Life Insurance for Pregnancies in Canada

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Pregnancy Life Insurance in Canada

Life Insurance for Pregnancies in Canada

Talk to one of our experienced advisors today!

Pregnancy Life Insurance in Canada

Whether you’re pregnant or thinking of having children, life insurance is a way to protect your future family and loved ones financially, in case something happens to you. Pregnancy may affect your life insurance depending on the complications that you may face, but staying protected with affordable rates is easier than you think.

How does pregnancy affect life insurance?

Pregnancy will affect your life insurance rates because of the impacts it may have on your health. Pregnancy can lead to health complications, like high blood pressure or gestational diabetes, and these conditions can impact you even after delivery.

Can you get a life insurance policy while pregnant?

Pregnant applicants can get approved for life insurance coverage, though it’s better to get life insurance sooner than later. Insurance companies tend to evaluate pregnant applicants on a case-by-case basis, but generally, you’ll be able to get the same quotes as you would prior to your pregnancy if you:

  • Are in the first trimester of pregnancy (weeks 1-12)
  • Haven’t experienced any pregnancy-related complications
  • Don’t have pre-existing conditions that could cause complications
  • Have no history of complications from a previous childbirth

During the first trimester of your pregnancy, you are less likely to be experiencing pregnancy-related health complications, and would be closer to your regular weight (which is a factor in determining your rates), making your rates similar to rates you would receive prior to pregnancy. Weight gain during your pregnancy is expected and understood by your insurers, who will tend to make some adjustments for the weight gained during pregnancy when determining your rates. But the later into your pregnancy, the more at risk you are of developing health risks.

Do I need to tell life insurance about pregnancy?

It’s best if you tell your life insurance provider that you’re pregnant when you’re applying: if you don’t inform them and pass away during childbirth or during the policy’s contestability (deferral) period, which is usually two years, your partner’s or beneficiary’s claim could be denied.

Is life insurance more expensive if you’re pregnant?

Life insurance can become more expensive the later you are in your pregnancy, and if you experience or develop health complications at the time you’re applying for life insurance. But if you’re healthy during your pregnancy, you can have standard or even preferred rates from insurers.

When to apply for life insurance if you’re pregnant

It’s always better to apply for life insurance sooner rather than later, especially while you’re planning ahead for your future, such as planning to have a family. The traditional life insurance application process usually takes around 5-6 weeks, and could take longer if there are unexpected delays. Applying earlier will usually allow for the cheapest premiums, with your health being less affected by your pregnancy versus during or after, but you can apply for life insurance at any point of your pregnancy.

The best time to apply for life insurance if you’re pregnant is either before you get pregnant, in the first trimester of your pregnancy, or 1-2 months after you give birth.

Before pregnancy

If you’re planning to start a family, the best time to apply for life insurance is before you get pregnant. Health complications may arise during your pregnancy which can raise your premiums, but prolonging your life insurance will also affect your premiums due to age: life insurance rates increase every time you age. Even if you’re planning to start a family in the distant future, locking in a life insurance rate now that lasts for several years or decades will save you the stress in the future. Many insurers provide different lengths of term life insurance, ranging from 5 to 40 year terms for you to choose from.

During pregnancy

The further into your pregnancy you are when you apply for life insurance, the longer you may have to wait for approval of your application. The closer you are to your due date, the more likely it is for your application to be postponed or your premiums increased due to the health risks or complications that may rise during the later stages of pregnancy.

After pregnancy

If you’d like to wait to apply after you give birth or if your application was postponed, waiting until weeks 4-8 after you’ve given birth is the next best time to apply.

After 1-2 months, your weight will likely be lower than it was during your pregnancy and most health complications from the pregnancy, including elevated or high blood pressure and cholesterol, should be resolved. Some health complications such as postpartum depression or gestational diabetes can cause your premiums to be higher for five years after you experience them. Working with an insurance advisor can help you find a provider that is more flexible with these conditions.

What is the best insurance to have while pregnant?

If you’re looking for short term coverage to cover the first few years after your pregnancy, short term life insurance is an option for you. Some companies offer as short as 5 year term life insurance products, which will provide the short term coverage you’re looking for. Longer term coverage or lifetime coverage are also options to financially protect your loved ones and new family with.

If you’re having trouble getting approved for life insurance due to pre-existing conditions and pregnancy related conditions, applying for no medical or simplified life insurance products are two options.

Life insurance riders to consider if you’re pregnant

Life insurance riders are optional additions to your life insurance policy, designed to provide additional protection for different circumstances. Many are great choices for those starting a family, or those who are pregnant.

Child insurance rider

Many insurers offer child insurance as a rider for policies, which allows parents to insure their children without having to purchase a completely separate life insurance policy. One rider covers all your current and future children, and typically costs a flat fee.

Children’s Critical Illness Rider

Some insurers will also offer a children’s critical illness rider, which allows parents to insure their children in case of critical illness without having a separate policy.

Disability rider

If you become injured and can’t work, a disability rider will provide a small payout to cover your expenses.

Protect you and your loved ones

Whether you’re starting a family now or in the distant future, getting a life insurance policy should be a part of your financial plans. With the premium price increasing every year you grow older, getting a policy now can protect you and your loved ones during your pregnancy, and many years after. Each company treats pregnancy differently, but working with a life insurance advisor can help you find the right solution for what you’re looking for and need.

At Protect Your Wealth, we work with and compare policies and quotes from the best life insurance companies in Canada to ensure the best solution for you and your needs. No matter what type of insurance you’re looking for, whether it’s no medical life insurance, term life insurance, or permanent life insurance, we can help you build the best package to give you the protection you and your family needs.

Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today! We’re proudly based out of Hamilton, and service clients anywhere in Ontario, including areas such as Ancaster, Aurora, Burlington, Oakville, and Oshawa.

Talk to an advisor today.

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