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, 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 can result in a higher risk class for life insurance in some situations but not all. 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 want to take the time to break this down even further for you and explain all the options. I also think it’s important we answer other important questions such as the following.
How does Thyroid Cancer Affect Life Insurance?
Where can I Buy and Where Should I Buy Life Insurance After Thyroid Cancer?
What Will Life Insurance Cost Me After Thyroid Cancer?
Who if any life insurance companies specializes in life insurance after thyroid cancer?
Can I get life insurance at all after being diagnosed with thyroid cancer?
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 cover everything you need to know about life insurance after thyroid cancer and life insurance with thyroid cancer.
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.
More On Life Insurance After Thyroid Cancer
Like I stated before, you can get life insurance after thyroid after thyroid cancer.
Although, approvals for life insurance 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
Wow, that is a lot of different types! Each form of thyroid cancer will have a different affect 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 –
Best-case Standard Rates
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
Best-case Standard Rates
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 Life Insurance
Most Likely Postponement
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 the cancer will not return. A decline for coverage is possible as well.
Anaplastic Thyroid Cancer and Life Insurance
Most Likely a Decline
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 life insurance might be your only option here.
How Do I Qualify for 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. Even life insurance after thyroid cancer or life insurance with thyroid cancer.
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:
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.
Common Outcomes for Life Insurance After Thyroid Cancer:
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.
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.
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 rates of the general population is 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.
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.
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.
Getting Life Insurance After Thyroid Cancer
Don’t shy away from this option either. Clearly from what he have 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 Life Insurance After Thyroid Cancer
Companies such American General Life Insurance Company (AIG) offer outstanding guaranteed issue life insurance policies. 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 an 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. They place the same stipulations on the policy except 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 Life Insurance After Thyroid Cancer
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 the life insurance to cover a 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 with thyroid cancer, you can simply use accidental death life insurance as a temporary fix to provide some protection.
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?
We have simply handled enough of these cases and helped too many individuals secure life insurance after thyroid cancer that we have a tough time recommending you go elsewhere.
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 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, Who Do I Turn To?
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.
- Prudential Life Insurance Company
- Protective Life Insurance Company
- American National Life Insurance
- American General Life Insurance Company
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.
What To Do Next? How Do I Begin Obtaining Life Insurance With Thyroid Cancer?
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!
The Final Word. You Can Get Life Insurance After Thyroid Cancer
Life insurance after thyroid cancer can be complicated.
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.
Clearly, thyroid cancer and life insurance don’t go hand in hand.
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 the 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.
Joe is a lifelong learner with a passion for sharing what he has learned with others. Joe has publicly spoken on life insurance in the past to both colleagues at industry conferences and to consumers in educational settings and as a contributor to industry blogs. Additionally, Joe is studying for certifications such as the CFP, CLU, and RICP to further his professional knowledge.