Hypothyroidism vs. Hyperthyroidism and Life Insurance

life insurance with thyroid cancer

What is the difference between hypothyroidism and hyperthyroidism?  First, they are the two main types of thyroid cancer that affect the population today. When the thyroid gland is underactive, it is called hypothyroidism. Commonly, hypothyroidism results in weight gain, a lethargic feeling, and increased susceptibility to cold.  When the thyroid is overactive, it is referred to as hyperthyroidism. Generally, hyperthyroidism results in weight loss, an increase in heart rate, and increased susceptibility to heat. Often, hyperthyroidism is a result of Graves’ disease. Graves’ Disease is an autoimmune disease. It typically affects the thyroid, often causing it to enlarge to twice its size or more. Thus, resulting in a goiter.  If you have been affected by this disease, you still may be able to get life insurance with thyroid cancer.

Hypothyroidism vs. Hypothyroidism

Hypothyroidism is looked at more favorably by life insurance underwriters compared to hyperthyroidism. The main concern here is:

  • Date of Diagnosis
  • Medications Taken
  • Level of Control

For hyperthyroidism, the underwriter will be more keen to the following:

  • Date of Diagnosis
  • What Medications You were Prescribed
  • Are You Actually Taking the Medications
  • The Effectiveness of the Medications
  • How Often You Visit the Doctor to Monitor Your Recovery

The main concern here is with control and compliance. Life insurance carriers like to see that you take good care of yourself and that you follow your doctor’s orders when recovering from thyroid cancer.

What Risk Class can You Qualify for?

Life insurance companies have many different risk classes. What rate class you qualify for will play a huge factor in determining the cost of life insurance. The premium will be higher for those who are considered to be in a high-risk class during underwriting.  For hypothyroidism, assuming your condition is stable, you take your medications, Synthroid is a very common medication prescribed, as recommended and you have no other health concerns you may be able to qualify for a preferred plus rate class.  For hyperthyroidism, the typical rate class for someone who has their symptoms under control and who regularly visits their endocrinologist could possibly be considered a standard rate class.

Do All Life Insurance Companies Give Policies to Thyroid Cancer Survivors?

The life insurance industry is just like every other industry out there.  Competition is constantly driving insurance carriers to compete for your business.  As a result, carriers take on “niches” in an effort to earn market share. It is important to know these niches and it is important the agency you chose has the freedom to choose from multiple life insurance carriers. As a consumer, it is in your best interest to work with an agency that is not bound to any one carrier and will be able to shop your application to dozens of different companies available.  Only by doing this can you ensure that you are getting the best policy tailored to your specific needs.  Ultimately, not all of the Life Insurance Companies out there will be willing to take the risk that is necessary when underwriting a thyroid cancer survivor.