It’s an unfortunate truth in our country that far too few young people consider life insurance before starting a family. Financial planning, in most cases, should begin before the wedding even happens. Unfortunately, most young people have busy lifestyles – with work, friends, extended families, and other responsibilities all taking up the bulk of their time.
The reality is that having life insurance coverage is extremely important and should be part of anyone’s financial portfolio, especially if you or your spouse is planning on getting pregnant anytime soon. Pregnancy can have an impact on life insurance rates, so if you or your spouse plan on becoming pregnant in the near future, you might want to consider a policy. To learn more about how pregnancy can affect life insurance rates, continue reading below.
Why Do You Need To Insure So Early?
Statistics that show average life expectancies reveal that a small percentage of Americans will die before they reach age 30. The mortality tables show that people in their 20s are expected to live long, healthy lives. Because of this, life insurance companies reward this group with lower life insurance rates.
Insurance Risks With Pregnancy
Sicknesses, injuries, and other health conditions accumulate with age. Life insurance companies view the risk of death as the primary factor in determining rates.
Pregnancy, as you are probably aware, comes with certain risks. Because of this, pregnancy is often viewed as an “uninsurable risk.” Complications that could arise during pregnancy include gestational diabetes (which usually disappears upon childbirth) and other risk factors. Once pregnant, women may find it difficult to find a life insurance policy and therefore must wait until after the child is born.
Often times, there are after effects of pregnancy that could also have a lasting effect on insurance premiums. These include type I and type II diabetes, preeclampsia, and excess weight gain. If you apply for life insurance immediately after conceiving, you might run into trouble getting rates that you otherwise would have gotten before getting pregnant.
Like stated above, many insurance companies view pregnant women has uninsurable. The good news is that many life insurance companies also welcome pregnant women with open arms. If you find an insurance company that won’t insure you, just move on – plenty of other companies will!
Lower Premiums For The Young
Across all types of life insurance, people in their twenties can expect to pay the least amount for premiums. Young adults have a whole lifetime of premium payments in front of them, so insurers view them as a low risk “investment.” To “lock in” low premium rates for life, it’s better to buy life insurance sooner rather than later.
Accidents are the primary cause of death for people under age 50. Should an unfortunate accident occur to you or your loved one, life insurance benefits can be used to replace lost wages. Too many young people lived without life insurance because they think accidents will never happen. While the likelihood that a fatal accident occurs is slim, it’s still better to be safe than sorry.
Getting Insurance Before Pregnancy
Thanks to advancements in modern medicine, few women die during childbirth. Life insurance policies purchased before pregnancy, therefore, will hopefully offer nothing but peace of mind.
In the event the life insurance benefit is needed, these proceeds can prove to be very important. A young father left behind to raise a child will require time to adjust and will also require funds to prevent financial hardship. Life insurance can make sure that the child gets proper care and the father gets the support he needs. The life insurance benefits can also be used to pay for childcare or other specialized care the child may require.
Financial disasters can more than likely be prevented by planning ahead. Young couples should consider buying a life insurance policy for at least the breadwinner of the family. If you are planning on getting pregnant sometime soon, life insurance only becomes that much more important. Financial advisers and life insurance agents can provide guidance for when the couple should make their life insurance purchase.
To start getting quotes from different providers, enter your zip code at the top of this page. Whether you are pregnant or not, Life Ant will help connect you to the life insurance you need.