As an expecting parent, it’s starting to sink in that you are wholly responsible for another life. While it may seem scary at first, it’s also time to start thinking of life insurance policies — and start grappling with the idea that they benefit more than just yourself. Many expecting mothers have questions about purchasing their life insurance policy, so we’ve assembled this quick FAQ to answer the ones we hear most often.
Why should I get a life insurance policy?
With a life insurance policy, in the unlikely event that something were to happen and you would unexpectedly pass away, your future child will be financially secure even without you being around. It may seem morbid, but it’s just the facts of life. In this life, you need to be prepared for anything — even the things that seem unimaginable.
Who benefits from a life insurance policy?
You can set your spouse, or your children, as your beneficiaries. However, you might also want to consider setting an alternate beneficiary in case the circumstances are especially dire and you and your spouse pass away. Your alternate beneficiary can be the person you would intend to place your children with in the instance of this kind of an emergency — like a sibling, a grandparent or other close family member. Click here to learn more about the things you should consider when choosing a beneficiary for your policy.
Can I get life insurance while I’m pregnant?
Of course you can! However, we recommend that you do it early on in your pregnancy. You’ll need to get a medical exam, and if you were to receive the exam while facing pregnancy complications like gestational diabetes (which typically occurs later in the pregnancy) then you may face paying a higher premium even though you won’t carry on your gestational diabetes after the pregnancy ends.
I’m not sure — Should I just wait until after I give birth?
We do not recommend waiting. In the case that something horrible would happen during your birth (which, as you know, is a major medical event), you would want to have a life insurance policy as a safety net for both your spouse and newborn. You could also experience complications during labor that make your premium rate rise if you wait.
What are the different kinds of life insurance?
You can get either term life insurance or whole life insurance. Whole life insurance covers just what it sounds like: your whole life. Meanwhile, term life insurance can cover a certain set number of years. This is a prudent option if you plan on putting away a large form of savings and are not as in need of a financial safety net. However, when your plan does expire you can buy another policy or extend it into a more permanent option. Learn more about the differences between whole life and term life insurance here.
OK I’m sold — so how do I get life insurance?
We’re glad you asked! Here at Care Financial we are happy to help you figure out all the ins and outs of getting your life insurance plan put together. Meet with one of our caring and well-trained staff and we can get the ball rolling for you!
We hope this helped you and answered a few of your life insurance questions! Care Financial is a privately owned and operated business providing families, individuals and businesses with comprehensive wealth management strategies. Contact us online at www.carefinancialonline.com or call us at 251-633-7122.