Obtaining life insurance is one of the most important decisions an individual can make. Especially when you are in a situation where your family is growing in the near future. Protection around your financial assets and ensuring your family is provided for in the case of a death is essential.
Keeping that in mind, it’s important to understand how high-risk life insurance really works. As an agent, I often get a very common question that I wanted to address. Can you get life insurance while pregnant? With years of experiencing in life insurance and handling many high-risk cases, here is what I can tell you.
So, can you get life insurance while pregnant? Yes, you can get life insurance while pregnant. Factors the life insurance company will consider during the process will include your current trimester, how many pregnancies you have had in the past and if you have any other existing medical conditions.
These are only the basics to understand when applying for life insurance while pregnant. We need to cover some other aspects of the application and underwriting process to give you a full understanding.
If you stick around for just a minute or two, we will cover everything you need to know applying for life insurance while being pregnant and the impact it may have on your rates.
Purchasing Life Insurance During Pregnancy and What to Expect
When you apply for life insurance during pregnancy, there are a few things you need to know. First, the life insurance company will consider a few factors when underwriting your case, determining your eligibility and ultimately deciding what price you will pay.
During this process, one of the most significant factors that they consider is what trimester you are currently in. When applying for life insurance while pregnant, it’s usually much more beneficial to apply as early as possible, but we understand that it doesn’t always go like this for you.
Sometimes we don’t know that we need the coverage or had other priorities to take care of first and that’s perfectly understandable.
Nonetheless, the further along you are especially if you are in your final trimester of pregnancy, will cause the life insurance company to look at your case a little more carefully.
In most circumstances, you will still get approved for the life insurance without issue, but as far as obtaining the cheapest possible rates, that’s usually reserved for individuals in their first trimester and the very early stages of the pregnancy.
This isn’t necessarily to single you out and charge more for your coverage, but it’s a well-known fact that the later in the pregnancy you are, the more health complications that may arise.
Past Pregnancies and Approvals for Life Insurance
In addition to what trimester you are currently in, it’s also essential to the life insurance companies how previous pregnancies went for you. They may be curious about health concerns such as the following.
Approvals and Outcomes for Life Insurance According to Your History
Now, don’t be alarmed. Even if you have had some of these circumstances take place doesn’t mean you are going to be declined for life insurance coverage altogether. You still have a very high likelihood of being approved, but your rate be impacted depending on the answer you provide.
Health conditions such as gestational diabetes is well known to be temporary conditions that likely will only surface during the pregnancy itself, and the life insurance companies are aware of this.
However, if the condition is mishandled or not taken seriously, it can cause other health concerns that can be more alarming to the life insurance companies, and that would ultimately impact the rates you will receive.
All Companies Are Different During Pregnancy Approving Life Insurance
It’s also imperative that you understand that shopping only one life insurance company or even working with a Captive Insurance Agent is a huge mistake in a situation like this. You see, some life insurance companies are harsher for certain health condition than other companies will be.
If you work with an independent life insurance agent, it’s possible to have all the options on the table, and you can count on us to find you the lowest reasonable rate. If you have gestational diabetes during your pregnancy, no problem, we can handle that situation for you without an issue.
“Jake” from State Farm, however, doesn’t have the same leverage we do. If his underwriters don’t like the state of health that you are currently in, you will either be declined life insurance coverage, postponed until the pregnancy is complete or forced to take the rate that they are offering.
You have no wiggle room and nothing you can do when you put yourself in this situation. Work with an independent agency only when shopping for life insurance during pregnancy. You won’t regret it.
Obtaining Life Insurance Before or After Pregnancy. It’s Always an Option
I know. You’re pregnant, and you would have concerns about your baby’s future if something god forbid did happen. If you’re currently pregnant now you may not be willing to wait until after the pregnancy to gain life insurance coverage and that’s perfectly fine.
Whatever allows you to rest more peacefully at night is the name of the game. However, waiting until after pregnancy can potentially save you some money. If you don’t have any other medical conditions that are looming in your health history, you won’t be viewed as a high-risk anymore once the pregnancy is complete.
Another route you can take is to do both forms of applying for life insurance coverage. Go ahead and apply while pregnant and get the best rate you possibly can by working with an independent agent. Now, you are covered, and your spouse and baby are covered if something god forbid does happen.
However, this is where it gets very beneficial for you. Once your pregnancy is complete, suck it up and complete the medical exam again. You can lower your rate and remove the substandard health rating you may have been given during the pregnancy.
At this point, you are replacing the old policy with higher rates with the new policy at lower rates. You had coverage the entire time, and you get to reap the benefits of both situations. It’s a win-win in my book, and I highly recommend taking this path for the best results.
Before Pregnancy, Get Yourself Some Life Insurance Coverage
So, we now know that you can apparently get life insurance coverage during and after the pregnancy but what about taking care of things before the issue ever even becomes an issue? Applying for life insurance before your pregnant Is probably the best-case scenario for everyone.
You have no prior pregnancy issue for the company to consider and you don’t have to worry about things like gestational diabetes and weight gain getting involved with your approval process.
Listen, in most circumstances, pregnancy or applying for life insurance coverage while pregnant isn’t going to have significant impacts on your life insurance. Don’t be worried about going through the process.
We merely want to point out that applying before pregnancy just eliminates any potential issue altogether. Planning ahead is always going to be a much better situation for you and your checkbook each month, but you would still be surprised how great your rates may be pregnant or not.
Making Sure We Target the Lowest Rates While Pregnant
Now, we have covered applying during, before and after pregnancy for your life insurance coverage. If we are going with the path of asking during pregnancy, here are a few tips you can use to make sure it plays out very favorable for you. Of course, other factors still apply.
These factors can undoubtedly impact your rates and approval chances but following these guidelines will always be your best bet. Other factors to consider whether you are pregnant or not can come down to factors such as age, prior history including family history and tobacco use.
What You Can Expect During Pregnancy. The Process
Whether you are pregnant or not, nothing really changes. The application stays very straightforward. You can speak to an agent over the phone and apply for your coverage in roughly 10 minutes. You will provide your agent with your necessary information and answer health-related questions.
Always be honest, detailed and complete with your answers. After this process, you will need to complete the life insurance medical exam. If you are pregnant, I highly doubt this will be a concern for you. It’s quick, easy and nothing to worry about.
A registered nurse will simply stop at your home, place of work or wherever you choose and complete the exam. It doesn’t take long, and it’s paid for by the life insurance company. Nothing will come out of your pocket for this exam. During the exam, you can expect the following to occur.
The Underwriting Process for Life Insurance During Pregnancy
After you have completed, the initial application and the medical exam the life insurance company underwriters will begin reviewing your case and checking for accuracy.
This can include checking your prescription report through an electronic database, verifying medical records and possibly digging into your history with prior pregnancies if you have had any.
Once this is complete which can take anywhere from 1-8 weeks, they will issue your approval or declined application and allow you to begin making premiums and your coverage will be active, in force and your family will be adequately protected.
The Rates and Pricing to Expect for Life Insurance During Pregnancy
Like we said before, your rates shouldn’t be too much impacted by your pregnancy. In fact, if you are deemed healthy, you have a slight chance of achieving a preferred rate which is the best rate you can make in the life insurance world.
In most situations, however, you are likely to receive what’s known as a standard rating or even a few ratings below this which are known as substandard life insurance rates. All this means is they believe you do carry a small risk but will still approve your policy.
If this is the case, follow our advice. Take the life insurance coverage and once your pregnancy is complete, simply reapply after you have your beautiful baby and get your rates lowered. Using this method will ensure you are covered before, after and during.
Sure, it may cost a few extra bucks, but it’s the best way to always make sure your family is protected which is what life insurance is ultimately all about, isn’t it?
The Possibility of Other Issues Impacting Your Life Insurance Rates
You do need to understand that your baby isn’t the only thing that may be impacting your life insurance rates. Situations can inevitably pop up that are going to impact your rates that are entirely non-related to the pregnancy itself.
You may have some of the following issues previously or currently that were diagnosed before the pregnancy.
Family History of:
This is just to name a few, but I think you get the point. Your pregnancy matters but in the grand scheme of things, everything matters and potentially can impact the overall rates you receive for life insurance.
This way it’s important always to be up-front and honest with your agent. It’s the best practice and always has been.
To Achieve the Best Rates and Approval No Matter What
If you are ready to get started, we always recommend working with a company such as Good Life Protection. We have handled thousands of cases of individuals going through pregnancy and have access to 50 plus life insurance companies that everyone knows and trust.
It’s always going to ensure you have the best chance at approvals at rates you will be pleased with.
You can’t go wrong taking this approach. So, what are you waiting for? To get started, be sure to fill out the instant quote form on the right to view rates and companies you may want to work with. Let the best price and company be the choice you make. We are always here to help.
Josh Martin is the founder of Good Life Protection. He began his career as a captive Agent working for New York Life Insurance Company. After continued education and designations, Josh founded Good Life Protection to provide consumers with more options and insurance that truly fits into your budget and health classification.