My sister and her husband just found out they’re pregnant, and now her husband is researching life insurance. Which is best for a new family? They make average income for a couple.
I meant more along the lines of which is best, Universal Life, Term Life, Whole Life, etc.? They do have an insurance company already. Sorry for being unclear.
I meant more along the lines of which is best, Universal Life, Term Life, Whole Life, etc.? They do have an insurance company already. Sorry for being unclear.
Home | Insurance | Blog article: What life insurance is best for a husband and wife who are newly pregnant?
Michael M 10:03 am on November 13, 2009
At this point in their life they are probably at a point where they need to be paying off debts, saving for a house, and starting to save for retirement and college. They need to get the most risk protection for their money.
Most people in this situation will be best off buying a high face amount term life insurance policy with a 20 or 30 year term. If they are in their 20’s or early 30’s the premiums will be very cheap. They will want to purchase about 7-10 times their individual incomes. If only one of them works they will want to purchase something on the nonworking spouse to pay for childcare and housekeeping expenses in the event something happens.
Paying the lower term premium will allow them to devote more money towards debts, house savings, etc. while providing them the most death benefit for their money.
The pregnant wife will have to wait until after she has the baby to get life insurance. Most companies want to get an accurate picture of the wife’s health and we all know that can be difficult during a pregnancy. She should just have to wait a few months after the baby is born and her health and weight are pretty much back to normal to proceed. The husband should go ahead and get the ball rolling.
Roger S 10:03 am on November 13, 2009
Need to look at age, face amount, reason for coverage, health factors, etc. With a pregnant wife underwriting is pretty robust for this situation. I work in this industry so speak from experience. Would stick with Prudential, Met Life, ING and Transamerica. All have good, strong underwriting guidelines. Also, they need to look at family history as well. If mother, father, or siblings have died from cancer or cardiac related incident prior to age 60, carriers will grade you down. Where are you located and I can refer you to a solid LPL (Linsco Private Ledger) rep that also does life insurance.
mbrcatz 10:03 am on November 13, 2009
Sorry, it doesn’t matter.
While wifey is pregnant, no one will give EITHER of them life insurance.
After the baby is born, the key to buying life insurance, is SET THE GOAL before you select the product.
So, what’s the PURPOSE of the life insurance, and for how long? After you define that, THEN you’re ready to select a product.
javier 10:03 am on November 13, 2009
The first thing is to define the kind of insurance they need, and it depends on them how much they are willing to invest and other factors, here you can get quotes from different companies
linsurance.notlong.com
car253 10:03 am on November 13, 2009
You already have 2 good answers.
I advise a level premium 30 year term plan. This plan provides the lowest premium with level payments for 30 years.
The wife will not be able to get life insurance until a couple of months after the baby is born. Add a children’s rider to the insurance policy.
Good Luck.
Patrick B 10:03 am on November 13, 2009
Feel free to look over our website PriceRaffel&Browne.com email me (patrickB360@yahoo) and we can go over the proper options.. I dont see anthe best answer on here.