When an individual has any type of adverse health issue, it may make it more difficult to qualify for life insurance protection. In fact, depending on the condition – and its severity – the person may even get declined for coverage altogether. One of the biggest reasons for this is because the life insurance company does not want to take on the risk of paying out any unnecessary – and potentially costly – claims on its policy holders.
For those who have been diagnosed with Hypothyroidism, it is possible that you have been turned down for life insurance coverage in the past. The good news is, however, that you can obtain life insurance – you just need to know where you find it.
Hypothyroidism is a condition that signifies that the thyroid is under active. This is actually not all that uncommon for many people. With Hypothyroidism, the thyroid gland is not providing enough of the needed hormone – although the hormone is used in just about each and every functioning part of the human body.
The body’s metabolism is also kept stable with the hormone that is produced from the thyroid. In addition, metabolism also has a number of different functions throughout the body as well. Therefore, a thyroid that is not functioning correctly can have a negative effect – although not life threatening.
Just some of the common symptoms of an under active thyroid can include slowed heart rate, depression, hair loss, weight gain, and dry skin. Given some of these, it can be more difficult to obtain life insurance – especially at Standard or Preferred premium rates.
For example, those who gain a significant amount of weight due to their thyroid condition may also end up increasing their blood pressure. This can lead to other negative conditions such as diabetes and / or heart disease.
The reduction of the necessary hormones to major organs can also have a negative effect – especially over a long period of time. This can eventually lead to major organ damage – ultimately impacting life expectancy.
What the Life Insurance Underwriters Will Want to Know From You
When applying for life insurance with Hypothyroidism, the underwriters will want to know more in-depth information about your condition. This will help them to get a clearer picture of your overall health, and will in turn assist them in making a decision regarding your application for coverage.
Some of the questions that you are likely to be asked will include the following:
- When were you initially diagnosed with Hypothyroidism?
- Is your thyroid currently performing at a normal level?
- What, if any, type of medication are you taking for your condition?
- What, if any, symptoms do you suffer from as a direct result of your Hypothyroidism condition?
- Are you currently able to maintain a healthy weight on your own?
After answering some health questions on the application you’ll next go through a medical exam a few days or a week after the carrier has received your application. Now, this won’t be the case if you choose the route of a no medical exam life insurance policy. The no-exam plans are much more expensive because the carrier does not have a clear picture of the risk you present them.
In addition, the underwriters will also consider other criteria in conjunction with your health data, as it all has a bearing on your approvability as an applicant for life insurance. These factors include your:
- Height, as it relates to your weight
- Marital status
- Smoking status / tobacco usage
- Usage of alcohol
- Occupation and income (if applicable)
- Foreign travel
- Potentially dangerous habits and / or hobbies
Once all of your information has been received and reviewed by the underwriters, a more appropriate determination can be made regarding your insurability, as well as about how much to charge in premium for your life insurance coverage.
If it is determined that your condition does not deem you to be any more risky than an average insured who is of approximately the same health, height, and weight in your rate classification, then you will likely be rated as a Standard.
If, however, it is deemed that your health condition shows that you may pose more of a risk to the insurance company, then your policy may be bumped into a Substandard class, and you will be charged a higher amount of premium for your coverage.
How to Obtain Life Insurance Approval with Hypothyroidism
In order to help increase your chances of obtaining life insurance approval with hypothyroidism, it is typically wise to seek out information on more than one policy and premium quote. When doing so, we can help.
No insurance carrier is the same, so you could get different rates from each company depending on how they view hypothyroidism as a risk. Some companies are going to have more experience with the condition than other companies. Finding the perfect company could be the difference in getting an affordable life insurance plan or purchasing a policy that’s going to break your bank every month.
We work with many of the top rated life insurance companies that treat underwriting for illnesses the most favorably – and we can help to get you the best coverage for your specific needs, and premium for your budget. The process is easy and convenient – and we can typically get you this information within just seconds from your home computer.
We’d love for you to get started with us by filling out the quote box on the left. We do get that you might have more questions regarding how to get life insurance approval with Hypothyroidism, as well as need additional information on how to compare premium quotes. If so, we can help with that, too. If you’d like to jump in with both feet, then a phone call would be a great way to start! We can be reached at 888-229-7522.
Tomorrow isn’t promised to any of us, and hesitating to buy life insurance could lead to unintended consequences. Start the process now so your family isn’t burdened with debt that could make life even more tough after you’re gone. Contact our knowledgeable agents today so they can help you get enrolled in the best plan for your budget.