You can get approved for life insurance after thyroid cancer. Before you beat thyroid cancer, insurance options are limited to guaranteed issue policies. After you recover, your options will depend on the type and stage you beat.
Thyroid cancer has several different subtypes and forms of those subtypes. Not to mention all the other factors that go into cancer assessment. A good guideline is that if it was a low stage and it’s been a while since your doctor declared you cancer free, you can qualify for life insurance without issue.
But the best thing to do is call or email. That way you can be given accurate information for your specific medical history.
If you want to skip the money saving tips and in-depth underwriting guidelines, give us a call at (888) 905-0333. We can tell you exactly what you expect.
How to Save Money on Life Insurance After Thyroid Cancer
Any cancer survivor can use these tricks to save money on their life insurance. We have helped families save thousands of dollars with these simple tips.
Calculate How Much Life Insurance You Need
The first step and the one that will likely save you the most money is to use a Life Insurance Needs Calculator. This will help you look at different categories like how much is left on your mortgage, how much you might need to put your kids through school, and anything you’d like to leave for your spouse.
Using precise numbers to buy life insurance means you aren’t buying a dollar more than what you need. It's a more accurate measurement than the old axiom of buying 3 to 7 times your annual income.
An Independent Agent Can Price Shop for You to Narrow Down Options
Captive (or company) agents can only sell the products from one life insurance company. That’s a single set of underwriting guidelines. If those guidelines over-charge for thyroid cancer, there is nothing you can do but pay more.
An independent agent can compare dozens of companies side by side, narrowing the comparison to the few with the lowest rates for someone getting life insurance after thyroid cancer.
Term Life Insurance Costs Less Than Permanent
Permanent life insurance lasts you for life. That means the life insurance company is guaranteed to pay your beneficiaries at some point. Term life insurance, on the other hand, means the insurance company is hoping you will live beyond your term.
Life insurance companies hire statisticians, called actuaries. Their actuaries run all of the possible scenarios, so the life insurance companies know how likely you are to live beyond your term. That lets them know exactly how little they can charge and still stay in business.
Because most people will outlive their term, insurance companies charge less. Almost 10% of what they charge for the same benefit on a permanent life insurance policy.
That doesn’t mean term is always better. If you want to cover your estate expenses, permanent may be a better option for your family. If you want to leave something to your heirs tax-free, then permanent life insurance is a good option.
Take the Life Insurance Medical Exam
You can opt for no exam life insurance policies. They are convenient. Plus, more and more companies are offering them. That means competition, so they aren’t quite as expensive as they once were.
However, that convenience comes with a price tag. If your goal is to pay as little for life insurance as possible, then take the medical exam. Better yet, if you prepare for the medical exam by doing simple things like drinking enough water and eating leafy greens, you may be able to give your bloodwork results a little health boost.
Gather All of Your Medical Notes and Tell Your Agent
The first thing an underwriter will want to know is your current health. The second thing they’ll look at is your medical history. If you don’t tell your insurance agent that you had thyroid cancer, they won’t be able to filter which companies offer the best rates for thyroid cancer survivors.
Next, your insurance agent will need to know all sorts of information, like the specific diagnosis and treatment methods. If you have all this information available, they can look at which companies will offer you the best rates.
If you aren’t upfront with this information, you could end up applying to a company who charges much more than you would otherwise pay. Life insurance with pre-existing conditions is possible as long as you do your research first.
Success Stories with Thyroid Cancer
Jen (age 55) recently received approval for a $250,000 term life insurance policy. Three years ago she was diagnosed with follicular thyroid cancer. The tumor measured 5.3 centimeters but was limited to her thyroid. There were no nodes and no metastasis.
The cancer was removed with a successful recovery. She was accepted with a Table C rating.
How Thyroid Cancer Affects Life Insurance
There are several types and stages of thyroid cancer which all play into what you will pay for life insurance. The best thing to do is have all the information on hand when you talk to your life insurance agent. They can take that information and pre-screen it with the best companies for thyroid cancer.
Without the specific details of your case, it’s almost impossible to tell what your rates might be.
The subtype of thyroid cancer is the first step to finding your rating. Papillary and follicular are both the most common and have the best prognosis. Although there are some aggressive and invasive forms of each.
Medullary can go either way. If caught early, it usually has a good prognosis. Late stages don’t have as promising outcomes.
Anaplastic thyroid cancer always has a severe prognosis.
The other major factor for thyroid cancer is your age. If it was diagnosed younger than 45, the ratings are typically higher for the worse prognoses than if you were diagnosed over 45, or even over 60.
In the absolute best case scenario, you would have beaten stage 1 or 2 papillary thyroid cancer with no evidence of any recurrence. This has the potential for no rating. So based on other factors like BMI and family history, you could even get preferred ratings. The more time that has elapsed, the better your rates can be.
Most other types (except anaplastic) and stages between 1 and 3 range from tables B to E.
You can experiment on what your rates might be in the Instant Quotes tool on the left, but for an accurate assessment, we recommend calling or emailing. That way your agent can help identify all the pertinent factors.
What the Underwriter Needs to Know
If you don’t have all the following information on hand, that’s okay. Just know the size, type, and stage for your initial quotes. The rest can be filled in later on your application.
- Date of diagnosis
- Type of thyroid cancer (papillary, follicular, medullary, anaplastic)
- Stage of the tumor
- Any history of metastatic disease
- Additional studies and dates
- Radioisotope scan
- Current medications
- Tobacco use
- Other health concerns
Guaranteed Issue Life Insurance
If you are currently battling cancer or had a severely life-threatening form of thyroid cancer, you may need to resort to guaranteed issue life insurance.
It’s a type of policy that accepts everyone, regardless of their health. The only thing required to qualify is to fall within the ages of 18 and 85. There are a few to no medical questions on the application. Plus, guaranteed issue policies never require a medical exam.
This is a last resort policy both because the benefits are limited and they have graded benefits schedules. Most guaranteed issue policies won’t offer benefits higher than $25,000. Also, they're more expensive because they insure everyone.
The graded benefits vary widely between companies. These change the amount your beneficiary gets depending on how long you have the policy. See the example table below. Make sure you discuss with your insurance agent and beneficiary the payout term of your policy.
Amount Paid to Beneficiary
110% of premiums paid
110% of premiums paid
100% of death benefits
The type and stage of thyroid cancer you had will be the main determinants of your life insurance ratings. Thyroid cancer makes life insurance complicated, but not impossible. Because there are so many variants, the best thing to do is call or email an independent agent who can assess the options that are best for your unique situation.
How Abrams Insurance Solutions Can Help
At Abrams Insurance Solutions, we are a group of independent agents dedicated to helping families find the most affordable policies for their families. In terms of helping people with pre-existing medical conditions, this means pre-screening applications to make sure our clients get fair rates.
If the policy offer comes back at higher rates than expected, we always reexamine our options before letting our clients sign the policy. Surprises during underwriting are one thing, but many times we’ve found companies that can offer a policy that’s just as good at lower rates.
If you have any questions about your life insurance research, give us a call at (888) 905-0333 today. There is never any obligation to buy. We’re just happy to help.