If you’re planning on having children, you may already know that life insurance is a necessity. But when should you buy a policy, or at least begin looking for one? If you’re a woman planning on starting a family in the near future, you should consider buying life insurance before you get pregnant. Pregnancy itself is not a barrier to life insurance, but it can limit your options for more affordable rates.
In a piece in Forbes magazine, Carrie Sloan, editor-in-chief of LifeVest, a financial education website, recounted the difficulties she encountered while shopping for life insurance after becoming pregnant. Because her cholesterol levels were high after a medical exam — a perfectly normal occurrence during pregnancy — the quote that she had originally gotten for what she believed to be an affordable term life insurance policy had quadrupled.
“After doing some research,” Sloan writes, “I found that it’s nearly always better to get a life insurance policy before you get pregnant to avoid potential price hikes brought on by temporary conditions during pregnancy […] Factors like higher blood pressure or postpartum depression can also affect your ability to get the best rates.”
Even if you don’t have any cardiovascular issues, some life insurance companies may be still wary to offer a pregnant woman a less expensive policy. Conditions like gestational diabetes and excessive weight gain can cause long-term issues that may hinder your ability to get a cheaper life insurance rate even after you have given birth.
While you’re in the early stages of family planning, it is in your best interest to secure a life insurance policy. For an instant term life insurance quote, explore our website to see which option is best for you and your family.