Pregnancy is a time of incredible anticipation and planning, but it also comes with added financial responsibility. While you are busy prepping for a new arrival, purchasing life insurance ensures your family will be financially secure, no matter what the future holds.
However, getting life insurance for pregnant women comes with a unique set of questions. Will pregnancy affect your rates? What if you develop complications? When is the best time to apply? This guide provides clear, expert answers to help you navigate the process with confidence.
Should Pregnant Women Get Life Insurance?
Life insurance gives your family financial security if you die unexpectedly. For pregnant women, having life insurance set up is particularly important. It ensures that your family will be provided for if you unfortunately pass away during pregnancy or childbirth. The payout could cover costs like:
- Medical bills from pregnancy and delivery
- Debts like mortgages, car loans, and credit cards
- Childcare and raising children
- College education for your kids
- Daily living expenses and maintaining your family’s lifestyle
- Funeral and burial expenses
Without adequate life insurance, the unexpected loss of the primary income earner could be financially devastating for the remaining family members. A life insurance policy provides a safety net to alleviate this hardship.
When Pregnant Women Need Life Insurance
Timing is everything when it comes to life insurance, especially during pregnancy. Here are some key times when coverage is essential:
- Before or early in pregnancy: Applying early means lower premiums and a better choice of insurers. Rates and eligibility can become less favourable later in pregnancy.
- After a positive pregnancy test: Once pregnant, having life insurance secured right away provides immediate protection. Don’t wait until later.
- When assuming significant financial obligations: If you recently purchased a home, have high debts, or are the primary income earner, apply for life insurance when pregnant before taking on these commitments.
- Any pregnancy complications: High-risk pregnancies may make getting insured more difficult. Apply immediately in case complications escalate.
- Before maternity leave: Having coverage before taking unpaid maternity leave ensures your family has protection when you’re not earning an income.
Why Now? The Advantage of Applying Early
While you can apply at any point during your pregnancy, applying earlier is almost always better. Here’s why:
- Lock in Lower Premiums: Life insurance rates are primarily based on age and health. Applying before you conceive or in the first trimester means you’re younger and less likely to have developed pregnancy-related health issues, securing you the best possible rate for decades to come.
- Secure Your Insurability: A healthy pregnancy today doesn’t guarantee you won’t develop a condition later that could make insurance more expensive or harder to get. Securing a policy early locks in your good health status.
- Streamlined Underwriting: Applying in the first or early second trimester is often the smoothest path. Insurers view this period as lower risk, and normal weight gain is easily accounted for. Applications in the late third trimester are more likely to be postponed until after delivery.
Securing life insurance when you first find out you are pregnant provides peace of mind, knowing your growing family is protected right from the start.
Types of Life Insurance for Pregnant Women
When evaluating life insurance for pregnant women, several main policy types expecting mothers can consider purchasing. The key options include:
Term Life Insurance
Term life insurance is the most popular and affordable choice for young families, providing valuable protection for 10 to 30 years. This is suitable for pregnant women wanting life insurance coverage when their children are young and still financially dependent. Term life can cover important financial obligations that come with having kids, like daycare costs, schooling, and college education.
Since term life insurance policies expire after the specified term length, premiums are significantly lower than permanent life insurance.
Whole Life Insurance
Unlike term life insurance policies, whole life insurance offers permanent lifetime protection that never expires. It also accumulates cash value, which is the policy’s savings component that grows on a tax-deferred basis over time. Policyholders can borrow or withdraw from the cash value if needed through policy loans and withdrawals.
The guaranteed death benefit, predictable lifelong premiums, and potential to build cash value make whole life insurance an appealing permanent coverage choice for some pregnant women who want life insurance beyond the child-raising years. However, whole life insurance premiums are typically more expensive than term life insurance premiums.
Universal Life Insurance
Universal life insurance combines life coverage with an investment account. The account’s cash value, and sometimes the death benefit, may increase or decrease depending on the investments you choose and their returns. Pregnant women who choose universal life insurance can alter their premium payments and death benefit amounts up or down over time in response to changing financial circumstances and needs.
No Medical Exam Life Insurance
Some life insurance companies offer simplified-issued or guaranteed-issued policies for pregnant women who do not require medical tests or exams to qualify. This can be an advantage for certain pregnant women who want to avoid hassles and quickly get basic life insurance coverage.
However, no-medical-exam life insurance policies often have higher premiums and lower coverage limits than medically underwritten policies. No-exam life insurers rely more heavily on health questionnaires and existing medical records rather than actual exam results to assess applicants.
Essential Add-Ons: Riders to Enhance Your Coverage
Riders are optional additions that customize your policy. For expecting parents, the child term rider is particularly valuable. For a small additional premium (often just a few dollars a month), this rider provides a modest amount of life insurance (e.g., $10,000, $20,000, or $30,000) for all your children. It guarantees their future insurability, meaning they can convert it into their own permanent policy as adults, regardless of any health issues they may develop.
The Application Process During Pregnancy: The Underwriter’s View
Pregnancy is a temporary medical event, and Canadian insurers have standard ways of handling it. For most fully underwritten policies, a paramedical exam (a short health check-up with a nurse) is required. This often includes measuring your height, weight, and blood pressure, and collecting blood and urine samples.
- Weight Gain: Insurers expect weight gain during pregnancy. They will typically ask for your pre-pregnancy weight and use that as the primary basis for your Body Mass Index (BMI) calculation, provided the gain is within a normal range for your stage of pregnancy.
- Blood and Urine Tests: These tests can detect issues like elevated protein or glucose, which might indicate conditions like pre-eclampsia or gestational diabetes. If results are abnormal, the insurer may request more information or postpone a decision.
Pro Tip: Schedule your medical exam for the morning before you have eaten (if fasting is required) and before a workout. This helps ensure your blood pressure and other readings are at their resting best. Be completely honest with the nurse about your pre-pregnancy weight and health history.
Alternatives to Traditional Life Insurance for Pregnant Women
Beyond individual life insurance policies from private insurers, pregnant women can also consider these alternative options for coverage:
- Group life insurance: Many employers provide group life insurance as part of employee benefits packages. The coverage is typically lower than individual policies but requires little to no medical underwriting. Premiums are paid through payroll deductions. Coverage usually ends if you leave your job.
- Government benefits: Federal programs like the Canada Pension Plan (CPP) provide financial assistance to families who lose a spouse or parent. Eligibility and amounts depend on the deceased person’s CPP contributions and the survivor’s situation.
- Personal savings: Having an emergency fund, retirement savings, and money set aside for child expenses can help offset the need for life insurance. However, most families require a larger death benefit payout from a dedicated life insurance policy for adequate protection.
For most pregnant women, an individual life insurance policy will be necessary to supplement any alternative sources of coverage. The right amount will depend on income, debts, and the number of dependents.
Tips for Getting Life Insurance for Pregnant Women
Follow these tips when purchasing life insurance during your pregnancy to protect your growing family.
- Apply early: Rates increase each year you age. Apply before conceiving or immediately once pregnant.
- Disclose pregnancy: Failing to disclose can lead to denied claims later. Honesty gets you the proper coverage.
- Stay healthy: Maintain a healthy weight, diet, and lifestyle. This helps keep premiums low. Ask your doctor for guidance.
- Add child as beneficiary: Name your baby as a beneficiary once born, so funds go towards providing and caring for them.
- Review policy annually: Reevaluate your coverage as your family and financial situation evolves year-to-year.
- Work with an advisor: An experienced broker helps you identify the right policy and insurance company for your needs at the best price.
Finding the Right Policy in Canada: Broker vs. Direct
You have some main ways in which pregnant women can purchase life insurance policies:
- Direct from an Insurer or Bank: You can apply directly through an insurance company’s website or at your bank. This is straightforward, but it limits you to one company’s products and pricing.
- Insurance Brokers and Agents: An independent broker shops multiple insurers to get you quotes for the best rate. They also provide personalized advice.
- Online insurance marketplaces: Online platforms like Lifebuzz allow you to compare multiple insurers in one place.
It is highly recommended that you purchase through an experienced independent insurance broker for the best combination of policy selection, rates, and advice.
How to Make a Claim on Life Insurance for Pregnant Women
If a tragic event occurs where you pass away during pregnancy while covered by life insurance, your beneficiaries will need to file a claim to receive proceeds.
- Contact the insurance company promptly to start a claim. Call them or find the claim forms on their website.
- Submit the completed claim forms. Provide basic information, contact details, and policy numbers.
- Send a certified copy of the death certificate, which documents the cause/date of death.
- Provide additional documentation if requested, such as medical records, police reports, etc.
The claim is assessed by the insurer, who validates eligibility and coverage amounts. Payment timing varies by insurer and the speed at which all required documents are provided.
The death benefit is paid out to named beneficiaries. Your beneficiaries’ insurance advisor can guide them through this process smoothly during an enormously difficult time.
Explore more useful guides
LifeBuzz provides extensive life insurance coverage tailored for all types of Canadian families. Be sure to check out our guides on the topic “Family Life Insurance”, including:
- Life Insurance for Parents – An in-depth look at how mothers, fathers, and grandparents can protect their families.
- Life Insurance for Couples – Strategies for newlyweds, spouses, and common-law partners to optimize joint coverage.
- Life Insurance for Single Parents – Securing coverage when it’s just you and the kids.
- Life Insurance for Children in Canada – Insuring your kids’ futures.
- Life Insurance for Seniors – Meeting evolving insurance needs in the golden years.
We cover all the key fundamentals like policy types, required amounts, shopping for plans, reducing rates, and more – specifically tailored for each family situation. We aim to make finding the right life insurance easy.
FAQs on Life Insurance for Pregnant Women
Is it better to apply for life insurance for pregnant women directly through an agent or insurance company?
It is typically better to apply through an independent insurance broker or agent who can shop multiple companies to find you the best rate.
Can life insurance for pregnant women be purchased online?
Some insurance providers allow you to apply for and purchase life insurance for pregnant women entirely online. However, working with a broker who can advocate and answer questions is recommended.
What medical conditions make qualifying for life insurance for pregnant women harder?
Serious conditions like cancer, heart conditions, or uncontrolled diabetes can make getting approved for life insurance for pregnant women very difficult due to higher risks. High-risk pregnancies also face additional barriers.
If I develop gestational diabetes during pregnancy, how will it impact life insurance?
Gestational diabetes must be disclosed when applying for life insurance for pregnant women, and premiums can be increased. Rates often improve after remaining diabetes-free for subsequent years post-pregnancy.
Can I get life insurance for pregnant women if I am over the age of 40?
Yes, life insurance for pregnant women over 40 is available, but qualification guidelines are more stringent, and rates are significantly higher compared to younger pregnant applicants.
Is it better for pregnant women to apply for term or permanent life insurance?
For most expecting parents, term life insurance is the recommended starting point. It provides substantial, affordable protection during the most critical years - when your children are young and financially dependent. You can always convert a term policy to a permanent one later if your needs change.
How do I determine the right amount of life insurance coverage needed as a pregnant woman?
Consider income replacement needs, debt repayment, childcare costs, future education expenses, and daily living costs. An advisor can help calculate an appropriate amount of life insurance for pregnant women.
Can I still qualify for life insurance for pregnant women if I have a high BMI?
Yes, you can still qualify if you have a high BMI but may face higher premiums. Focus on maintaining healthy prenatal habits, and better rates may apply post-pregnancy after losing pregnancy weight gain.
Does smoking or drinking alcohol make getting life insurance for pregnant women more difficult?
Yes, partaking in smoking, consuming alcohol or using drugs can significantly reduce eligibility for life insurance policies for pregnant women or increase premium rates.
Can life insurance for pregnant women be purchased if the pregnancy is the result of IVF treatments?
Yes, life insurance can still be purchased for pregnancies resulting from fertility treatments like IVF. Disclosing this allows insurers to perform proper risk assessment when underwriting.
The bottom line
Getting life insurance is one of the most loving and responsible things you can do for your growing family. It transforms anxiety about the future into confidence. By applying early, being honest about your health, and working with a knowledgeable insurance advisor, you can secure affordable, meaningful protection. This allows you to focus on the most important thing: the joy of welcoming your new child into the world.
