Life Insurance with Hypothyroidism.
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 having been diagnosed with Hypothyroidism.
Questions that will be addressed will include:
- Can I qualify for life insurance if I have been diagnosed with Hypothyroidism?
- Why do life insurance companies care if I have been diagnosed with Hypothyroidism?
- What kind of information will the insurance companies ask me or be interested in?
- What rate (or price) can I qualify for?
- What can I do to help ensure that I get the “best life insurance” for me?
So, without further ado, let’s dive right in!
Can I qualify for life insurance if I have been diagnosed with functional Hypothyroidism?
Yes, individuals who have been diagnosed with Hypothyroidism can and often will be able to qualify for a traditional term or whole life insurance policy. In fact, many may even be able to qualify for a Preferred Plus rate.
The problem is…
Hypothyroidism is generally an easy disease to treat when left unmanaged, and it has the potential to cause some pretty serious complications! This is why, before being approved for a traditional life insurance policy, most (if not all) life insurance companies are going to want to ask you a series of medical question about your disease just to make sure that they don’t have anything that they need to worry about.
Why do life insurance companies care if I have been diagnosed with Hypothyroidism?
In general, most life insurance companies are going to spend a whole lot of time worrying about the fact that you have been diagnosed with Hypothyroidism. Instead, they’re just going to ask some basic questions to make sure that you’re properly treating your Hypothyroidism and rule out the possibility that you may one day become a “risk” to them later on.
This is why…
We wanted to just take a moment and discuss what Hypothyroidism is as well as highlight some of the most common symptoms and complications that can arise due to this condition so that we can have a better understanding of what a life insurance underwriter will be looking for when making their decision about your application.
Hypothyroidism or underactive thyroid is a condition where one’s thyroid gland doesn’t produce enough hormones (mainly triiodothyronine T3 and Thyroxine T4). Which are critical for one’s body to function properly.
As a result, individual may begin experiencing symptoms such as:
- Weight gain and/or obesity,
- Increased sensitivity to cold,
- Dry skin,
- Puffy face,
- Muscle or joint pain,
- Loss of hair,
- A goiter,
Serious complications may include:
Symptoms related to Hypothyroidism tend to progress slowly and are usually quite manageable through the use of synthetic thyroid hormonal therapies, including the use of Levothyroxine or Synthroid two of the most common prescription medications used to treat Hypothyroidism.
“Which brings us to an important point that we think we ought to mention.”
If you think you have a medical issue, don’t use the internet to try and diagnose yourself. After all, if you do and you’re correct, you’re still going to need to see the doctor, and if you’re wrong, the time you spend being your own doctor could really harm yourself!
Nobody here at IBUSA is medically trained, and we’re certainly not doctors. All we ware is a bunch of life insurance agents who just happened to be really good at helping individuals find and qualify for the life insurance that they’re looking for. So please don’t mistake any of the medical information that we talk about as medical advice because it’s not!
Trying to “prep” you for what it might be like to apply for a life insurance policy after you have been diagnosed with Hypothyroidism… that’s it! This brings us to our next topic, which is…
What kind of information will the insurance companies ask me or be interested in?
Common questions you’ll likely be asked may include:
- When were you first diagnosed with Hypothyroidism?
- Who diagnosed your Hypothyroidism? A general practitioner or a specialist?
- What symptoms (if any) led to your diagnosis?
- Are you currently taking any prescription medications to treat your Hypothyroidism?
- What is your current height and weight?
- Have you been diagnosed with any other pre-existing medical conditions?
- In the past 2 years, have you been hospitalized 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?
Usually what we have found here at IBUSA is that provided that you at “treating” your Hypothyroidism which usually means that you’re taking some kind of synthetic thyroid hormone such as Levothyroxine or Synthroid most life insurance companies aren’t really going to discriminate against you when applying for a traditional life insurance policy.
Which is why…
Individuals who have been diagnosed with Hypothyroidism and are in really good shape will be able to qualify for a Preferred Plus rate while those who have been diagnosed with Hypothyroidism and aren’t in really good shape won’t. So, the rate isn’t really determined by the fact that you have been diagnosed with Hypothyroidism; rather, it will be based on other factors such as:
- Your height and weight.
- Your family’s medical history.
- Your driving record.
- Previous felonies or misdemeanors?
- Participation in any dangerous hobbies or activities?
- A passion for traveling to dangerous locations?
For this reason…
It’s pretty much impossible to know what kind of “rate” you might be able to qualify for without first speaking with you directly. The good news is that regardless of your situation, here at IBUSA, we can help, which brings us to the last topic we wanted to discuss with you in this article…
What can I do to help ensure that I get the “best life insurance” for me?
In our experience here at IBUSA, what we have found that works best for folks who have been diagnosed with a pre-existing medical condition where the “severity” of the condition is often “subjective” is for the applicant to make sure that they first find a true-life insurance professional who will work as an advocate for you.
Such an agent…
Will not only help guide you through the application process but also be perfectly “frank” with you about what options may or may not be possible for you.
You’ll also want to make sure that the very same agent you have chosen has access to dozens of different life insurance companies because after all, it really doesn’t matter how “great” of a life insurance agent you might have if they don’t have access to the “best” life insurance policy for you! Now, does it?
You’ll want to make sure that you’re completely honest with your life insurance agent prior to applying for coverage. By doing so, you will be helping him or her narrow down what options might be the “best.”
So, what are you waiting for? Give us a call today and see what we can do for you!