Did you know that there are approximately 16 health class ratings when life insurance companies rate you? You might fall into any of these health class ratings depending on a multitude of factors. Some of the factors that affect your health class rating are the type of your thyroid cancer you have, your height and weight, your family’s health history, and how long you have had the thyroid cancer. Your final rating will ultimately come after you apply and go through the official underwriting process. Once that is completed, you will receive your official health class rating. Your premium costs will be determined by your class rating.
If you have other health issues besides your thyroid condition, your health class rating will be higher. Thus, resulting in higher premiums for your life insurance policy. If you have hypothyroidism and you follow your doctor’s plan of care and you’re stable – you might be able to qualify for a preferred plus rating (also known as super preferred). This is based on that there are no other health issues or other risk factors.
A standard health class rating is very common for those who are afflicted with hyperthyroidism. This rating is common for those who visit their endocrinologist regularly and have their condition under control. There are options if you have a severe case of hyperthyroidism and can’t qualify for traditional term or whole life insurance. Final expense life insurance is an option when traditional policies aren’t available. Final expense insurance is designed to cover the bills that your loved ones will face after your death – think medical bills and funeral expenses. Burial insurance, another term for final expense insurance, covers funeral expenses, which can cost thousands of dollars.
Underwritten vs. Non-medical Policies
Depending on how much life insurance you’re targeting – you may have the option of a fully underwritten or a non-medical life insurance policy. Non-medical life insurance policies are policies that are issued without having the proposed insured going through the complete underwriting process. Super preferred ratings are available if you opt for a fully underwritten life insurance policy with a medical exam as long as you can qualify for them health wise. If you opt for a non-medical life insurance policy, preferred rates are the best rating that one can get. If you can qualify for Preferred Plus rating with a fully underwritten policy, it will be cheaper than a non-medical policy.