People often tend to choose more secure ways when they are expecting a child. No wonder, the arrival of a new life should be safe and sound! So, if you are considering buying a pregnancy insurance plan, you are right. The market is full of insurance providers with varied benefits. Each one of them has better things to offer, and that is what makes it confusing for the buyers. Amidst so many alternatives to choose, some people tend to fall for the number of benefits over insurance quality.
Pregnancy Cover Policy Questions To Ask An Insurance Agent
Expecting a child is the first step towards responsibility, and we believe that no one would like to take risks in such cases. Hence, we have prepared a list of five questions that you must mandatorily ask your insurance agents before investing your money in the pregnancy cover policy. Let us have a look at them.
1. What is a more suitable choice for insurance for pregnant mothers - term or permanent?
Talking about the term life insurance, it costs less than the permanent life insurance plan. Hence, it is often preferred by young families due to its affordability. While a permanent life insurance plan offers lifelong coverage and a cash accumulation feature, it is considered a valuable source of money in the future.
Both these plans carry benefits that can help your family in the future, so combining these two can meet your requirements. The term insurance plan can provide your family with extra coverage during their growing years, while the permanent insurance policy can give you lifelong coverage.
2. Should your choice of the policy plan depend on your work status?
A mother is the most asset to a family, no matter what her working status is. One cannot compensate for each of the things she does so selflessly for her home. From taking care of her child to making sure to serve to her family’s requirements, one cannot thank her enough!
So, both need protection to ensure the security of their family. A working mother also aids in the financial capacity of the family. She might need to think about the coverage required to replace her income.
3. Does the company offer insurance enough?
The companies that offer group insurance often sounds like a great benefit to have, but the benefit is limited in many ways.
Firstly, group insurance coverage is generally a fixed amount that is twice your annual salary. The money is limited and not enough to last for many years. Secondly, what if in a situation you must leave your job? Losing the job means losing the insurance, which can be a risk if you do not own individual policy.
The amount that your group coverage sums for might look great, but it comes with limited scope and benefits and cannot be termed as a proper insurance plan.
4. Are there any restrictions on the insurance that covers pregnancy?
Life insurance policy is more comfortable to obtain if there are no medical complications. That applies to every individual in any phase of his life. Getting an insurance plan in the early stage of the pregnancy with no complications is easy to obtain. But if your pregnancy has complications and you are in the later phase of the pregnancy, things might get difficult for the policyholder as either the claim gets reduced, or there are lesser benefits. In such cases, the insurance provider often waits for the arrival of the baby. It is advisable to buy the policy as early as possible.
5. How much should I pay for the insurance?
This is based on several different factors, such as age and health. A healthy individual in his early years of life can attain maximum benefits from the policy. Similarly, a person can also procure benefits if he is healthy despite the age. Also, it is beneficial if you get your spouse on board for combined coverage. This could provide you with double benefits.
These are the most common questions an expecting mother should consider asking the insurance agent. Remembering, talking, and consulting a life insurance agent at the initial stage of buying an insurance plan is crucial. They can tell you the programs that best serve your interest and the details on the expenses. This will help you reassess your requirements, and you will make a better call on your choice of the policy plans.