Over the years we've had people come to us complaining that insurance companies turned them down for life insurance because of their hyperthyroidism. As it turns out, some life insurance companies are just downright difficult when you are on the hunt for life insurance with hyperthyroidism.
How to Save Money on Life Insurance with Hyperthyroidism
The following insider tips can help you save money on life insurance with hyperthyroidism. They can also help people with other pre-existing medical conditions find affordable life insurance.
Use a Life Insurance Needs Calculator
The best way to make sure you don't overpay for life insurance is to buy exactly what you need and not a dollar more.
The old method of thinking was to buy 5-7 times your annual income in life insurance. But that shoe doesn't fit everyone. Some insurance agents used to adjust that number depending on the family situation. You could hear as low as 3 time your annual income. Then you got the other extreme at 20 times your yearly salary.
Now, instead of a ballpark estimate of how much you need, you can know exactly what you need. You can use a Life Insurance Needs Calculator.
This tool takes into account everything you may need to cover, from credit card debt to putting your kids through college. You can't be oversold. And you will never leave your family under-insured.
Term Costs Less Than Permanent Life Insurance
Permanent life insurance can get complicated with all its extra features. Term is simple. Simple means the insurance company has less to fuss with so it can charge you less. (Also, you can outlive your term. Nobody lives forever.)
Term is for covering specific periods of time in your life. Your working years. Your mortgage. The gap between retirement and social security.
Permanent is for people with a little more disposable income who want the extra security. They may want to make sure their spouse has cash or want to leave something to their heirs.
You should base what you pick on your reasons for life insurance. But if you're strapped for cash, then term might be the way to go.
Always Get Quotes From an Independent Agent
No matter who you end up working with, getting quotes from an independent agent can dramatically reduce what you could pay for life insurance.
There are a few ways to go about getting life insurance. Company (captive) agents, call centers, and independent agents.
Captive agents can only sell the products of one company. They can offer many different products from that company, but the underwriting is the same.
This is extremely important for people with pre-existing medical conditions looking for life insurance. How the company underwrites your medical history will determine your rates. If, for example, they don't like the risk involved with insurance people with hyperthyroidism, then they'll charge more. But with the vast number of life insurance companies in the country, there are always a few who are generous to specific medical conditions.
Independent agents can give you those options. If you tell them upfront you have hypothyroidism, then they can look into which companies underwrite that favorably.
Just be cautious of the call centers. They can offer quotes from multiple companies, but most of them run on quotas. If the salesperson you speak with doesn't hit a specific number of sales, then they lose their job. Not exactly the type of pressure you want someone under who is supposed to be helping you.
How Does Hyperthyroidism Affect Life Insurance?
Your thyroid is primarily responsible for producing the hormones Thyroxine (T-4) and Triiodothyronine (T-3). Those essentially control your body’s temperature. Specifically your thyroid:
- Maintains the rate at which your body uses fats and carbohydrates
- Controls your body’s temperature
- Adjusts your heart rate
- Regulates your body’s production of proteins
- Produces calcitron (which regulates the calcium levels in your blood)
So from all of the above, an overactive or underactive thyroid can cause a ton of complications. Hyperthyroidism is the overproduction of hormones. Hypothyroidism is the underproduction.
There are several diseases which can cause hyperthyroidism. Each one presents its own concerns for life insurance.
Graves’ disease comes from an autoimmune disorder. Your immune system produces too many antibodies which stimulate the thyroid gland into producing too much T-4 (Thyroxin.) The antibodies get confused and attack your thyroid. Medical researchers are still not sure why.
Hyperfunctioning Thyroid Nodules
Your thyroid gland has walled off sections called adenomas. The adenomas form non-cancerous lumps which can result in an enlarged thyroid. One of multiple of these adenomas can begin producing too much T-4. Hyperfunctioning thyroid nodules can become Toxic Adenoma, Toxic Multinodular Goiter, and Plummer’s Disease.
When the thyroid becomes inflamed, it can leak excessive hormones into the bloodstream. This can throw off your body’s delicate hormonal balance.
The underwriters worry about the above conditions, but they also worry about the results of the excess hormones which can include the following:
- Atrial fibrillation
- Congestive heart failure
- Graves’ ophthalmology
- Graves’ dermopathy
- Thyrotoxic crisis
Luckily, there are treatments, and well-controlled hypothyroidism shouldn’t present a huge problem for life insurance. But it’ll depend on the specific medical condition, if any, resulting from the extra hormones.
Underwriting Factors for Hyperthyroidism
The key to getting affordable life insurance with thyroid problems is to make sure you’re actively managing the condition. If it’s under control and you are following your doctor’s recommendations, you can get as high as a standard rating.
When you go to look for life insurance, have your agent seek out the companies who have the kindest underwriting guidelines for hyperthyroidism. Have the following information available so your agent can prescreen your case.
- Date of diagnosis
- Treatment format
- Medications prescribed
- Effectiveness of treatment
- Frequency at which the condition is monitored
When you provide this information for your agent to do a prescreen, you reduce the chance of a disappointment when your application goes to underwriting. These details allow an underwriter to make a tentative assessment of your rate class. If you prescreen with a few companies, then you can tell upfront who will offer you the best rates.
Other factors that will affect your life insurance health class include the following:
- Family history of illness
- Alcohol consumption
- Height to weight ratio
- Blood pressure
- Cholesterol level
- Driving record
- Other pre-existing medical conditions
- Hazardous hobbies or occupation
- Frequent travel to unstable countries
The best rate class available for most people with hyperthyroidism is standard. For unmanaged cases or where the thyroid isn’t responding well to treatment, a table rating can apply.
You can use the Instant Quotes tool to the left to see what your rates may be. Choose "Standard" under the Health Class section.
Unless your hyperthyroidism is entirely out of control, a decline is rare.
How Abrams Insurance Solutions Can Help Find Life Insurance with Hyperthyroidism
We are a group of independent life insurance agents with access to over 70 of the top-rated life insurance companies in the country. Our goal is to find affordable life insurance to protect every family, especially when someone has a pre-existing medical condition.
We believe every family deserves to have the peace of mind that comes with financial stability. Because life insurance is only one part of that foundation, we work hard to find the right policy at the lowest price.
The Bottom Line
We work closely with the underwriters at the companies who will best benefit our clients. That way we can pre-screen applications with a medical history that might get them charged extra elsewhere. The last thing we want is for an underwriter to come back with a surprise rating or decline.
If a company does come back with an offer that is unfair in our experience, we won’t stop searching for something better.
Give us a call today if you think you have hyperthyroidism and need life insurance. We'll conduct a quick prescreen to help find which company is best for your family. You can reach an understanding agent at 858-703-6178. Information is freely given, and there is never any pressure to buy.