Your insurance needs grow when your family grows, and if you do not already have life insurance in place the thought of a new family member can be a big factor in deciding to take out life cover.
If you want to take out life cover while you're pregnant, here are a few key points to consider.
Pregnancy risk factors
In most cases, being pregnant does not affect life insurance rates. If your pregnancy is perfectly healthy, there should be virtually no effect on the insurance rates. In fact, most insurance companies won't even make an issue of your pregnancy. Regardless, it is best to purchase insurance as early in the pregnancy. If you leave it until later on then complications could arise which would increase the premium even after you have delivered the baby.
When there are complications in pregnancy, the risk factors affecting the mother's health increases. In these instances, it can be more expensive to buy life insurance. A common complication in pregnancy is gestational diabetes which affects up to 10% of pregnancies. Other regular, but temporary, conditions include anemia and high blood pressure.
Those who do experience pregnancy-related health issues may choose to wait until after delivery to purchase life insurance. This will give your body time to normalise after pregnancy and could result in you receiving lower premium rates. This can be a risky move though, as should something happen during the birth then you won't have any financial protection in place.
Pregnancy is an exciting, but also stressful, time. MiWayLife offers MiLittleLife cover, and the birth benefit is one way to alleviate a lot of concerns. This innovative benefit is taken our during pregnancy and is designed to offer financial protection for your little one against over seventy common and severe childbirth complications - so that, should something go wrong, you have the cover to help you tackle it.
Purchasing life cover means that your dependents - such as the child you are pregnant with - will not have any additional financial stresses in the instance of death. Your policy can cover debts such as mortgage, or simply provide the resources for financial commitments such as school fees and daily expenses.
Birth and child benefit are two services offered by MiWayLife. If you are pregnant, planning a pregnancy or have recently expanded your family; don't delay in getting your life insurance quote.