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Buying life insurance for pregnant women is essential and should be considered without any hesitation. However, one needs to be aware of certain factors for a smooth transaction.
For decades, life insurance has been a protection for our loved ones. When you buy life insurance, it works as a sort of safety net that offers financial assistance to your family in your absence. If the policyholder faces an untimely death, the policy pays an agreed-upon sum of money to the policyholder’s family.
Generally, people buy a life insurance policy for the safety of their loved ones, and what is more loved and precious for parents than a new life that is yet to be born? Expecting parents can relate to this happiness. That is why buying insurance for pregnant women makes a lot of sense.
If you are planning or expecting a baby, you should read this blog and find out more about buying life insurance during pregnancy.
Should I Buy Life Insurance During Pregnancy?
The right time to buy life insurance is early in one’s life. Often, couples buy life insurance after they get married or when they are planning to start their own family. But can you buy life insurance for a woman who is pregnant?
The answer is yes. Some insurance providers may not offer life insurance for pregnant women because of the added risk, but most insurance companies do. However, the premium for the life insurance plan can be a bit higher for the added risk.
Buying Life Insurance During Pregnancy? - Remember These Points
People should buy life insurance very early in life when they are young. This is because the premium amount at this stage is very low, and the policyholder stays covered from a young age. Newly married couples often buy life insurance before planning their family.
However, some people miss this opportunity and decide to purchase a life insurance policy during pregnancy. It is completely fine to purchase life insurance even at this time, but there are certain things to remember.
Life Insurance for Non-working Women
Many women decide to quit working after they become mothers. There is a belief that non-working people do not need insurance. However, that is not true. There are several pregnancy insurance benefits for a stay-at-home parent.
In case of an untimely demise of the homemaker, childcare, household chores, and other associated responsibilities fall to the other partner or spouse. Often, the family has to appoint a helper to take care of the responsibilities that may bring additional costs. Having financial assistance from life insurance can be a significant help in this regard.
Important Health Concerns
If you are pregnant and do not smoke, for instance, getting a life insurance plan will be easier for you. There could be more trouble getting life insurance where there are medical problems. Also, it is best to apply for a life insurance policy at the very early stages of pregnancy.
Do Not Hide Facts
While buying a life insurance policy, be honest with all the facts related to your health. If there is any existing medical condition, disclose it. The insurer can reject your life insurance coverage if you conceal your pregnancy or lie about any other medical condition. Even if you get the policy approved, any discovery of hidden facts about a pre-existing condition in the future can deprive you of your policy benefits.
