Looking for advice in terms of how to go about getting term life insurance for my wife (41) who’s in the early weeks of pregnancy. Will the pregnancy have a substantial impact on the quote if anything at all? If that’s the case, are there riders available for this case or other ways to lower insurance premium directly or soon after birth?
Edit: I’m asking because from an insurers perspective a pregnancy does increase risk even if it’s small. But statistically speaking many women who buy life insurance will have pregnancies in the future (because having depends is the most likely reason for people to get life insurance to begin with). So is pregnancy for women already priced in?
If she has had an uncomplicated pregnancy, most companies will consider her now. Some will base rates on her current weight, while others will use her pre-pregnancy weight.
Add a child rider. It’s very affordable and covers your unborn child almost immediately.
The unthinkable. It provides a death benefit if something were to happen and usually the opportunity to convert to permanent insurance in the future if, god forbid, something would make them uninsurable.
Does it have any benefits if the child wants to apply just for term life when they are having dependents? Let’s say at 30 years of age onwards? I don’t believe that other life insurance products are really beneficial for most consumers as they could probably build wealth much more effectively in other ways.
Most coverage expires at some age between 18-25 and offers a conversion to permanent life insurance. If you don’t think that’s a good deal… don’t take the option. If they’re sick (for example a childhood cancer or congenital heart problem) it may be the only coverage they can get.