In this article, we wanted to take a moment to answer some of the most common questions we get from folks applying for life insurance after being diagnosed with Grave’s Disease (or Goiter).
Questions that will be directly addressed will include:
- Can I qualify for life insurance if I have been diagnosed with Grave’s Disease?
- Why do life insurance companies care if I’ve been diagnosed with Grave’s Disease?
- What kind of information will the insurance companies ask me or be interested in?
- What rate (or price) can I qualify for?
- How can I help ensure I get the “best life insurance” for me?
So, without further ado, let’ let’s right in!
Can I qualify for life insurance if I have been diagnosed with Grave’s Disease?
Yes, individuals who have been diagnosed with Grave’s Disease can and often will qualify for a traditional term or whole life insurance policy. In fact, they may even be eligible for a no-exam life insurance policy at a Preferred rate!
The problem is there are some pretty severe complications that can arise when an individual isn’t able to properly manage their Grave’s Disease, which is why, before being approved for a traditional life insurance policy, one should expect to be asked a series of questions about their Grave’s Disease so that a life insurance underwriter can get a better idea about how “serious” your condition is and what kind of risk you would pose to them as an “insured. “
Why do life insurance companies care if I’ve been diagnosed with Grave’s Disease?
You’ll generally find that most of the top-rated life insurance companies aren’t all that worried about someone diagnosed with Grave’s Disease, provided that they are properly treating their condition. And don’t currently exhibit any more serious “complications” of this Disease or seem to be at an increased risk of developing one of these more “serious” complications one day.
For this reason…
We wanted to take a moment to describe Grave’s Disease and review some of the more severe symptoms/complications that could occur so that as we continue our discussion, we’ll have a better idea of exactly what a life insurance underwriter will decide about your application.
Grave’s Disease Defined:
Grave’s Disease is an autoimmune disorder that causes those suffering from it to develop hyperthyroidism or an “overactive thyroid.” What occurs during this Disease is that one’s immune system actively attacks the thyroid gland, causing it to make more thyroid hormone than the body needs.
Common Symptoms of Grave’s Disease may include:
- A slight tremor of one’s hands and/or fingers,
- An increased sensitivity to heat, causing one to sweat more than normal,
- Unexplained weight loss,
- Development of a goiter (or enlarged thyroid gland),
- Increased anxiety and/or irritability,
- Bulging eyeballs (Graves’ ophthalmopathy),
Many of these symptoms might be uncomfortable for those suffering from them; these are not what most life insurance underwriters will be all that worried about. Instead, what is going to potentially worry a life insurance underwriter the most is the possibility of someone with Grave’s Disease developing a:
- Heart disorder,
- Brittle bones,
Or you are suffering from a potentially life-threatening condition known as a Thyroid Storm!
The good news is…
Grave’s Disease is a treatable condition. Once it has been diagnosed, your doctors should be able to control and maintain the proper levels of thyroid hormones in your body so that most, if not all, of your symptoms will go away.
Now, before anyone gets upset or complains about the simplicity of the definitions we’re using here, it’s important to understand that we here at IBUSA aren’t medical experts or doctors. All we are is a bunch of life insurance agents who are really good at helping folks with pre-existing medical conditions like Grave’s Disease find and qualify for coverage.
Which means that…
Because we won’t be the ones “diagnosing” your condition, we need to consider how a life insurance underwriter will consider you a potential “risk.” The good news is that despite how simple our definitions of these diseases may be, we actually have this down pat! Which is why when we are approached by an individual diagnosed with Grave’s Disease, we’ll know right away what questions a life insurance underwriter will want to know the answers to before making any decision about the outcome of your life insurance application.
What kind of information will the insurance companies ask me or be interested in?
The insurance company will be interested in the severity of your Graves’ Disease and any related symptoms or complications you have experienced. They will also want to know about any treatments or medications you are taking for the condition and whether you have any restrictions on your activities or lifestyle as a result of the Disease.
Specific questions may include:
- When were you first diagnosed with Grave’s Disease?
- Who diagnosed your Grave’s Disease? A primary care physician or a specialist?
- What symptoms (if any) led to your Grave’s Disease diagnosis?
- What medications are you using to treat your Grave’s Disease?
- Are you suffering from any symptoms of your Grave’s Disease now?
- Have you been diagnosed with any other pre-existing medical conditions?
- Are you taking any other prescription medications besides those being used to treat your Grave’s Disease?
- What are your current height and weight?
- In the past two years, have you been admitted to a hospital for any reason?
- Are you currently working now?
- In the past 12 months, have you applied for or received any form of disability benefits?
What rate (or price) can I qualify for?
As you can see, many factors can come into play when trying to determine what kind of “rate” an individual can qualify for after being diagnosed with Grave’s Disease. We haven’t even begun to discuss many of the “other” factors that may play a role in the outcome of your life insurance application that have nothing to do with the fact that you have been diagnosed with Grave’s Disease.
Factors such as:
- Your family medical history,
- Your driving record,
- Do you use any tobacco or nicotine products?
- Do you have any plans to travel to any “dangerous” locations?
- Do you participate in any dangerous hobbies or activities?
This is why it’s pretty much impossible to know what kind of “rate” you might be able to qualify for without first speaking with you directly. That said, however, there are a few “assumptions” that we can make that will generally hold true about folks who have been diagnosed with Grave’s Disease that might help you gain a better idea about what “kind” of rate you may be able to qualify for.
Those who have been diagnosed with Grave’s Disease early on, haven’t developed any “serious” complications, and seem to have it well under control now, there is a reasonable chance that you may be considered eligible for a Preferred rate (provided that you would otherwise be able to qualify for such a rate).
Now, as for those…
Who may be suffering from a few “symptoms” of Grave’s Disease or may be struggling with maintaining a proper level of the thyroid hormone in the body; not all hope is lost; it just means that you’ll more likely either qualify for a Standard rate (normal rate). Or you may end up being considered a “higher-risk” applicant in which case you may have to settle for what is called a Table Rate.
The good news is…
Regardless of your situation, we here at IBUSA can help because we have tons of experience helping folks with all sorts of pre-existing medical conditions like yours and are committed to helping all of our clients find the “best” life insurance policy they can qualify for. This brings us to the last topic that we wanted to take a moment and discuss, which is…
How can I help ensure I get the “best life insurance” for me?
In our experience here at IBUSA, we have found that usually, the folks who seem to find the “best” life insurance policy for them are those that:
- Take their time reviewing their options.
- Ask a lot of questions.
And seek out those life insurance agents who not only have experience working with individuals who have been diagnosed with a wide variety of pre-existing medical conditions but also have access to dozens of different life insurance companies so that when it comes time to help a more “challenging” case, they don’t have to rely on a…
“One size fits all approach!”
The good news is that this is precisely what you’ll find here at IBUSA!
Now, can we help out everyone previously diagnosed with Graves’ Disease?
No, probably not. But what we can tell you is that in addition to offering a wide variety of different term and whole life insurance policies, IBUSA has also worked very hard to establish relationships with many of the Best Guaranteed Issue Life Insurance Companies as well so that if someone isn’t able to qualify for a traditional life insurance policy, chances are there may be some other “type” of product that you CAN qualify for.