Despite popular belief, hypothyroidism is simply an under active thyroid and is quite common in many people. According to WEBMD, you have hypothyroidism if your thyroid gland does not provide the needed amount of the thyroid hormone your body needs, and apparently we need the thyroid hormone for virtually every functioning part of the human body.
So if you have hypothyroidism and you are looking to purchase a life insurance policy, what do you need to know? Well, for starters, it’s important to understand that having hypothyroidism in itself may not have a significant impact on a candidate getting life insurance. The symptoms or negative effects of hypothyroidism on the body however can impact the cost or in extreme cases, your ability to get coverage.
Symptoms like depression, hair loss, slow heart rate, weight gain, and dry skin can in some cases cause a life insurer to “rate” your policy. The reason being that these symptoms can actually lead to more serious problems, which in turn negatively impact your life expectancy. If for example you have experienced weight gain specifically due to an under performing thyroid, you could develop high blood pressure, arterial disease and diabetes. These conditions more so than the hypothyroidism itself can seriously impact the rating of a life insurance policy. Also keep in mind that because the body needs the thyroid hormone for pretty much every organ to function properly, any reduction in the hormone can result in improperly functioning organs, which can then lead to lower life expectancy.
All said and done, it is still possible to get a standard rating on a life insurance policy even with hypothyroidism. It is important to understand the concerns that will drive the insurers decision to issue standard or to “rate” the policy.
- Is your thyroid currently performing normally?
- When was your diagnosis?
- Are you taking medication?
- Do you suffer from any symptoms as a direct result?
- Are you able to maintain a healthy weight on your own?
Due to the fact that hypothyroidism is quite common and in many cases can be controlled by mild medication, most insurers are able to issue life insurance coverage at standard rates. Also keep in mind that the longer you’ve had it, the easier it is to insure, as you and your doctor can show a stable history of properly controlling the condition.
In addition to making sure you take any prescribed medications, having a very healthy lifestyle and proper diet will help get you the best possible results when you apply for life insurance coverage.
If you have hypothyroidism and have questions about applying for life insurance, I would be happy to guide you through the process.