In an ideal world, every woman would be able to carry her baby to term and give birth with no complications. Unfortunately, that’s not the case; in fact, it’s estimated that close to 20% of pregnancies end in miscarriage.
If you’re trying to conceive or you recently found out you’re pregnant, as per Bill Schantz, pregnancy life insurance can offer some peace of mind by providing financial assistance in certain ways.
If you’re wondering whether or not pregnancy life insurance is right for you, here’s a guide by Bill Schantz to help you see if this form of life insurance will suit your needs.
Why Bill Schantz Recommends Getting Pregnancy Life Insurance?
Just as regular life insurance is designed to protect your family in case you die, pregnancy life insurance protects your family if you die during or shortly after your pregnancy. Bill Schantz suggests that it can be particularly important for mothers who have a medical condition that would leave their families without income if they were to pass away. Having pregnancy life insurance can be a real financial lifesaver in these cases.
Pregnancy life insurance will generally consider pre-existing conditions but may not cover them fully, so make sure to ask about specific coverage issues before you sign up for a policy.
What are the Benefits of Pregnancy Life Insurance?
There are two main benefits to having pregnancy life insurance.
- It can help you pay for some of your most significant expenses as a parent, including a childcare center or after-school program, basic groceries for the baby, household staples like diapers and wipes, etc.
- It would give your family a financial safety net if you were to unexpectedly not make it through your pregnancy.
According to Bill Schantz, investing in pregnancy life insurance is one way to protect yourself (and your unborn child) from future financial hardship with both factors in mind.
How Much Does Pregnancy Life Insurance Cost?
Pregnancy life insurance costs vary greatly depending on your age, health, and lifestyle. However, expect to pay roughly $30 to $35 a month if you are under 25 or healthy with no medical issues or complications.
If you are older than 35 or have any medical issues that may complicate your pregnancy, expect to pay $50 per month. A higher monthly payment will also be due if you smoke, use drugs, or have an unhealthy lifestyle that could affect your pregnancy.
Do You Need a Physical Exam before Purchasing Pregnancy Life Insurance?
Pregnancy life insurance doesn’t always require a physical exam. If you’re already pregnant when you apply for coverage, you can get pregnancy life insurance after a medical questionnaire and blood work to confirm that your health is stable. But if you’re not yet pregnant, before applying for pregnancy life insurance, most companies require you to have a physical exam.
The good news is that some pregnancy life insurance companies do not charge extra for an underwriting assessment once they know you are pregnant.
Bill Schantz Suggests to Start Looking Into It If You are Pregnant:
Bill Schantz Suggests that if you’re an expecting parent or are planning to become one, you should probably learn more about pregnancy life insurance. This type of policy could provide financial protection for your partner and your child if something happens to you during pregnancy.
As is often the case with other types of life insurance, a company would pay out a death benefit if it were shown that there was no longer any chance for recovery. But even if you don’t get sick or injured, pregnancy life insurance can still help provide financial protection for your family.
Having coverage in place means that your loved ones aren’t saddled with debt just because something terrible happened to you—and that kind of peace of mind is invaluable.