If you are 50+ and have some type of thyroid disorder such as hypothyroidism or hyperthyroidism, how will that affect your ability to get affordable life insurance coverage?
For most people it won’t make much of a difference…..but let’s look into this further.
Cleveland Clinic estimates 20 Million Americans currently have a Thyroid Disorder.
In fact, there is new speculation that approximately another 13 Million Americans have a Thyroid Disorder that is not yet diagnosed.
Men and women of all ages and races find they have a Thyroid Disorder.
Yet women are more likely to have thyroid problems, 5 to 8 time more often than men.
Life insurance companies will take a close look at all forms of Thyroid Disease, including Thyroid Nodules, Thyroiditis, Goiter, Grave’s Disease, and Thyroid Cancer.
In general, insurance carriers view Hyperthyroidism and Hypothyroidism as being minor medical conditions.
Typically applicants with Hypothyroidism, who keep it under good control and have no other significant medical conditions, may qualify for a Preferred Rate Class.
While applicants with Hyperthyroidism, who maintain a stable condition and regularly visit their endocrinologist, may qualify for a Standard Rate Class and possibly even a Preferred Rate Class.
As you can see, there’s really no reason to be overly concerned that cheap over life insurance in your 50’s and 60’s is beyond your reach!
If you’d like to give me a call I can help you obtain the best policy for you and your family.
Or keep reading for more tips on applying for life insurance with a Thyroid Disorder.
Life Insurance Snapshot: Thyroid Disorders
Here is a 30 second look at how many insurance companies handle applicants with Thyroid Disorders, like yourself.
- Impact on Application: Usually Minor
- Best Rating: Preferred (Lowest Rates)
- Worst Rating: Sub-Standard Rate for Uncontrolled Thyroid Disorder (minimum of 25% rate up)
- Main Factors: Diagnosis Date, Current Prescriptions, Stability
Always remember, these outcomes are not based exclusively on your Thyroid Disorder.
Other chronic illnesses and lifestyle choices, depending on their risk, will have their own impact on your final life insurance rating.
Next up are frequent life insurance ratings and pricing for applicants with Thyroid Disease.
How Will Thyroid Disease Affect My Rating and Premium?
First, if you are over 50 and looking for life insurance let’s make sure you understand how life insurance ratings work.
Below is an easy-to-read grid that breaks down each rating category by which applicants normally qualify for a specific rating and how the rating changes your premium.
|Reason For Rating
|Very Healthy, Low Risk
|Better than Average Pricing
|Controlled Medical Condition(s), Average Risk
|Sub-Standard (aka Table Rating)
|Chronic Disease (Moderate to Severe)
|Below Average Pricing - About a 25% rate up per Table Rating
Pro Tip: Sub-Standard (aka “Table”) Ratings frequently have up to 16 different levels below the “Standard” Rating.
For each table/level assigned, the life insurer will generally add a 25% premium rate up.
For example, if you are assigned a Table Rating of 3 then your premium cost will be 75% higher than the standard or basic policy pricing.
Obviously, each insurance carrier has their own slightly different guidelines.
If you give me a call I can help you determine what the best life insurer might be for you.
Typical Ratings for Thyroid Disorders: Hypothyroidism and Hyperthyroidism
Here’s the lowdown on life insurance ratings for those living with Hypothyroidism and Hyperthyroidism.
Hypothyroidism: Those with Hypothyroidism can usually get the best Preferred Rating (and premiums) available as long as their Thyroid Disorder is being managed and kept under good control.
If you are struggling to manage your Underactive Thyroid or have complications such as those mentioned above then expect a Standard or SubStandard (Table) Rating.
Hyperthyroidism: If your Overactive Thyroid is well-controlled and you follow all your doctor’s advice, the best possible rate is a Preferred rating, but most likely a Standard Rating.
If you are someone that is not able to keep your Hyperthyroidism under good control or your Overactive Thyroid isn’t responding well to medical treatments, you’ll most likely get a Substandard (Table) Rating.
The comorbid illnesses listed above often cause the applicant to receive a Substandard (Table) Rating.
Keep in mind, no matter how your Thyroid Disorder has impacted your overall health, we can still find an excellent policy to meet your needs.
What can it hurt to get expert advice at no cost to you?
Pro Tip: It’s worth repeating that your life insurance rating will be based on your overall health. This means your Thyroid Disorder plus any other chronic medical conditions will determine your final rating.
Thyroid Disorder Case Studies
Case Study 1 – Hypothyroidism (Underactive Thyroid)
Female Age 60, Non-Smoker. Diagnosed with Hypothyroidism at age 50. Condition is under good control with use of prescription medication. Applicant follows up with her endocrinologist once a year for lab work, which is consistently good. No complications from Hypothyroidism.
Preferred Rating with the lowest premiums.
Case Study 2 – Hyperthyroidism (Overactive Thyroid)
Male, Age 50, Non-Smoker. Hyperthyroidism went undiagnosed and uncontrolled for some time which caused A-Fib. Since finally being diagnosed he struggled to keep his Overactive Thyroid under control despite taking medication as prescribed.
Substandard Rating of Table 4. This will result in a 100% premium rate up.
The Basics: Life Insurance Application
Life insurers will ask for basic applicant information like the following:
- Marital Status
- Height and Weight
- Alcohol consumption
- Drug use
- Medical history
- Past and current prescriptions
- Surgical history
- Cholesterol level
- Blood pressure
- Family health history
- Preferred hobby
- Driving record
Pro Tip: Smokers receive “tobacco rates” which are normally quite a bit higher than non-smoker rates. However, if you stopped smoking 12 months ago then you would qualify for non-smoker rates.
Each life insurance company handles tobacco products differently. Some will even overlook an occasional cigar or pipe.
If you’re confused at all about what type of rates you would receive give me a call.
The Thyroid Disorder Questions
Insurance companies will want to learn more about your Thyroid Disorder diagnosis and its current status. These particulars will ultimately inform the life insurer’s rating decision.
So I can’t stress enough the importance of being honest when going through the application process. It will make your application experience so much easier.
Below are a few of the Thyroid Disorder questions you’ll be asked.
The Simple Questions
If you have either Hyperthyroidism (Overactive Thyroid) or Hypothyroidism (Underactive Thyroid) there will be plenty of questions such as the following:
- When were you diagnosed with Hyperthyroidism?
- What treatment were you prescribed for your condition?
- What medications do you take for Overactive Thyroid? What’s the dosage and how often do you take it?
- How often do you visit your physician to check on your Overactive Thyroid?
- How effective has your treatment plan been in controlling the thyroid?
- In the last six months, has blood work been done for TSH, T3, or T4? What were the results?
- Have your symptoms of Hyperthyroidism increased in recent months?
- Do you have other disease such as diabetes or heart conditions?
Pro Tip: Honesty is always the best policy. Don’t try to withhold any details in an effort to improve your rating. It never works out well in the end.
No Reason to Delay, Apply Today!
It’s been reported 1 out of 4 Americans have a Thyroid Disorder just like you.
So life insurers are used to seeing Hyperthyroidism or Hypothyroidism listed on a life insurance application.
In my experience, Thyroid Disorders generally have a minor impact on life insurance ratings and premiums.
Thyroid Disease definitely should not keep you from insuring your life. Now that you know that, why put off applying another day?
After all, haven’t you put off applying for coverage long enough?
If you are looking for life insurance quotes and are in your 50’s or 60’s you have come to the right place.
Feel free to give me a call and I can help with your life insurance needs. We’ll discuss various coverage options and I can help you get an application started today.