Life Insurance is a way to protect yourself and your family against any Financial loss resulting from your death.

While this is not a pleasant thing to think about, it is a reality that should be accounted for.  

Who Needs Life Insurance?

Proper life insurance preparation should be done in order to not just to replace a lost income but to protect the future needs of your business or your family.

Anyone with financial dependents or large amounts of outstanding debts should have life insurance to protect their loved ones in the event of their death. For others who are business owners, life insurance is important to protect your assets and your business. 

Individual and family needs

• Funeral:  provide the money necessary for your burial or funeral expenses.
• Estate taxes:  preserve the value of an existing estate by relying upon life insurance money to cover any federal estate or state inheritance taxes your beneficiaries might have to pay.
• Mortgage protection:  pay off the remaining balance of a mortgage or provide your family with an income stream adequate to pay monthly mortgage or rental payments.
• Income Replacement:  provide a supplemental form of income to make sure your family is able to maintain the same standard of living they have now.
• Debt:  cover any personal loans you might have, credit card debt, student loans, or other debt.
• Future education:  make sure that the educational costs for your children in the future are covered.
• Charitable donations or gifts:  create money to donate to a charity or give away to a family member.

Business needs

• Key employee protection:  protect against the potential Financial loss to your company is a key employee passes away unexpectedly.
• Business continuation:  create a buy-sell agreement plan so that your business can be transferred in the end after your retirement, disability, or death.
• Executive benefits:  create attractive benefits packages for certain employees by paying the premiums for their life insurance.
• Salary continuation:  give supplementary income to selected employees and their families in the event of the retirement, disability, or death of a key employee.

Whatever the reason you need life insurance, remember that your needs will change with time. As you get older you might reconsider your individual circumstances and what standard of living you need to maintain for dependents, if any, and how much money you might need to set aside giving your changing requirements.

Can You Get Life Insurance if You Are Pregnant

Absolutely. Life insurance companies will not turn you away because you are pregnant. In fact, in most cases, it doesn’t even change the rates you are offered. While pregnant, it won’t have any impact most of the time on the rates you are given. Hardly any company will make an issue out of this.

The main reason is that your costs are based on your health—specifically things that are going to decrease the longevity of your lifespan. These include heart diseases, smoking, diabetes, etc… Pregnancy does not fall under this category.

Can You Get Life Insurance Coverage for Your Baby if You’re Pregnant?

If you take out a life insurance Policy while pregnant, you can certainly find one that gives you a rider, or special feature, to add your children to the insurance policy you already have.

In these cases though, you must wait until the child is born in order to add them. They can typically get Coverage until they turn 18. Now, your coverage is probably going to be enough for them, but this is still something to consider.

How Much Coverage Do I Need?

In order to figure out how much coverage you need with your life insurance, start by gathering any important personal financial information that you have so that you can figure out your current income and your debts versus your assets.  

After that estimate what your burial cost will be and how much money your family or your business will need in your absence. As someone who is pregnant, you need to consider the number of years your unborn child will need coverage, and what the average costs of that coverage are for your area.

For example:

• If you are going to be the primary breadwinner, what coverage would your child need for full income replacement?
• If you plan to stay home with the child, how much money would your child need to cover a full time nanny and nurse during the early stages of development, versus child care once they get older?
• Will you set aside money for a private or public school?
• Will you need to integrate money for things like extra SAT prep when they get older, music lessons, clothes, books, etc…?
• Do you plan on setting aside money in the policy for college?

What Types of Life Insurance Policies Can I Get if I’m Pregnant?

There are generally two categories of life insurance from which to choose: permanent or term.

Permanent Life Insurance

Permanent life insurance includes universal and whole life insurance as well as other types of policies.  This type of life insurance coverage lasts your whole life (usually through age 101, 112, or 121).

Over time it will become the least expensive form of insurance because your premiums remain fixed and while at a younger age the premiums for a Term Policy could be viewed as more attractive, once you reach a certain age that will start to level out and then shift in your favor such that the older you are the less you will be paying by comparison.

These policies accumulate cash value on a tax-deferred basis which you can use while you are still alive.

This policy is designed to have a level premium with a guaranteed death benefit. It feels cash value that you can use to help meet any living needs like buying a house, funding your emergency situations, cover in college expenses, or adding to your retirement.

Universal life insurance is very similar because it does provide you with  continuous protection and cash value. It has the benefit of a death benefit flexibility so that you can change the policy to match your Changing Life circumstances. You can choose a level death benefit or an increasing death benefit.

These are different from whole life insurance policies in so far as they earn a current interest rate which is tied to the current economic condition. Additionally,  your premiums are paid by the cash value in many cases, deducted from how much you have made. This means that you can earn money to cover the whole of your premiums on a regular basis.

You should consider a permanent life insurance policy if:

• You have long-term financial needs
• You like flexibility with your premium payments and your death benefits
• You want a policy that accumulates tax-deferred cash value

Term Life Insurance

Term life insurance will protect years. you for a specific amount of time, ranging between one and thirty years. It will only pay out the death benefit if you pass away during that time. It is considered a temporary form of life insurance.

Short term, it gives you the greatest level of protection for the lowest premium possible. Therefore, if you are on a tight budget this can be a great, cost-effective solution. If you know that your financial responsibilities will decrease with time, it might also be a wonderful way to free up your funds.

One of the drawbacks to selecting a term policy is that you never get any of that money back unless you pick a Return of Premium policy or policy rider, and your coverage expires when the term does.

You should consider term coverage if:

• You have a temporary financial need
• You need large coverage on a tight budget
• You want to use it for specific business needs like executive benefits

How Much Will it Cost?

The cost of your life insurance policy, regardless of how far along you are in your pregnancy or if you are trying to become pregnant, is going to be based primarily on your age, gender, and health otherwise. It will also be based on a monthly rate for how much coverage you want and how long the policy is—either term wise or permanent.

As a healthy, pregnant female, your sample rates for the preferred health category are as follows:

How Do I Find the Best Rate?

Different companies charge different rates. So, you need to do some homework on the rates available, get quotes from many companies. Talk to a broker or third party to compare the rates based on your situation.

Give us a call today to speak to an independent life insurance agent who can help you compare life insurance policies from dozens of the best life insurance companies for pregnant women. 

They will work with you to determine how much coverage you need, what your budget is, and whether term or permanent is the solution. They can even work with you to discuss riders that can help get life insurance coverage for your children.

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