Sometimes pregnancy is
and sometimes it’s more
Either way, congratulations!
The fun starts here.
You’re going to make new friends, learn new things and come out the other side a better person.
But don’t let this journey pass you by, try to remember each magical step you take right up to the big day…when your life insurance policy finally issues.
Usually, being pregnant won’t affect your life insurance premiums.
The insurers take into account certain readings and measurements will be higher than normal like BMI, blood pressure and, cholesterol. But if the readings are sky high and above even the normal range seen in pregnancy then you may have an issue. The insurer could postpone offering life insurance until your readings are back in an acceptable range.
The main reason we see the insurers increase life insurance premiums in pregnancy is due to gestational diabetes.
Gestational diabetes is high blood sugar/glucose that develops during pregnancy and usually disappears after giving birth. If you are diagnosed during pregnancy you will pay a more for your life insurance. This is called a loading. Once your sugars are back to normal, the insurer will remove the loading.
Should I wait until after I have a baby to get life insurance?
Many people don’t even think about shopping for life insurance until they actually have children, but it’s a good idea to plan for the future by buying life insurance coverage when you’re pregnant or even before you become pregnant.
Sooner rather than later.
Forget about all the other stuff, the buggy, the car seats, the multitude of “What to Expect When You’re Expecting” books. Whether you buy them today or in three months time, the price won’t change.
However, with life insurance, the cost of your policy can go from “standard rates/the normal price” to multiple times that amount if you develop any complications (as I mentioned above).
It’s always better to get a life insurance policy before you get pregnant to avoid potential price hikes brought on by temporary pregnancy-related conditions.
So if you’re reading this article while family planning, you should consider life insurance now.
It’s normal for your mood to flip-flop right after your baby is born. If you’re feeling sad, anxious or teary within the first two weeks after giving birth, this is known as the “baby blues” but some mums feel down for much longer, and those feelings may develop into postnatal depression.
Signs of postnatal depression include loss of joy or absence of pleasure, feeling sad, hopeless, worthless, and/or useless, little or no energy, or feeling you just can’t cope. As with other types of depression, there’s no simple reason why some women are affected. If you are experiencing these feelings, please speak to someone.
You should be able to get life insurance at the ordinary price if you have suffered from postpartum depression. However, if it is linked to another mental health condition, the insurer may increase your premium.
This is the most common question we are asked ?
Don’t worry, the insurers realise that your weight during pregnancy won’t be a fair reflection of your usual weight, so when completing the application form, put down the weight you were immediately before your pregnancy
It’s natural to be worried about a stranger examining you now that we’re in the grip of COVID19.
Assuming you have no health conditions, you won’t have to undergo a medical exam.
And even if you have some health issues, the insurer will write to your GP for a report to get your medical history.
At worst the insurer will interview you over the phone.
The most affordable type of cover is term life insurance.
You take out a policy on your life for a specific amount (say €500,000) for a specific time (until your child is 25 and financially independent). If you pass away before your child’s 25th birthday, the insurer will pay out half a million euros to your estate/partner.
Other types of life insurance are available (serious illness cover, income protection, whole of life insurance) and we discuss the various life insurance types in more detail here if you’re interested.
Term life insurance will leave a tax free lump sum to replace your income on your death so you need to put enough in place to make sure your child is financially secure.
Have a read of this blog: how much life insurance do I need
Or if you couldn’t be arsed – stick your details in here and it’ll give you a quick estimate.
You can then go and get an indicative life insurance quote to see how much this life insurance stuff costs.
A healthy, non-smoking 35-year-old female could buy half a million cover for €1 per day. Yep, a lot cheaper than you thought!
Quote Type: Life Insurance
First Person: Non-Smoker, born on 16/09/1985
Cover Amount: €500,000 paying monthly, over 25 years.
Conversion Option: Yes
If you’d like me to figure out how much cover would suit you, please complete this financial questionnaire and I’ll be back over email with a no-obligation recommendation.
100% you do!
Royal London considered the duties of a stay-at-home parent (PDF) and researched the cost of replacing the jobs they do for the family and in the home. They included some of the ‘top jobs’ parents carry out on a weekly basis such as cooking, cleaning, driving children to their various activities and so on, and the average work-place costs associated with these duties.
Royal London’s calculations reveal that the cost to employ someone to do the household jobs normally done by a stay-at-home parent would be an estimated €43,934.
So go right ahead and punch €44,000 into the calculator above to get an estimate of the cover you should buy.
You can’t insure a minor but the insurers add children’s life insurance to their parents term life insurance policy as follows:
Life insurance starts from the date of birth, you cannot insure the foetus. For Aviva, cover starts at 30 days old.
Yes, you can – up until you go on maternity leave. If you are on maternity leave, you can’t get income protection.
Pregnancy is not defined as a “medical condition” so you can’t make a claim on your income protection policy.
However, if you develop complications during pregnancy or childbirth e.g back or mental health issues that stop you returning to your job, you can make a claim on your income protection policy and it will pay you a replacement income until you get back to your job.
How does income protection work?
Oh hi, those 9 months flew, you’re a new parent now I see ?
I cover the topic of life insurance for new parents in detail here which should help you settle into life with your gorgeous bundle of joy and take one less stress off your plate.
Of course, we do:
The Having a Baby Financial Checklist
Right, that’s enough for me, we’ve covered a fair bit there.
If you have any questions, please get in touch over email or schedule a call here.
All that’s left for me to say is to make sure you take it easy and get lots of rest before the baby comes.
And to all the Dad’s reading
You’re so gonna need it
Nick | 05793 20836 | nick @ lion dot ie
As Ireland's leading life insurance broker, we specialise in comparing the rates and policies from the top five Irish life insurance providers and offering the very best value quotes to suit the individual needs of our clients. Our expertise lies in finding a suitable insurance plan for those with specific needs, be it a particular illness, occupation or claim history, we've got you covered in every sense!
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