Life insurance and thyroid cancer can be a tricky situation.
In the not-so-distant past, life insurance companies would be highly concerned about any form of cancer, including thyroid cancer.
However, life insurance for people with cancer and life insurance for cancer survivors is becoming more obtainable.
As modern medicine has advanced, the survival rates of cancer have increased and life insurance companies have loosened their underwriting on thyroid cancer as a result.
One thing you have to understand is that thyroid cancer can result in a higher risk class for life insurance in some situations but not all the time.
High-risk life insurance is still 100% doable and possible.
However, we always recommend that if you are trying to save time that you should stick to comparing rates and quotes with all life insurance companies.
You can do this easily below using our instant life insurance quotes rate engine to compare rates with 50 of the top-rated life insurance companies.
A question that arises that often in this industry is simple but needs an explanation.
Can you get life insurance after you have thyroid cancer or after you have had thyroid cancer?
With years of experience in this industry, here is what I can tell you.
So, can you get life insurance after you have had thyroid cancer or while you have thyroid cancer? Yes, if you have had thyroid cancer in the past, you can still qualify for life insurance. If you have thyroid cancer now, life insurance policies such as guaranteed issue policies will still insure you.
I feel that these are all questions I hear almost daily and feel that I wouldn’t be serving you fully without taking the time to answer each and everyone one of them.
If you stick around for just a moment, I’ll try and put your mind more at ease.
I can’t imagine a scenario where you still feel confused or unsure about what to next if you are currently shopping for life insurance with thyroid cancer after we cover all the meat and potatoes on the topic.
Life Insurance After Thyroid Cancer
Although, approval after thyroid cancer depends on a number of factors, such as the type of thyroid cancer you had.
There are multiple types of thyroid cancer
- papillary thyroid cancer
- follicular thyroid cancer
- Hurthle cell thyroid cancer
- medullary thyroid cancer
- anaplastic thyroid cancer
- and parathyroid cancer
Each form of thyroid cancer will have a different effect on your life insurance rates and overall approval chances.
This post is designed to focus on the more common forms that afflict the public, which are papillary thyroid cancer, follicular thyroid cancer, medullary thyroid cancer, and anaplastic thyroid cancer.
Papillary Thyroid Cancer and Life Insurance
Papillary thyroid cancer is the most common type of thyroid cancer and fortunately, the easiest to qualify for life insurance with.
In many cases, if the papillary thyroid cancer was caught in the earlier stages, you can be eligible up to a standard health class once your treatment has ended.
The later stages of papillary thyroid cancer may result in substandard rate or even a postponement or decline of coverage.
Follicular Thyroid Cancer and Life Insurance
Follicular thyroid cancer is your next most common type of thyroid cancer and shares a similar underwriting treatment to papillary thyroid cancer.
The long-term survival rates are high with early detection and treatment.
If caught early and treated, up to a standard health class is possible for you.
The one exception to this would be Hurthle cell thyroid cancer, also known as oncocytic thyroid cancer.
This is a rarer form of follicular thyroid cancer, but more life-threatening.
Most life insurance companies will either decline or postpone your application for life insurance with Hurthle cell thyroid cancer
Medullary Thyroid Cancer and Coverage Options
While medullary thyroid cancer is rare, only 3% of thyroid cancer cases are medullary, it can be difficult to both treat and detect.
If you were diagnosed with medullary thyroid cancer, the life insurance company will be conservative when issuing you a policy.
If you are made an offer, it usually will be at a substandard rate.
Most likely, the life insurance company will postpone your application 3-10 years after your treatment to be sure cancer will not return.
A decline for coverage is possible as well.
Anaplastic Thyroid Cancer and Life Insurance
Anaplastic thyroid cancer is also rare, approximately two percent of thyroid cancer cases, but it is the most life-threatening type of thyroid cancer that you can have.
Anaplastic thyroid cancer means your cancer has progressed to stage 4.
As a result, you are not insurable with traditional life insurance.
Guaranteed issue life insurance might be your only option here.
Getting Life Insurance After Thyroid Cancer
Qualifying for life insurance with any type of cancer is not easy but not impossible either.
It’s not impossible by any means.
The life insurance company will want to know as much information regarding your health as possible.
No-exam term life insurance after thyroid cancer, for the most part, is out of the question.
The life insurance company will want to see recent lab work as well as your medical records.
The entire process takes approximately 4-6 weeks to gather all the relevant information and have it reviewed by a life insurance underwriter.
The life insurance company will want detailed information about your thyroid cancer history such as:
- What was the date of your thyroid cancer diagnosis?
- What type of thyroid cancer were you diagnosed with?
- What stage and grade was your thyroid cancer?
- How was your thyroid cancer treated? (radiation therapy, antithyroid agent and hormones, thyroid removal, endocrine surgery, partial thyroidectomy, lymph node dissection or neck dissection)
- Are you cancer-free currently? If yes, for how long?
- Did you have any recurrences of thyroid cancer?
- Do you have a history of any other types of cancers?
- What were the results of your recent lab work and checkups?
- Did the thyroid cancer metastasize (spread)?
- Do you have a family history of cancer in your immediate family (siblings and parents)?
- Do you currently smoke or have you ever smoked previously?
- Do you have regular checkups with your doctor?
These questions will give your agent a detailed picture of your thyroid cancer and health history.
Remember that an independent life insurance agent can use this information to anonymously compare the rates of multiple life insurance companies in order to gauge what company will give you the best deal so it is important to be as descriptive as possible.
What Will Life Insurance Cost Me After Thyroid Cancer?
Thyroid cancer will knock you out of the preferred health classes with virtually every life insurance company no matter how mild of a case your thyroid cancer was.
Therefore, your best-case scenario would be a standard health class, which is considered the rate of the general population, for low-risk forms of thyroid cancer (papillary and follicular.)
If your thyroid cancer is a more life-threatening form, such as medullary or anaplastic, then you could potentially be declined or postponed for coverage.
- Preferred Best (not available)
Life insurance companies have slightly different names for their top health class.
You may have heard it called super preferred or preferred plus.
Regardless of what it is called, people with a history of thyroid cancer are ineligible for this health class no matter how mild of a case it was.
- Preferred (not available)
Any preferred health class is considered a discount to the standard health class of the general population.
Therefore, it is virtually impossible for someone with a history of thyroid cancer to qualify for these classes due to their health history, notwithstanding their current health.
- Standard Plus (not available)
Not every life insurance company offers this discounted health class, but a person with thyroid cancer history would most likely not qualify for it anyway.
Thyroid cancer history is too risky for the life insurance company to offer a discounted rate better than the general population no matter how mild the thyroid cancer was.
- Standard (available)
Standard rates of the general population are your best-case scenario if you have a history of thyroid cancer.
We see standard approvals for the healthiest of thyroid cancer applicants who have a long track record of being cancer-free (5+ years) and were diagnosed with a relatively mild case of thyroid cancer.
- Substandard (available)
This is the health class that we see most commonly with cancer cases.
Life insurance companies are conservative by nature.
If your thyroid cancer progressed beyond the earlier stages to stage 2, you most likely will land somewhere in this range unless significant time has passed.
- Decline/Postpone (available)
Life insurance companies will want to see at least 2-5 cancer-free years since your last treatment before considering you for an offer.
Additionally, if your thyroid cancer was a more severe case, you will most likely be declined for life insurance coverage.
We usually see declines for thyroid cancer that has progressed to stage 3 or beyond, or metastasized (spread) into the lymph nodes.
The good news is that papillary and follicular thyroid cancer is often detected in the early stages (stages 0 or stage 1).
This makes treating those types of thyroid cancers much easier than if they were to progress to the later stages.
Forms Of Life Insurance to Consider
Understanding what types of life insurance is available after thyroid cancer is perhaps the most important part of the equation.
It’s not always the traditional term life insurance we need to be chasing.
Don’t shy away from this option either.
Clearly, from what he has discussed above, traditional term life insurance is still certainly available.
However, you may not be past the waiting period quite yet and need to look at other options.
Guaranteed Issue Options After Thyroid Cancer
Guaranteed Issue life insurance is not something to immediately disregard.
I understand that it has a waiting period attached to the full benefits but not always.
Not to mention, your family still deserves protection and peace of mind.
Companies such as American General Life Insurance Company (AIG) offer outstanding guaranteed issue life insurance policies.
These policies are great for individuals who are battling cancer and can be a nice solution until we can get you approved for traditional coverage.
AIG has always been known to have a top-notch product for these situations.
You can also take a look at AIG’s Guaranteed Issue product review here that we have put together for you.
You will not be asked any medical questions and the total process takes roughly 10 minutes to complete.
In exchange for no-medical questions being asked and the life insurance company taking and accepting your life insurance with or after thyroid cancer, you will have a 2 year waiting period attached to the full death benefits of the policy.
What Happens During The Waiting Period With Guaranteed Issue Life Insurance?
During this waiting period, you will be provided return of premium (100%) and 10% interest earned if you do happen to pass away before full benefits kick in.
Think of this as extremely strong performing savings account for the first two years of coverage.
Additionally, companies such as AIG also include accidental death life insurance coverage in your policy and living benefits (access the cash value of the policy while living) if certain health triggers and qualifications are met.
You can also look at companies such as Sentinel Security Life Insurance Company or even Royal Neighbors Life Insurance Company.
Royal Neighbors may not be as good as AIG for thyroid cancer but they can certainly help place coverage in force for you.
They place the same stipulations on the policy except for this time your waiting period will look a little more beneficial for you.
Here’s a breakdown.
- Year 1 Waiting Period- 30% of The Face Value (Death Benefit is Available)
- Year 2 Waiting Period- 70% of the Face Value (Death Benefit is Available)
- Year 3 Waiting Period is Over- 100% of the Death Benefit is Available
Accidental Death Coverage After Thyroid Cancer
If you want more options for life insurance with thyroid cancer, you don’t necessarily have to use traditional term life insurance or guaranteed issue life insurance.
We can also help you secure accidental death life insurance coverage.
Yes, whether you have thyroid cancer or not.
Accidental death life insurance is still a very good option to provide protection to your family.
It is available in large face amounts (Up to 750K) and is extremely cheap.
We Understand Your Concerns and Want to Help
Yes, I also understand that you are worried about natural causes and would prefer life insurance to cover death from thyroid cancer.
Keep in mind the waiting periods we discussed previously.
Securing accidental death life insurance doesn’t necessarily have to be your permanent solution.
If you are a few years away from the standard 5-year waiting period needed for traditional life insurance.
After you can qualify, we can simply cancel this policy and get you a regular traditional term life insurance policy once your waiting period is complete from the thyroid cancer.
Where Can I Buy Life Insurance After Thyroid Cancer?
Buying life insurance after thyroid cancer can clearly have a few hoops we need to jump through.
We don’t want to seem overly confident but we honestly recommending working with an Independent Agency such as us (Good Life Protection).
We are experts at dealing with life insurance with pre-existing medical conditions.
We have simply handled enough of these cases and helped too many individuals secure life insurance for individuals in these situations.
We have access to over 50+ of the top-rated life insurance companies and understanding the ins and outs of the underwriting guidelines.
Otherwise, we wouldn’t have put together this post for you.
If you prefer to go elsewhere however, our biggest recommendation is simply to work with an Independent Life Insurance Agency only.
A Captive Life Insurance Agency such as State Farm Life Insurance or Farmers Life Insurance Company will not be able to help you due to underwriting guidelines and you will waste a lot of time and deal with a heavy amount of frustration.
Who Specializes in Thyroid Cancer Life Insurance?
Again, handling high-risk life insurance such as life insurance after thyroid cancer is our bread and butter.
It’s what we take pride in and what we know best. If you don’t believe us, make sure to stop by our high-risk section of the website before exiting.
We help hundreds of individuals secure life insurance with cancer of various sorts or other high-risk conditions.
Cancer just happens to be the area we really prefer to focus on and ensure that we find our clients the best possible life insurance rates.
Aside from that, we lean on companies that have very unique niche underwriting guidelines for situations such as thyroid cancers.
Depending on age, cancer type, and other concerns, some companies can be more forgiving with health conditions than you may think.
A few other honorable mentions to place on the list can also include the following life insurance companies.
These are just to name a few but I’m sure if you work with us, you may here us reference these companies due to somewhat understandable underwriting guidelines for individuals wishing to obtain life insurance after thyroid cancer.
Next Steps For Getting Life Insurance After Thyroid Cancer
If you think you are ready to give this is a shot and believe us that life insurance after being diagnosed with thyroid cancer is completely possible, we recommend you begin by filling out the instant quote form on the right-hand side of your screen.
Since we are already aware that life insurance is possible after thyroid cancer, simply fill out the basic information.
After clicking “See My Rates”, you will be able to see the same quoting tool that even us as agents use.
It’s going to display the cheapest options available to you with all of the life insurance companies you already know and trust.
Don’t believe us? Give it a try!
Don’t Let Thyroid Cancer Keep You From Purchasing Life Insurance
Approvals for life insurance after thyroid cancer will depend on multiple factors, such as the type of thyroid cancer you had, the length of time that you have been free from thyroid cancer, etc.
This is an area where you need to work with a knowledgeable life insurance agent who understands the nuances of underwriting thyroid cancer.
In the event that you are declined while trying to secure life insurance after thyroid cancer, don’t ignore the option of guaranteed issue life insurance.
It’s an easy, no-questions-asked, no medical exam option with a few drawbacks.
However, our agency has helped individuals just like you secure affordable life insurance coverage with a history of cancer.
Our veteran life insurance agents ask detailed questions that the life insurance companies want to know and will compare the rates of multiple top-rated life insurance companies in order to get you the best deal.
Even if you have been declined for life insurance before, give our agency a chance to get you covered!
If you are looking for affordable life insurance after thyroid cancer, do not hesitate.
Please give our agency a call or fill out a quote request today.
FILED UNDER – CANCER