A mother’s love for her child is like nothing else in the world.
A life insurance purchase is usually made to financially safeguard those you care about most – making pregnancy a primary reason to secure life insurance.
During the hustle and bustle of preparing for the arrival of your little one, you can add, “purchase life insurance” to the top of your list – and likely check it off quickly.
Here, we’ll cover everything you need to know about buying no exam life insurance when you’re expecting.
NO EXAM LIFE INSURANCE DEFINED
Simply put, no exam life insurance is issued without the applicant undergoing a medical examination.
By purchasing life insurance without a medical exam, typically called a paramedical, you can avoid: needles, nurses and liquid samples.
NO EXAM LIFE INSURANCE WHEN PREGNANT
Good news – pregnancy does not preclude you from purchasing no exam life insurance.
Think of it this way – Pregnancy, in and of itself, does not impact your ability to buy life insurance without an exam, rather – your weight, possible pregnancy complications, medications and overall health are factors life insurance underwriters will review during the application process.
7 BEST REASONS TO BUY NO EXAM LIFE INSURANCE WHEN PREGNANT
There are 7 important reasons why no exam life insurance might be a perfect fit when you’re pregnant:
Reason 1: No Exam Is Quick
No exam life insurance can take weeks off of the application process. For example, depending on the carrier, it’s possible to secure coverage in a matter of minutes.
Conversely, a fully underwritten life insurance application takes, on average, around a month to issue.
Reason 2: No Exam Is Affordable
Life insurance companies are aware that many of us have no interest in participating in a medical exam. They’re lowering their no exam rates and pricing is often competitive.
Let’s take a look at five examples for a cost analysis:
Example 1: Female, age 30, Preferred Plus health – 20-year term life insurance, $500,000:
No Exam – $18.18/month
Medically Underwritten – $ 17.11/month
Example 2: Female, age 35, Preferred health – 15-year term life insurance, $250,000:
No Exam – $13.72/month
Medically Underwritten – $12.60/month
Example 3: Female, age 28, Regular health – 30-year term life insurance, $500,000:
No Exam – $32.73/month
Medically Underwritten – $31.30/month
Example 4: Female, age 36, Regular health – 20-year term life insurance, $250,000:
No Exam – $22.34/month
Medically Underwritten – $23.53/month
Example 5: Female, age 32 – Rated health (table 1) – 20-year term life insurance, $500,000:
No Exam – $43.14/month
Medically Underwritten – $36.23/month
Note – we can assume that the sample applicants above are all expecting.
Often, the best health class a pregnant individual is approved for is Regular (Standard) – due to weight limits. However, usually, if it’s early on in your pregnancy, and you are healthy – Preferred or Preferred Plus health classes are available.
A Rated health class typically means you are experiencing a health complication during your pregnancy, or are above the standard weight limits (or a lifestyle or occupation risk).
Reason 3: Your Weight Is Within Limits
A key component to qualifying for no exam life insurance during pregnancy is your weight. Fortunately, the limits are on the generous side.
Let’s examine some sample weight limits for a no medical exam carrier (keep in mind – each carrier has their own limits and the limits below are not representative of every company):
Limits are samples for no exam Regular and Rated health classes:
In other words – To qualify for a Standard (Regular) health class, your height/weight ratio cannot exceed the limits established for the no exam carrier you apply with. Likewise, to qualify for a Rated health class, your height/weight ratio must fall within the carrier’s parameters.
Reason 4: No Serious Medications Have Been Prescribed
During your application, life insurance underwriters will evaluate your prescription history. Some medications associated with pregnancy are considered serious, or high-risk, and can impact your ability to qualify for no exam life insurance.
Medications can be prescribed to either:
1. Assist in becoming pregnant (ie. IVF – in vitro fertilization)
2. Treat a medical condition(s) during pregnancy (ie. hypertension)
If you experienced difficulty in becoming pregnant, and used a process like in vitro fertilization, some medications will likely be closely examined (but not necessarily an automatic decline for no exam). For example:
- Metformin – an anti-diabetic medication often used to improve pregnancy rates during in IVF
- Letrozole – a selective aromatase inhibitor that can assist in IVF success rates
Or, medications are sometimes prescribed to treat complications during pregnancy. For example:
- Anti-diabetic medications
- High blood pressure medications
Some drugs used during pregnancy can make it difficult to secure life insurance without a required medical exam. Each carrier uses their own underwriting system, however, and you’ll want to evaluate all of your options.
Bottom line – no exam life insurance is approved more often during pregnancy if you are not prescribed a serious medication.
Reason 5: No Major Pregnancy Complications
You are more likely to qualify for no exam life insurance if you have not experienced major complications during your pregnancy.
Common pregnancy complications include:
1. High blood pressure – also called hypertension, occurs when excess pressure is created in your arteries. High blood pressure creates unique concerns during pregnancy because it can limit the amount of blood, and thus oxygen and nutrients, reaching the placenta.
2. Gestational diabetes – fairly common, gestational diabetes is diagnosed when a pregnant individual did not have diabetes before pregnancy, and now has elevated blood sugar (at levels that indicates diabetes) during pregnancy. Gestational diabetes occurs typically as a result of your pancreas either not producing enough insulin or not utilizing insulin effectively.
Reason 6: You Have Plenty Of Options
Fortunately, many top-rated life insurance companies provide life insurance without an exam. You’ll be able to, with the help of an independent agent, shop around to find the best policy to fit your needs.
Your options to consider include:
- Face Amount – known as your policy size (ie. $500,000). Be sure to select an amount of life insurance that will financially protect your loved ones.
- Term Length – how long your life insurance will last (ie. 20 years). It’s important to select a term length (or permanent policy) that will provide coverage for as long as you will need it.
- Riders – also called living benefits. Riders provide additional benefits to your life insurance contract and should be carefully considered. For example, many carriers include Accelerated Benefits for chronic, critical or terminal illness.
Additionally, you’ll want to evaluate:
- Underwriting speed – if you are in a hurry, some no exam life insurance carriers can issue a policy within a day (sometimes within minutes).
- Pricing – not all companies are priced the same. Compare costs before submitting an application.
- Company rating – each life insurance company is evaluated and rated on their financial health.
Reason 7: Buying Life Insurance Is The Right Thing To Do
We get it. It’s the opposite of fun to make a life insurance purchase.
Yet, if you have loved ones who depend on you monetarily, you need life insurance.
Think of it like ripping off a band-aid – it’s often better to quickly take care of it and move on (no exam), rather than going about it slowly and painfully.
The peace of mind that comes with financially safeguarding your family is well worth the brief annoyance of buying a life insurance policy.
THE IDEAL TIME TO PURCHASE LIFE INSURANCE
Specific to pregnancy, it’s better to purchase life insurance earlier on in your pregnancy (1st trimester is usually best).
- You are less likely to encounter height/weight limits during your 1st and 2nd trimesters.
- Health complications are often not diagnosed (ie. gestational diabetes) until around sometime during your 2nd trimester.
However, even if you are further along in your pregnancy, we recommend not waiting to purchase a policy. Even if it’s just a modest policy for now – some life insurance is better than no life insurance. You can always purchase a larger policy after your pregnancy.
DETERMINE HOW MUCH LIFE INSURANCE TO PURCHASE
Whether you are employed outside of the home or are a stay-at-home parent, you provide financial value to your family.
As a rule of thumb, many life insurance experts recommend taking your annual salary and multiplying it by 10. For example: $50,000/annual salary x 10 = $500,000 policy.
Stay-at-home parents provide substantial monetary value to families. Some estimates (salary.com) place an at-home parent’s contributions to be worth upwards of $100,000 annually.
However, your unique needs should determine how much life insurance makes sense for you.
Calculate the following for a general idea of the face amount to purchase:
- Your annual income (or monetary value if you are at-home)
- The number of years loved ones will depend on you
- Debt (mortgage, credit card, student loan)
- Daily living expenses (food, bills)
- Future financial needs (college tuition)
- Charitable giving goals
What’s most important is purchasing an amount of life insurance you feel comfortable with.
HOW TO SECURE NO EXAM LIFE INSURANCE COVERAGE DURING PREGNANCY
Plan on taking a few simple steps to purchase no exam life insurance:
- Don’t delay – the earlier into your pregnancy your apply, the better your chances at qualifying for no exam life insurance.
- Work with an independent agent – to have access to multiple quotes and multiple no exam carriers, you will need to team up with an independent agent. Independent agents are not held captive to a particular company and will work on your behalf to find the best carrier to apply with.
- Prepare – be ready for the application by having your important information on hand. Your address, driver’s license number, date of birth, basic medical history, occupation, and lifestyle information should be readily available to communicate.
Simply fill out our instant quote to get started.