As we consider adding to our families, inevitably our thoughts go to protecting the new little being. Protection includes products such as car seats and baby monitors, but it also includes financial protection in the case of a tragic event.
As hard as it is to let our thoughts go to a dark place, it’s essential to ensure that our children (and partners) are protected with Life Insurance. Life Insurance provides financially for your loved ones in the event of premature death. It’s not a pleasant situation to think about, but it’s a reality of life and a part of preparing to be a parent.
The sooner into your pregnancy you apply for Life Insurance, the better. Applying early gives you the best options for low rates. But, if you get sidetracked with baby-proofing your home, and the months have flown by, you can shop for coverage anytime before, during or after pregnancy.
If you are planning to have a child in the near future, you should consider buying Insurance coverage before becoming pregnant. Since Life Insurance rates increase by 8% to 10% (on average) for every year you age, there is a huge benefit for locking in low rates at a younger age that last several decades.
If you are pregnant and want coverage, it’s best to apply as early in your pregnancy as possible. Most Insurers will either increase your premiums or postpone your application if you are close to childbirth.
If you received higher rates because of pregnancy-related complications, you may be able to retake the medical test one or two years down the line. If the new test results are better than the previous one, the Insurer will adjust your rates.
If you did not get a Life Insurance policy in place during pregnancy, you should apply as soon as possible. It’s easy to get distracted by all the new-parent demands, so get this important item off your list!
And, if you were denied coverage during pregnancy, the best time to re-apply is 30-40 days after childbirth. By this time, complications related to pregnancy, like high cholesterol, which may have impacted your application should be resolved.
However, conditions such as gestational diabetes and postpartum depression can increase your rates for the next few years. An independent Life Insurance broker, like iClick Financial Services, can help you find a provider that is more accommodating with such diagnoses.
Click here to see a full check list of important items you should get off your list before you start shopping for car seats