death benefits are small, but premiums are generally low, and approval is typically guaranteed. A lack of medical exam makes the process take less time, helping you get coverage for your new child right away. Guaranteed issue life insurance also comes with cash value that works the same way as traditional whole life insurance.

Many guaranteed issue life insurance policies have two to three-year waiting periods when coverage is not active.⁵ In the event that you pass during the waiting period, the insurer may refund premiums to your beneficiaries, but not the death benefit. Once the waiting period ends, coverage kicks in. If you need a smaller policy and want to skip the medical exam, Aflac may be able to help you get a guaranteed issue life insurance policy.

Who should I designate as my beneficiaries if I’m pregnant?

Many pregnant people name their partners as beneficiaries. That way, their partner can use the funds to cover living expenses and care for the child if the policyholder passes away. There are ways to name children as beneficiaries, but there are legal complications that prevent you from doing this directly.¹ Instead, you may use an irrevocable life insurance trust (ILIT) and name your children as the trust’s beneficiaries. Doing this can protect your children in case your partner also passes away or you want more control over how the death benefit is used.

Get a life insurance quote

If you plan on starting a family or having another child, the best time to get life insurance is before pregnancy. This will allow you to lock in lower premiums and ensure you have coverage when your child is born.

However, pregnant people can get life insurance almost as easily as people who aren’t pregnant. If you’re already pregnant, it’s important to shop around and disclose your pregnancy during the questionnaire or exam.

Aflac offers several excellent life insurance policies for women who are or plan to become pregnant. Chat with an agent today to explore your life insurance options and get a quote.