David Bell | Sep 17 2020 00:00

I’m Pregnant – Should I Get Life Insurance?

If you're expecting a baby, you may already have a long list of things to think about. However, it's important that you carve out time to think about life insurance. Here are some common questions expectant mothers often ask.

Do I need permanent or term life insurance?  

Term insurance covers you for a set period of time, such as 10 or 20 years, whereas permanent coverage covers you for your whole life. Before deciding on which one is right for you, you should work out how much death benefit your family would need. While term insurance is cheaper, it doesn't last as long as whole life coverage. If you want to build up a cash value that you can then borrow against, then a whole life insurance policy is the way to go.

I get life insurance through work - Isn't that enough?

Group life insurance is a great benefit to have, but it's limited in a number of ways. It often only covers one or two times your salary, when your family may need four or five times your income. Secondly, when you leave that job, you lose that coverage. It's worth taking out your own insurance policy to remain properly protected.

Are there any restrictions now I'm pregnant?

If it's early in your pregnancy and there are no medical complications, you should be able to pick up life insurance easily. If you are further along or have some medical issues, you may struggle to secure coverage. If this is the case, the life insurance company may want to wait until after your child is born.

What about stay-at-home moms?

If you plan to stay at home with the baby once he/she is here, you shouldn't rule out life insurance. You will be providing a valuable service in the form of childcare, cleaning, transportation, cooking, and more. If you were to suddenly pass, your spouse would have to fund these services out of their own pocket, which could be extremely hard to do alone.

What about single parents?

It's also especially important for single parents to have insurance coverage since they are the sole providers for their babies. Unless you're in the rare situation where you have savings large enough to replace 10 years' worth of income, you should have insurance. To learn more about how best to protect your family's future, contact the team at Bell Black Insurance. We can help you tend to your  life insurance  needs so that you get the best value for your money. We serve Idaho Falls, Island Park, Driggs, Victor, Swan Valley, Ashton, and the neighboring communities in Idaho, as well as Jackson and Star Valley in Wyoming.