Having life insurance is essential to protecting your family.  Many parents wait until a pregnancy occurs before they look into getting a meaningful life insurance policy.  For most women, however, this may be too late.

Once a woman is pregnant, it is far more difficult – and sometimes impossible – for her to obtain new or increased coverage.  While pregnancy and childbirth in the U.S. are considered relatively safe, they still carry significant health risks that affect the cost of coverage.  Many insurance companies simply refuse to provide coverage for pregnant women.  Other companies may provide coverage at an extremely high premium and/or require heightened medical screening.

It is best to purchase coverage as soon as you start trying to become pregnant so that insurance benefits are available in the unlikely event that you do not survive the pregnancy but your child does.  By purchasing coverage prior to getting pregnant, you lock in a lower premium, and the insurance company cannot cancel your policy once you conceive.

If you are already pregnant and cannot obtain coverage, get coverage as soon as possible after delivery.  Life insurance might be the last thing you’re thinking about with a new bundle of joy – and less joyful sleepless nights – so make sure you set a reminder for yourself or ask a close friend or relative to remind you to get it taken care of.  In the meantime, it might be wise for the father to get additional coverage until you’re able to secure coverage on your own to cover the possibility that you both pass away together.

If you’re in the process of wading through the different types of life insurance policies, check out our article on how to navigate the life insurance maze.