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Life insurance could be a great way to help protect your new child, whether you’re planning on getting pregnant or are already pregnant. While the best time to apply for the policy is beforehand, getting a policy while pregnant is almost as easy as getting one when not pregnant. This article will talk about how getting life insurance works, discuss the best time to buy your policy, and explore a few life insurance options for pregnant women.
People who get pregnant can still qualify for life insurance. Pregnancy is technically considered a medical condition by insurers, so you may pay higher premiums, but it will not necessarily impact your approval chances.1 Aflac can help you get life insurance while pregnant to help protect your new child when they arrive.
When getting life insurance, you will most likley have to disclose your pregnancy during the medical questionnaire and exam. If you apply for a no-exam policy, disclose your pregnancy on the application. If you don’t disclose your pregnancy, this could cause the insurer to deny your beneficiary’s claim if you pass away during the policy’s contestability period.
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 be in effect by the time the baby arrives. That way, you are not lacking coverage once the baby is born.
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 most competitive rate.
Don’t wait until it’s too late. Help cover yourself and your family with coverage from Aflac.
Some life insurance policy types to consider when you’re pregnant include:
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 will most likely have to renew it or get a new policy to continue coverage. Fortunately, premiums are typically reasonable compared to the death benefit.3 As a result, term life insurance can work well if you need to keep costs within your budget and only need coverage until your new child becomes an adult. Aflac offers term life insurance with various term lengths and death benefit amounts to fit most of your needs and budget.
A whole life insurance plan is permanent life insurance, meaning it can offer lifelong coverage and a cash value growth component.3 Premiums typically cost more than those for term life insurance. Each premium payment can help 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 can 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 can offer 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 may lower 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.
Guaranteed issue life insurance is a small permanent policy that doesn’t require a medical exam. Death benefits are small, but premiums are generally reasonable, and approval is typically guaranteed. A lack of a medical exam can make 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 will not provide the death benefit. Once the waiting period ends, coverage will begin. 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.
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 help protect your children in case your partner also passes away or you want more control over how the death benefit is used.
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 competitive rates and help 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.
1 Bankrate – Life Insurance While Pregnant. Updated July 15, 2024. https://www.bankrate.com/insurance/life-insurance/pregnancy/#can-you-get-life-insurance-while-pregnant. Accessed October 2, 2024.
2 Policygenius – Can you get life insurance while you’re pregnant? Updated May 21, 2024. https://www.policygenius.com/life-insurance/life-insurance-and-pregnancy/. Accessed October 2, 2024.
3 Forbes – Term vs. Whole Life Insurance: What’s the Difference? Updated August 21, 2024. https://www.forbes.com/advisor/life-insurance/comparing-term-life-vs-whole-life-insurance/. Accessed October 2, 2024.
4 Forbes – Whole Life vs. Universal Life Insurance. Updated April 19, 2023. https://www.forbes.com/advisor/life-insurance/whole-life-vs-universal-life-insurance/. Accessed October 2, 2024.
5 Moneygeek – What is Guaranteed Acceptance Life Insurance: Pros & Cons, Benefits and Whether You Should Buy. Updated September 26, 2024. https://www.moneygeek.com/insurance/life/types/guaranteed-acceptance/. Accessed October 2, 2024.
Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.
Aflac coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, Aflac coverage is underwritten by American Family Life Assurance Company of New York.
Aflac life plans - B61000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC18B61JWO & ICC18B61JTO. In Delaware, Policies B61JWO, B61JTO. B60000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Not available in Delaware. Q60000 series/Whole: In Arkansas & Delaware, Policy Q60100M. In Idaho, Policy Q60100MID. In Oklahoma, Policy Q60100MOK. Not available in Virginia. Q60000 series/Term: In Delaware, Policies Q60200CM. In Arkansas, Idaho, Oklahoma, Policies ICC18Q60200C, ICC18Q60300C, ICC18Q60400C. Not available in Virginia.
Aflac Final Expense insurance coverage is underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated and is administered by Aetna Life Insurance Company. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (Tier One NAIC 92908).
In AR, DE, ID, OK and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Aflac Final Expense policies are not available in New York.
Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY or VA. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations, and exclusions.
Aflac does not offer Universal or Variable Universal life insurance.
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Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, NY 12211
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