Buying a life insurance plan during pregnancy

2024-08-02

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Firstly, congratulations, you are now a part of a loving and happy family and are entering a world full of happiness. Also, congratulations on your baby.

The first rule of earning returns is more risk, the more will be the returns acquired. But with major life changes, you have to some major life choices. Huge life events like marriage, pregnancy, and death make you reconsider all your life choices, especially financial decisions. During pregnancy, it is always better to go for a safer and more reliable option. You must reevaluate your financial decisions and decide what would be in the best interest of you and your family. When you are pregnant, it could take a toll on your emotions.

This is the time to start looking out for your family and their future. However, it is the worst time to invest in equity; instead, look for reliable life insurance plans. Future planning should be on the top of your bucket list. You wouldn’t want your pregnancy to be worrisome, but rather it goes smoothly without any financial hold-up.

Everyone’s first instinct is to set up a college funds account or to get health insurance but getting a life insurance plan during pregnancy is just as important. Life insurance lets you protect your child’s life even after your demise.

The pandemic has been a wake-up call for each and every one of us. It has been a reminder for everyone to not take life for granted. If, by chance, you lose your life to some deathly disease, with life insurance, you can make sure that your child’s future is well protected.

Do you have to pay higher premiums if you are pregnant?

Some people may have second thoughts about getting life insurance during pregnancy because of higher premiums, but there is nothing to worry about if you get it at the right time. When you’re pregnant, you may have concerns about a change in price because of the changes in your body. But a good life insurance plan takes these issues into consideration.

These policies ensure that pregnancy weight gain is taken into consideration and adjustments are made according to the expected differences in lab results. There is a possibility of your pregnancy leading to gestational diabetes, high blood pressure, or some other complications in the second or third trimester.

This is why it is best to invest in good life insurance for women in the first trimester itself because the complications are minimal. In the second or third trimester, some insurance companies might postpone your application which would result in no coverage during pregnancy.

Process of buying life insurance when you are pregnant

It is important that you have full disclosure with the insurance company so that you can strike out the possibility of invalidating your life insurance plan. But the company should welcome your pregnancy with open arms and make you feel comfortable with entrusting your finances.

There are 3 major steps that you need to follow while shopping for life insurance during pregnancy:

1. Choose the right plan

Compare different plans and take your pick. It is crucial for you to take your time while deciding which plan works best for you. Compare the premiums, returns, coverage, and other services that the company offers. Make sure that the insurance company isn’t hesitant to take a pregnant woman as their client. The company that you are trusting must reciprocate the trust in the very first instant and not have any second thoughts.

2. Choose a beneficiary

Choosing someone to take care of your child could be heartbreaking, but it is in your child’s best interest. Choosing your partner as the beneficiary is generally everyone’s first option. But it is equally important to choose an alternate nominee.

Learn more about how to choose a nominee for your life insurance policy.

It would be best to choose someone who is close to you as well as the child and is responsible enough to take care of your child personally as well as financially. It is extremely important to be sure that they wouldn’t take undue advantage of your child’s finances before they’re 18.

3. Select coverage amount and term length

Coverage amount and term length change from a case-to-case basis. A lot of factors like your income, expenditure, job stability, outside savings, assets, debts, and future goals can affect the amount that you can put in for the future. The term length would depend upon your plans for your kid. For example, if you want to use this amount for your child’s college expenses, you can go for a 15/20 year term or for a 30-year term if it’s for providing financial support to their family.

Why invest in life insurance during pregnancy?

Investing in life insurance for women is important in general, and the sooner you do it, the better. With inflation, the normal rates can increase with time. The more you wait, the costlier it gets to give your child financial protection. Forming this financial bubble is not a tedious or time-taking task.

Read more about 5 major investments for your child’s brighter future.

If you buy a life insurance policy before or in the early stages of pregnancy, you can get good returns, coverage, and additional benefits. In the late stages of pregnancy, your application has chances of getting postponed, and you may lose out on pregnancy coverage.

Furthermore, pregnancy can bring in other conditions including hypertension, which can easily increase the medical costs for the next few months to years. Therefore, getting a life insurance plan during pregnancy is a prudent decision.

The internet has made everything a lot easier. You can decide which plan works best for you in the comfort of your own home. Canara HSBC Life Insurance offers an array of online life insurance policies like iSelect Smart360 Term Plan and Invest 4G that are customized according to your needs. Get the best insurance plan today!

Disclaimer

This article is issued in the general public interest and meant for general information purposes only. Readers are advised to exercise their caution and not to rely on the contents of the article as conclusive in nature. Readers should research further or consult an expert in this regard.

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