Qualifying for Life Insurance with Thyroid Disease.
Most clients suffering from an over active or under active thyroid have their condition under control. However, some of the top rated best life insurance companies will ding a client for extra on their premiums if they have a condition stemming from their thyroid or from the lack of a thyroid. That is why choosing the right company to apply with is so important.
In the following article we will discuss the criteria a insurer is looking for in order to qualify for the best rate class. We will also discuss the importance of choosing a thyroid disease friendly life insurance company and how simply choosing the right company can save you thousands of dollars over the entirety of your life insurance policy.
Thyroid Disease and Life Insurance…Made Easy!
If you have been diagnosed with a thyroid disease then you need to read this. There are three important questions you need to ask if you are applying for life insurance with a type of thyroid disease, those questions are:
- Can I get life insurance with thyroid disease?
- What what class can I qualify for with hypothyroidism and hyperthyroidism?
- What is the process of applying for life insurance with thyroid disease?
Let’s begin with a brief overview
The thyroid gland releases hormones through your bloodstream to every cell and organ in the body. The thyroid regulates body temperature, assists the heart pumping blood in rhythm, assists the brain to think clearly, as well as keeping the entire body working together in unison.
There are two main thyroid diseases: hypothyroidism and hyperthyroidism.
When the thyroid gland is underactive, it is called hypothyroidism. Generally, hypothyroidism results in weight gain, a lethargic feeling, and increased susceptibility to cold.
When the thyroid is over active, it is referred to as hyperthyroidism. Generally, hyperthyroidism results in weight loss, an increase in heart rate, and increased susceptibility to heat. Often, hyperthyroidism is a result of Graves’ disease.
Graves’ disease is an autoimmune disease. It typically affects the thyroid, often causing it to enlarge to twice its size or more (goiter).
A goiter is an enlargement of the thyroid gland. It is not cancer. A goiter can occur in a gland that is producing too much hormone (hyperthyroidism), too little hormone (hypothyroidism), or the correct amount of hormone (euthyroidism).
The quick answer is, YES.
Hypothyroidism is looked at more favorably by life insurance underwriters. The main concern here is:
- Date of diagnosis,
- medications taken, and
- level of control.
For hyperthyroidism, the underwriter will want to know:
- Date of diagnosis,
- what medications you are taking,
- are you taking the medications,
- are the medications effective, and
- how often you visit your doctor to monitor your condition.
The main concern here is with control and compliance. Life insurance carriers like to see that you take good care of yourself and that you follow your doctor’s orders.
Life insurance companies have about 16 different rate classes. What rate class you qualify for will also determine your cost. The premium will be higher for those who are considered high risk life insurance.
For hypothyroidism, assuming your condition is stable, you take your medications (most commonly Synthroid) as recommended and you have no other health concerns you will qualify for a preferred plus rate class.
For hyperthyroidism, the typical rate class for someone who has their symptoms under control and who regularly visits their endocrinologist would be a standard rate class.
You will have the choice of a no medical exam life insurance policy or a fully underwritten life insurance policy. The best rate class you can qualify for with a life insurance no exam policy is preferred. For clients who can qualify at a preferred plus rate class, it makes financial sense to pursue a traditional exam policy.
A fully underwritten policy requires a life insurance medical exam. The examiner typically comes to your home and checks your height and weight and takes a small blood and urine sample. Your lab results are then processed. The carrier will request physician statements and look into your medical records. The carrier will also do a prescription database check to see what medications you are currently taking and have taken in the past. An underwriter will then assess your “risk” level and give you a rate class assigned to your specific risk. Your assigned agent at TermLife2Go will then follow up with you and let you know of your approval.
The entire process is handled by us so you can just sit back and wait for the life insurance carrier to complete your file. Speaking of life insurance carriers, not all life insurance carriers are the same!
Not all life insurance carriers are the same.
The life insurance industry is just like every other industry out there. Competition is constantly driving insurance carriers to compete for your business. As a result, carriers take on “niches” in an effort to earn market share. It is important to know these niches and it is important the agency you chose has the freedom to choose from multiple life insurance carriers. As a consumer, it is in your best interest to work with an agency that is not bound to any one carrier and will be able to shop your application to dozens of different companies available. Only by doing this can you insure that you are getting the best policy tailored to your specific needs.