Pregnancy comes with lots of unknowns. You might wonder if your child will have the same interests as you, the same facial features, or if they’ll grow up to be a doctor or a rock star. But what about the possibility of not giving birth to just one child, but multiples? For those parents disturbed by the thought of having more than one child at once, fortunately there’s multiple birth insurance.
What Is Multiple Birth Insurance?
Multiple birth insurance is a type of insurance policy designed to protect parents if the mother ends up being pregnant with (and delivering) more than one baby at a time. The average cost of raising a child in the US today is $233,610—a substantial chunk of change. Giving birth to more than one child could double or even triple these costs, and for some parents, the thought of shelling out that much dough is just unfathomable.
How Does Multiple Birth Insurance Work?
Coverage is purchased very early in the pregnancy, as a sort of “just in case” safety net. If the mother ends up delivering multiple children at the end of the pregnancy, the insurance policy will pay out a lump sum to the parents to help fund the additional costs of child care. Parents may put this money toward future college tuition, doctor visits, or the increased amount of food required by the additional mouths.
How Common Are Multiple Births?
About 4% of live births in the US produce more than one baby at a time. Almost 95% of these multiple births are twins, with the remainder being sets of three or more. So, the general likelihood of delivering multiple babies at once is quite low. However, there are a few risk factors that increase a woman’s chances of having twins.
The following factors may increase a mother’s likelihood of delivering twins:
- Undergoing fertility treatments
- Being over 30 years old
- Being overweight
- Being taller than average (5’5’’ or taller)
- Having multiple pregnancies in the past
- Breastfeeding a current baby
- Eating a diet rich in dairy
- Having a family history of fraternal twins, specifically
A family history of identical twins has not been shown to increase a woman’s likelihood of having multiple births. However, if these risk factors apply to an expectant mother, multiple birth insurance might be a very attractive option to consider, particularly if the plan is just to have one baby—or if children weren’t in the plan at all.
Why Would I Need Multiple Birth Insurance?
Basically, to secure some much-needed financial assistance, should a pregnancy turn out to be more than you’re bargaining for. There are several reasons expectant parents might opt to purchase a multiple birth policy, so we’ll check out a few.
Expectant parents may want multiple birth coverage for the following reasons:
- They’re at high risk for having twins.
- They’ve already had multiple children.
- The pregnancy occurs at a financially stressful time.
- Their existing children require above-average financing (due to illness or other struggles.)
- Having multiple children would require an expensive upgrade to their lifestyle (such as buying a bigger house or a minivan).
The value of the one-time lump sum paid out by the insurance policy is unique to every set of parents. Coverage costs and benefit amounts are determined based on the mother's risk of having multiple births, the financial needs of the family, and other factors.
Whether having one child or multiples, expectant parents are often stressed about their ability to provide financially for their impending offspring. Having multiple birth coverage can seriously help to calm those nerves.
How Do I Get Multiple Birth Insurance?
For the more obscure/less common types of insurance coverage out there, you might not be able to find what you’re looking for just anywhere. While our independent insurance agents may not be able to provide you with this kind of coverage directly, we’ll happily provide a list of agents in your neighborhood who have access to multiple insurance companies. You’ll walk away with the most options to find the absolute best coverage for your insurance needs.
TrustedChoice.com Article | Reviewed by Paul Martin
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