According to American Thyroid Association, more than 12 percent of the U.S. population will develop a thyroid condition during their lifetime and an estimated 20 million Americans currently have some type of thyroid disease (60% of which are undiagnosed!).
Which means that…
It would be pretty silly to try to work in the life insurance industry without having a good understanding of some of the more common thyroid conditions. This is why we spend so much time trying to learn about the different medications used to treat hypothyroidism and they’ll ultimately affect one’s life insurance application.
About Levothyroid, Levoxyl (levothyroxine) and Synthroid.
Levothyroid is a prescription medication used to treat hypothyroidism as well as prevent the development of goiters. Levothryoid works by replacing hormones that are produced naturally by the thyroid gland which regulates the body’s normal energy and metabolism levels.
Now assuming that your…
Hypothyroidism is the result a “non-serious” medical condition rather than what might need to be investigated more closely such as
- Autoimmune disease.
- Graves’ disease.
- Medication exposure.
- Pituitary gland damage.
- Etc, etc..
It’s quite possible that you’ll be able to qualify for a Preferred or Preferred Plus rate class.
You may even be able to qualify for one of the new “No Medical Exam” term and whole life insurance options that can provide full life insurance coverage within 24 hours!
As for those who have been diagnosed with a more “serious” medical condition that has led to their hypothyroidism…
A more careful examination of what has led to their hypothyroidism will likely need to be conducted as well as a complete review of their medical records prior to being approved for life insurance coverage.
Questions that will likely be asked on anyone who has been diagnosed with Hypothyroidism would include:
- When were you first diagnosed with hypothyroidism?
- Has your doctor determined the underlying cause of your hypothyroidism?
- Is Levothyroid the only medication that your using to treat your hypothyroidism?
- Have you been diagnosed with any type of autoimmune disorder?
- Are you currently taking any other prescription medications?
From there, the insurance companies will generally have a pretty good idea about the severity of your condition and be able to combine these answers with the answers to the following questions found on most fully underwritten term and whole life insurance applications.
- You age?
- Your current height and weight?
- Have you ever been diagnosed with cancer, heart disease, stroke or diabetes?
- Has any of your immediate family members: mother, father, brother or sister, ever been diagnosed with cancer, heart disease, stroke or diabetes?
- In the past 12 months have you used any tobacco or nicotine products?
- Do you have an issues with your driving record? Such as a suspended license, multiple moving violations or DUI’s?
Here at TermLife2Go, you’ll find that we operate just like any typically life insurance company would by asking most of the same questions with one exception. When we ask these questions, we want to learn about what type of life insurance policy and rate class you’ll likely qualify for as well as which life insurance company will be best for you!
Here at TermLife2Go, we’ve chosen to remain an independent life insurance brokerage that is capable of working with dozens of different life insurance companies. Which means that when you decide to apply for life insurance using TermLife2Go, you’ll also be simultaneously “shopping” dozens of highly rated insurance companies so that at the end of the day, you’ll have multiple options to choose from!
So what are you waiting for? Give us a call today and see what we can do for you!
Are you ready to take a look at some actual rate quotes? If so, just visit our page Life Insurance Policy Quotes where you’ll be able to compare different life insurance companies against one another as well as be able to choose between no medical exam policies and traditional (exam required) life insurance policies.