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Life Insurance and Thyroid Disease

Licensed Life Insurance Agent/Marketing Manager
March 31, 2020

Obtaining a life insurance policy with thyroid disease is possible. However, with some life insurance companies you pay higher costs for life insurance.

It is important to shop around to find the best policy and the best rates for you.

In this article we are going to cover the following:

  1. Can you get life insurance with thyroid disease?
  2. How much does life insurance cost with thyroid disease?
  3. What is the process of applying for life insurance with thyroid disease?
  4. What if I have already been denied life insurance coverage?

Can you get life insurance with a thyroid disease?

Yes, you are able to qualify for life insurance with thyroid disease.

There are many life insurance companies that offer policies to those who have thyroid disease. The key is to find the companies that offer the right types of life insurance policies and the best rates to meet your needs.

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How much does life insurance cost with thyroid disease?

When a life insurance company is looking to determine how much you will pay for a policy they use something called a rate class. 

The rate class is based on a combination of age, health, gender, lifestyle and many other factors. Each company has their own rate class system and it is up to their discretion with class you are put into and how much you will pay. 

Shopping around can save you money. If you aren't sure which companies to consider, speak with a life insurance agent and they can help guide you and provide you with multiple rates. 

The type of policy and the amount of coverage that you want also determine how expensive your policy will be. Term life insurance is the cheapest form of life insurance, but it is only active for a set period of time, which may or may not be the best option for you. Also, the higher the amount of coverage you want the more expensive your policy will be. 

What is the process to apply for life insurance?

If you choose the route of a more traditional life insurance policy, you may be required to take a life insurance medical exam

In the medical exam process, typically an examiner would come to your home to check your height and weight and to take a small blood and/or urine sample. The life insurance company would also ask for your medical records and a list of prescriptions you are currently taking or have previously taken. They will use all this information along with the actual application to determine if you qualify for life insurance and how much you will pay. 

This whole process will be managed by your life insurance agent. 

If you don't like the idea of taking a medical exam you do have other options: 

  • No exam life insurance policy
  • Guaranteed issue life insurance policy

A no exam life insurance policy will let you skip the medical exam, though you will most likely need to fill out a medical questionnaire. In this scenario the questionnaire would be taken into consideration to determine your eligibility and cost for a life insurance policy. 

With a guaranteed issue life insurance policy will let you skip both the medical exam and the questionnaire. It is important to note that these policies typically have lower coverage amounts. 

What if I have been denied life insurance coverage?

If you have been denied coverage from one life insurance company due to thyroid disease, you can submit your application with a different company. 

If you aren't sure which company to go with this is where a life insurance agent can step in. They can help you choose the right company and the right type of policy to meet your needs. They can also provide you with multiple quotes so you get the right policy at a competitive price. 

Written by
Chelsie Ball
Chelsie is fixated on developing innovative ways to present complex ideas and maneuvering people to the information they need. She has worked in digital marketing for the past seven years and has been a licensed life insurance agent since 2010. When she isn’t looking out for the user, you can find her watching Netflix or desperately trying to find a real hobby.