Undergoing a medical exam and offering details about your health history is a standard requirement for obtaining traditional life insurance. Life insurance companies use this information to determine the level of risk that comes with insuring you and then assign you your rates accordingly. If you live with a thyroid condition, it’s important to know that it may affect your life insurance premiums.
Thyroid conditions are a common health concern that can lead to an increase in insurance premiums. The impact of a thyroid condition on life insurance eligibility and premiums depends on factors such as the type, management, and associated health risks. While well-managed conditions may lead to standard or slightly higher premiums, severe or uncontrolled conditions may result in higher premiums or challenges in obtaining traditional coverage. Let’s walk through common thyroid conditions and how they can affect your life insurance eligibility.
Common Thyroid Conditions
Your thyroid is a butterfly-shaped gland in your neck. This vital part of the endocrine system helps make hormones. These hormones affect many parts of your body and how they work. Thyroid hormones regulate your metabolism, including burned calories and heart rate.
But much like other parts of your body, you can experience thyroid issues. Common thyroid conditions and types of thyroid disease include:
Thyroid nodules: Thyroid nodules are abnormal growths of thyroid tissue that aren’t usually serious. These can occur as solid or fluid-filled lumps. A small percentage are cancerous, but they typically don’t need to be removed unless they cause difficulty swallowing or choking.
Goiter: A goiter is an enlarged thyroid gland. While not cancerous, it can cause difficulty with swallowing or breathing.
Thyroiditis: Thyroiditis is a general term that refers to any inflammation of the thyroid gland. It’s typically caused by antibodies attacking the thyroid.
Hyperthyroidism: Hyperthyroidism is when your thyroid gland produces more hormones than your body needs. It can induce rapid symptoms such as weight loss, anxiety, high blood pressure, or insomnia.
Hypothyroidism: If your thyroid gland doesn’t produce enough thyroid hormones, you have hypothyroidism. Signs of this thyroid condition include weight gain, constant fatigue, weak or slow heartbeat, poor memory, constipation, and sensitivity to cold.
Thyroid cancer: There are four main types of thyroid cancer that differ in level of aggression. Overall, thyroid cancer has a relative survival rate of 98.5%.
Regular examination of your neck can help you find lumps that could be signs or symptoms of thyroid problems. If you think you may have issues with your thyroid based on symptoms, schedule an appointment with your physician.
Thyroid Conditions May Impact Your Life Insurance
Just as with other medical concerns, a thyroid condition can impact your life insurance rates and eligibility. However, having a thyroid condition doesn’t automatically mean you’ll be denied life insurance or will be assigned expensive premiums. Insurance companies will consider various factors during underwriting, including the type and severity of the condition and potential associated health risks.
Underwriters will also evaluate how well the condition is being managed through medication, lifestyle changes, or other treatments. Consistent management and regular monitoring are typically viewed more favorably. If the thyroid condition has led to or is associated with other health complications, such as heart problems or osteoporosis, this may impact the assessment of your risk and, therefore, your premiums.
Life Insurance Health Classifications for Thyroid Conditions
The two most common class ratings for life insurance are preferred and standard. Preferred rates are often given to those whose thyroid conditions are under control and who have no other health issues. Standard health class ratings tend to be more common for hyperthyroidism patients who regularly see an endocrinologist and have the condition under control. In addition to the basic preferred and standard rates, you may qualify for preferred plus and standard plus rates depending on your health history and current conditions.
Life Insurance Options After Thyroid Cancer
It is possible to obtain life insurance after being diagnosed with thyroid cancer, but the availability and terms of coverage will depend on several factors. Underwriters will consider the type of thyroid cancer and the stage at the time of diagnosis. Generally, lower-risk types and early-stage cancers may be viewed more favorably. They’ll also evaluate your treatment history, including surgery, radiation therapy, and/or chemotherapy. A successful treatment outcome and a period of recovery can positively influence your risk assessment. Showing proof of regular follow-up care and ongoing monitoring of thyroid function and cancer recurrence can also work in your favor.
Best Life Insurance for Those with Thyroid Conditions
While having a thyroid condition may impact the life insurance application process, a variety of life insurance options should still be available to you. These include term life insurance, whole life insurance, and final expense insurance. Term life insurance is popular due to its affordability and flexibility, as you only buy as much coverage as you need. Permanent life insurance, on the other hand, is more expensive but offers coverage for your entire lifetime and also comes with a savings component known as the cash value. If your thyroid condition impacts your ability to get traditional term or permanent life insurance, a final expense policy like simplified issue or guaranteed issue may be a good fit. These policies require no or minimal medical history requirements, making them a good option for people with health concerns like thyroid conditions.
Other Life Insurance Options
For those whose thyroid conditions are more serious or who have several other health complications, traditional term life and whole life insurance may be out of reach. In these cases, policies that require no or minimal medical information during the application process may be a good fit. This includes final expense insurance or even a guaranteed issue life insurance policy that doesn’t require a medical exam, usually through accelerated underwriting. These policies often offer a lower death benefit than traditional life insurance policies but can still provide the protection your loved ones need without you having to undergo a medical exam.
SelectQuote Can Help People With Thyroid Conditions Find Affordable Life Insurance
Finding the right life insurance policy while navigating a thyroid condition may feel daunting, but SelectQuote is here to help. We have nearly 40 years of experience helping people with different medical conditions find the coverage they need at a price that works for their budget. We’ll take the guesswork out of your hands by comparing a variety of life insurance quotes from trusted carriers, helping you understand your options so you can have peace of mind that your loved ones will be protected.
