Life Insurance With Hypothyroidism

Written by Jason Fisher

Life insurance is the best purchase you’ll ever make for your loved ones. It’s one of the few ways you can ensure your family will have the money they need in the event of an unforeseen tragedy.

If you have been diagnosed with hypothyroidism, and you’re considering life insurance, we believe you will find value in this article. If you have a severe health complication, like hypothyroidism, then it can be difficult to find affordable life insurance protection, but it’s not impossible. There are several ways you can get cheaper life insurance coverage, regardless of any pre-existing condition you may have.

Life insurance with hypothyroidism is a risk not every carrier underwriters in the same way, but we will assist you in identifying the best carriers to apply.

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Life Insurance With Hypothyroidism

life insurance with hypothyroidismHypothyroidism, according to WebMD, is simply an underactive thyroid and is quite common for many people. The gland does not provide enough of the needed hormone, and this hormone is used is nearly every functioning part of your body. Your body’s metabolism is kept stable with the hormone produced from your thyroid, and your metabolism has multiple functions in your body as well.

As a result, if you do have an underactive thyroid or hypothyroidism, life insurance can be more expensive if you suffer from any symptoms, like:

  • Depression
  • Hair Loss
  • Slow Heart Rate
  • Weight Gain
  • Dry Skin

While hypothyroidism itself isn’t a huge factor in your life insurance approval, the symptoms and their negative effects on your body may affect your rates. For example, if you gain a significant amount of weight due to an underperforming thyroid, you could develop high blood pressure, arterial disease, and diabetes. These, coupled with hypothyroidism, will have a major impact on your ability to find affordable life insurance.

The overall efficiency of your major organs is also slowed because of a reduction in necessary hormones, and this can cause concern with your bloodstream to something exterior, like skin and hair.

This will adversely affect your life insurance rate because the long-term damage which may occur to your major organs can impact your life expectancy, ultimately creating a higher risk profile for the insurance company.

When Applying for Life Insurance with Hypothyroidism

When you shop with hypothyroidism, there are certain things the carrier is going to be looking for before they determine your level of risk to them.

  • Is your thyroid currently performing normally?
  • When was your diagnosis?
  • Are you utilizing medication?
  • Do you suffer from any symptoms as a direct result?
  • Are you able to maintain a healthy weight on your own?

These are some of the types of questions you’ll be asked, and you’ll be required to provide some sort of documentation for both your current and historical health profile. Because it is so common, many insurance companies tend to look favorably upon those seeking insurance if they can provide a healthy and stable history.

Do you have other health problems such as diabetes or even epilepsy? We can answer any questions you may have and assist you in finding the coverage you are seeking.

Some people live with hypothyroidism since birth, and with a mild medication may live perfectly normal lives. Others need more significant treatments, medications, and sometimes even surgery.

In this instance, it may be harder to find the best rates available, but you’ll likely still be able to find coverage at standard or substandard rates, depending on the company.

These are only some of the health questions the insurance company is going to ask. They are also going to require you to take a medical exam.

The results of the medical exam are going to play a huge role in how much you pay for your insurance coverage, and your hypothyroidism is only one part of your overall health.

No Exam with Hypothyroidism: Pros vs. Cons

One consideration for life insurance coverage is to buy a policy without the exam. These policies offer you the opportunity to acquire protection without taking a medical exam. There are several pros and cons you should be aware of when you’re shopping for insurance protection.

If you want life insurance fast, no exam is the go-to choice. With fewer hoops to jump through, you’ll get to the finish line faster.

The biggest problem is you’re going to pay more for your life insurance policy. No exam policies are going to be, on average, about 10 – 20% more expensive than a policy requiring you to complete a medical exam.

Without the medical information gathered during a medical exam, the insurance company is taking a greater risk to offer you a life insurance policy. If you want to save money, then you will need to apply for a plan which requires a medical exam.

The other notable disadvantage of no exam policies is you’ll be limited on how much life insurance you can buy. Most insurance companies will only allow you to purchase up to $500,000 worth of coverage without taking the medical exam. There is one carrier offering up to 1M in protection without a medical exam requirement. For most families, coverage between $500,000 and 1M will usually be sufficient.

Tips For Life Insurance With Hypothyroidism

First and foremost, you’ll want to use an agent who has the expertise and knowledge to match you with whatever company is going to view your case most favorably. We are independent agents, for example, and can offer all the major companies.

We also have a prequalification questionnaire which can help us match you with only the most aggressive carrier, so you can be sure you’re getting the most affordable rates available.

It is important to have any medications you’ve taken in the past as well as current medications on hand and have complete doctor’s information available during the insurance interview.

This will provide the underwriter reviewing your profile with the most accurate information as possible to make a well-informed decision.

The longer health history you can produce details on, the better. Newly diagnosed hypothyroidism is a little tougher to insure than a long-term situation.

Having a healthy lifestyle can also aid your results. An active lifestyle helps to ensure your body can continue to operate at high levels, which also aids in keeping your metabolism up without needing extra hormones through medication or other methods.

If you want to save money on your premiums each month, it’s vital you improve your overall health as much as possible.

The best way to do this is to start getting regular exercise and make healthier diet choices. These changes will shed those pounds, lower your blood pressure, and many more benefits, both physically and mentally.

Smoking cigarettes is going to increase your risk of being diagnosed with health complications, which means you’ll pose a greater risk to the insurance company. They are going to dramatically raise your premiums. In fact, smokers are going to pay at least twice as much for their insurance coverage versus what a non-smoker is going to pay for the same sized policy.

If you have questions about applying for life insurance with hypothyroidism, we would be happy to help you through a questionnaire to find out what rates you could expect. Contact us today.

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About Jack D. Davis
About Jack D. Davis

Jack has been an independent life insurance agent since 1985 with a focus on helping families and small business owners.  Jack’s calm approach is very much appreciated by his clients when explaining what type of policy is needed for their unique situation.

You can reach Jack at 800.277.3098 or email: Info@JackDDavis.com

Learn more about Jack D. Davis

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