With pregnancy there are countless things to take into account when getting ready for such a significant change to your circumstances. Starting a family will change your financial situation significantly and the need to protect your child’s future is an essential part of creating the peace of mind needed. Life insurance may be another expense you would prefer to do without but a growing family offers a persuasive argument for ensuring you have the right protection in place.
When in good health the process involved in applying for life insurance is often a seamless one but what if you’re pregnant? Or what if before, during or after pregnancy you have had some complications?
Does being pregnant impact my premium?
An insurer will not alter your premium simply due to the fact that you’re pregnant. It’s actually a common occurrence for women to take out life cover whilst pregnant as they start to think about protecting their family. Earlier on during a pregnancy is usually the best time to take out life insurance as the chances of medical complications will be smaller. Once you have been accepted the premium will remain the same throughout the term irrespective of any medical conditions; which is why taking out a policy when you are in good health is advised.
Will complications during pregnancy stop me taking out life insurance?
Minor complications during pregnancy are often common. Things like anaemia, urinary tract infections and hypertension can be temporary conditions which are only present when pregnant and these will rarely pose problems when taking out life insurance. If present at the time of applying for insurance it is standard procedure for a company to postpone the application until after your baby is born just to make sure that the condition doesn’t pose any other complications.
What if there are complications after pregnancy - postnatal depression for example?
Postnatal depression is fairly common and affects around one or two of every 10 mothers (Bupa). It normally starts in the first two months after giving birth but can also begin several months down the line. When looking at life insurance there are several factors that will influence your ability to get cover and the rates that will be offered but the main message is not to be put off because you have suffered from postnatal depression.
In the majority of cases postnatal depression will subside over time and therefore the short term risk to getting approved for life insurance is small. Even if medication is prescribed for a limited time, so long as there are no complications, a straight forward application and acceptance is possible.
Where the postnatal depression suffered is more serious it may be necessary to wait for a period of time before applying for life insurance. When an insurer believes that there is an extra risk to your health the most common action is to increase the premium accordingly. More often than not the price will still be manageable and of course life insurance policies can be reviewed so the best advice is to get something in place and take another look at the policy when your health improves.
With postnatal depression there are common questions and pieces of information that an insurer will need in order to assess the application. They would need to ascertain the severity of the depression by asking whether medication was prescribed, any sessions with a psychologist, any long periods of time off work or whether any underlying cause was present outside of the pregnancy.
Speaking to an advisor about the timing of an application can be vital as waiting for a period of time may mean that better rates are offered. The best option is to look at protecting your new family at the earliest possible opportunity in order to apply for the most competitive premiums.
To speak to one of our advisers call us on 0800 389 2193.