If you are wondering if you can get life insurance with a thyroid disorder, you can stop your worrying! As long as you are managing your medical condition, you can get affordable life insurance!
Having a thyroid condition is not uncommon; the insurance companies often view this as a minor medical issue in the life insurance application and approval process.
Unless you have other medical issues going on in your body, you should be able to qualify for overactive thyroid life insurance or underactive thyroid life insurance.
Life insurance with hypothyroidism and life insurance with hyperthyroidism
Two medical conditions affect the thyroid. One is called hypothyroidism; the other is called hyperthyroidism.
Hypothyroidism is a condition where your thyroid gland does not make enough of the hormones needed by your body. Hyperthyroidism is the opposite of hypothyroidism. Hyperthyroid is a condition where your thyroid gland is making more hormones than needed by your body.
With an overactive thyroid (hyperthyroidism), an individual will typically experience weight loss, an increase in their heart rate, and an increased sensitivity to heat. Hyperthyroidism is often associated with Graves’ disease.
Graves’ disease is one of the many autoimmune diseases that can affect the body. Graves’ disease affects your thyroid. It often results in your thyroid becoming enlarged. Sometimes, your thyroid may enlarge to twice its normal size (and become a goiter).
When the thyroid gland becomes enlarged, it is called a goiter. A goiter can occur if your thyroid gland is producing too many, or too little, hormones in your body.
What are the insurance companies looking for with thyroid disorder life insurance?
The most important thing the insurance companies will want to see is you are following your doctor’s medical treatment plan for your thyroid disorder.
The insurance company will want to make sure you have your thyroid condition under control with medications, you are having regular medical checkups with your doctor, and you have no other significant medical issues going on in your body.
What kind of rates can I get with thyroid disease life insurance?
The insurance companies will use your current age, your health, your medical history, your physical build, your type of work, any risky hobbies, and consider your lifestyle to determine which rate class you fall within. Insurance rate classes fall into the following categories:
Preferred plus/preferred – This rate class is given to individuals who are very healthy and have no past or current medical conditions. You must also have no family history of any serious illness. You must also have an ideal build.
Standard plus/standard – This rate class is given to individuals who may have a family history of medical problems, some existing medical conditions, or a build that does not qualify, based on the preferred class.
Substandard – This rate class is given to individuals who do not fall into the upper two risk classes. Individuals who only qualify for the substandard rating are considered a higher risk by life insurance company underwriters.
Insurance tables explained:
A good way to think of insurance tables is to think of stacking coins on top of each other. The more coins in the stack, the more your life insurance will cost.
Insurance tables go from table 1 to table 16. Each table adds an extra 25% to the cost of your life insurance.
If you are overweight, that may add four coins to the stack (a 100% increase over a person of normal weight for their height). If you have high blood pressure, that may add another two coins to the stack (an extra 50% increase). If you have thyroid disease, that may add another coin to the stack (a 25% increase).
Now you have seven coins in your stack (a 175% increase in your life insurance rates). Your insurance will be more expensive if you have seven coins (table ratings) in your stack than someone who only has two coins (table ratings) in their stack.
The more coins (or table ratings) in the stack, the more expensive your life insurance will be.
Hypothyroidism life insurance
Hypothyroidism is viewed more favorably by the insurance companies from a risk perspective. Individuals with hypothyroidism can typically get the best rates, just like healthy people, as long as your thyroid condition is under control.
The good news is, if you have hypothyroidism, it should not be difficult to get life insurance coverage with excellent insurance rates.
Hypothyroidism not controlled well is viewed more cautiously by life insurance companies.
If your thyroid condition is not managed effectively, you can still get approved for life insurance at standard and substandard insurance rates…the rates may be higher than if your thyroid condition is well-controlled.
Can I get life insurance with thyroid disorder?
Yes, you can get life insurance with thyroid disorder!
Remember hypothyroidism is viewed more favorably by life insurance companies than hyperthyroidism. The main things the life insurance underwriters will look at when determining your thyroid life insurance eligibility are:
- The date you are diagnosed with your thyroid disorder
- The medications prescribed by your doctor
- How well your thyroid condition is controlled
If you have hyperthyroidism, the insurance underwriters will want to know:
- The date you were diagnosed with your thyroid disorder
- The medications prescribed by your doctor
- How well your thyroid condition is controlled
- How effective your medications are controlling your hyperthyroidism
- If you are regularly visiting your doctor to manage your overall health and hyperthyroidism
Common medications for thyroid disorders are Synthroid, Levothroid, Levoxyl, Levothyroxine, Cytomel, and Thyrolar.
What are insurance companies looking for with thyroid disorder life insurance candidates?
The key area that insurance companies and underwriters will look at is how well you are controlling your thyroid condition. They want to understand how well you are complying with your doctor’s medical treatment plan.
If you are managing your medical condition and treatment plan effectively, then expect to qualify for better life insurance rates.
So what insurance company do I select for thyroid disease life insurance?
Not all insurance companies view thyroid disease the same. That is why it is important to have an experienced life insurance agency helping you select and purchase your life insurance.
Your thyroid medical diagnosis is also important to the insurance companies. Getting life insurance after thyroid cancer and getting life insurance for thyroid cancer survivors will be a different process than getting insurance for hypothyroidism.
Insurance companies want your business, and most try to stay very competitive with their pricing. Many insurance companies specialize in specific medical conditions. By doing so, they can become experts with these health problems and better assess potential life insurance candidates. Often, these companies will have better life insurance rates for thyroid patients than other companies.
What is the best life insurance policy for me?
Life-Wealth-Win can help you with a fully underwritten life insurance policy, or a no medical exam life insurance policy if you have had any thyroid problems in the past.
Fully Underwritten Life Insurance Policy
With the fully underwritten life insurance policy, you may qualify up to a preferred plus rate class. With a no exam life insurance policy, the best rate class you can qualify for with most insurance company is a preferred class.
For a fully underwritten policy, you will have to take a life insurance paramedical exam. A nurse or health professional will come to your home and check your height and weight, take a blood and urine sample, review any other medical conditions you may have, and ask you any other pertinent health questions.
The insurance company will also review your past medical records and your prescription history. The insurance company underwriters will then assign you a rate class based on your specific health risk. This “rate class” will determine the life insurance rates you will pay.
Simplified Issue Non-Medical Life Insurance Policy
With a non-medical life insurance policy, you will have to provide information about your health and lifestyle on an application form. Your life insurance agent will then submit your life insurance application for you to the insurance company.
The insurance company will then review your medical records and prescription history to determine your life insurance eligibility. Now, you just sit back and wait for your policy approval!
Will your thyroid condition affect your ability to get life insurance? In most cases, no. Contact us and we can help you understand what your options are and find life insurance protection that will fit into your budget.
Life-Wealth-Win Life Insurance and Wealth Services would love to help you get your loved ones, family, and business protected! Call us or get your free life insurance estimate by clicking the link below.