Life Insurance for my Surrogate Mother
life insurance policy for surrogate
Life insurance is a very important aspect of any Surrogacy agreement. Canadian Fertility Consultants works with a great Insurance representative, who takes care of our Surrogates, ensuring that they have a Surrogate friendly life insurance policy in place. It is common for a life insurance policy to be taken out for the surrogate mother for a period of one year, covering the entire duration of the surrogate pregnancy.
Most plans range from $250,000-500,000. In the contract, it should be discussed not only if a life insurance policy will be obtained, but who the benefactor of the policy will be.
For instance, some intended parents feel that they are investing a great amount of money in the surrogate pregnancy, and if their surrogate were to die unexpectedly, they would suffer a great financial loss. Some intended parents take out a separate policy on the surrogate with themselves as the benefactors, however this would be a rider, or separate policy. There would still need to be a policy in place to ensure the carriers family is also taken care of, if she were to pass away while carrying a surrogate pregnancy.
Life insurance is written into legal agreements, in two ways:
1. Life Insurance premiums to begin being covered, ONCE pregnancy is achieved
2. Life Insurance premiums to begin being covered, ONCE medications are started
CFC suggests that in order to get the most affordable policy, to go with option#1, as once a Surrogate is on medication, premiums can be more costly.
The contract should state, if a life insurance policy is to be obtained, who the benefactor is, how long the policy will be in effect, how much the policy is for, and who is to maintain the policy.
For further information on obtaining a Surrogate friendly life insurance policy, please contact us at info@fertilityconsultants.ca Or by calling our office at 613 439 8701
Canadian Fertility Consulting is more than happy to refer you to resources to help you with your journey, whether Fertility clinic, Life insurance agent, Lawyer, Mental health professional, or Chinese medicine practitioner.