Pregnant? What You Need to Know About Life Insurance

Before your baby’s first breath, he or she is already dependent on you for physical protection. Making the decision to buy life insurance while you’re pregnant can help assure greater financial protection for him or her, too – and further safeguard yours.

As an expectant parent, you likely have more questions than answers. Although babies don’t come with a “how-to” manual or simplified summary, what you need to know about life insurance can be simplified.

Here are four common questions that soon-to-be parents often ask when deciding whether or not to buy life insurance during pregnancy.

1. Which Family Members Should Have Cover and Why?

Life insurance helps to protect families financially should the unthinkable happen to a parent or other breadwinner. Any parent, grandparent, or legal guardian contributing to the financial support of a child or children should seriously consider buying adult life insurance.

2. When Should I Buy Family Life Insurance?

The short answer: the sooner the better. Life insurance premiums (the amount you pay monthly) are determined by your age and health considerations at the time that you apply for an insurance policy. So it can be beneficial to apply for life insurance when you are young and in good health, in order to obtain the lowest premium.

3. Is Whole Life or Term Life Insurance Better for New Parents?

There is no such thing as a “one size fits all” life insurance solution. Selecting the right policy and right cover amount depends upon your family’s unique needs and circumstances.

Growing families that are on a budget but still need a high cover amount may opt for a term life insurance policy, such our Family Term Policy because it generally costs less than whole life insurance.

4. Might   Stay-at-home Parents Need Life Insurance, Too?

Absolutely. A stay-at-home parent fulfills responsibilities, such as caring for children and maintaining the household, which might need to be fulfilled by paid outside help if that parent were no longer here.

As you venture into parenthood, you’ll quickly learn that it has only one certainty – it’s unpredictable. Having life insurance can help put your mind at ease, allowing you to spend time on more important things – such as tiptoeing to the mosses basket or cot at 2 a.m. to watch your newborn sleep.