Life Insurance for Expecting Parents

Before your baby’s first breath, he or she is already dependent on you for physical protection. Making the decision to buy life insurance while you’re pregnant can help assure greater financial protection for him or her, too – and further safeguard yours.

As an expectant parent, you likely have more questions than answers. Although babies don’t come with a “how-to” manual or simplified summary, what you need to know about life insurance can be simplified.

Can You Get Life Insurance While Pregnant?

Yes, you can get life insurance while pregnant—and it’s often a smart move. Many people worry that pregnancy might disqualify them from getting a policy, but in most cases, that’s not true. However, pregnancy can impact the underwriting process depending on your trimester and any pregnancy-related complications.

Most insurers evaluate your health as they would at any other time, taking into account your age, medical history and current health status. If you're early in your pregnancy and healthy, you may still qualify for favorable rates. Later in pregnancy, some conditions—like gestational diabetes or high blood pressure—could affect your premium or eligibility until after delivery.

Here are four common questions that soon-to-be parents ask when deciding whether or not to buy life insurance during pregnancy:

1. Who Needs Life Insurance When You're Expecting?

Life insurance helps to protect families financially should the unthinkable happen to a parent or other breadwinner. Any parent, grandparent, or legal guardian contributing to the financial support of a child or children should seriously consider buying adult life insurance.

You may also want to consider applying for children’s life insurance for your newborn, starting as early as 14 days old.

2. When Should I Buy Adult Life Insurance?

The short answer: the sooner the better. Life insurance premiums (the amount you pay monthly) are determined by your age and health considerations at the time that you apply for an insurance policy. So, it can be beneficial to apply for life insurance when you are young and in good health, in order to obtain the lowest premium rate.

3. Term vs. Whole Life Insurance: Which is Best for New Parents?

There’s no one-size-fits-all option—choosing between term life and whole life depends on your budget and long-term goals.

Term life insurance typically costs less and provides coverage for a set period (like 10, 20, or 30 years). It’s a popular option for new parents who want higher coverage at an affordable rate during their child’s early years.

Whole life insurance, on the other hand, offers lifelong protection and builds cash value over time as long as premiums are paid. The cash value of an insurance policy can grow into a small “nest egg” for the future, as well as a potential source of ready cash should you need to borrow against the policy. Be aware that borrowing against the policy incurs loan interest and may impact the cash value and death benefit.

4. Might Stay-at-home Parents Need Life Insurance, Too?

Absolutely. While stay-at-home parents may not earn a paycheck, the services they provide—childcare, cleaning, meal prep, transportation—are incredibly valuable. If something were to happen, replacing that support could be costly.

Some estimates suggest it could cost $100,000+ per year to replace a stay-at-home parent’s responsibilities with paid services. Having life insurance for a stay-at-home parent can help cover those costs and reduce financial stress during an already difficult time.

How Much Life Insurance do New Parents Need?

A general rule of thumb is to aim for coverage that’s about 10 times your annual income. If one parent stays home, consider the value of their unpaid labor—childcare, household management, and more. Replacing those services with paid help could significantly increase the amount of coverage you need.

You can get a better sense of how much coverage might be right for your family by considering your specific financial responsibilities and factors that influence life insurance needs.