Thyroid Cancer Survivors: Getting Life Insurance After Treatment

Thyroid cancer survivors can get life insurance, but the policy terms and premiums may vary depending on the type and severity of the cancer, as well as the treatment methods and success. The best chance of getting life insurance coverage is if the cancer was detected and treated early, and a long period of remission has passed. The subtype of thyroid cancer is also a critical factor in determining insurance ratings and premiums. For instance, follicular thyroid cancer is considered more aggressive with a lower survival rate, whereas papillary thyroid cancer has a high survival rate and accounts for about 80% of cases. Medullary thyroid cancer is uncommon and challenging to treat, and anaplastic thyroid cancer is even more severe and challenging to insure.

What type of life insurance is available after thyroid cancer?

If you've had thyroid cancer, you can still get life insurance, but it may be more difficult and costly. The type of life insurance you can get depends on the type of thyroid cancer you had and how long ago your treatment was. Here are some of the options:

Term Life Insurance

Term life insurance is the most common and affordable type of life insurance. However, after a thyroid cancer diagnosis, the underwriting process will be extensive and may include a paramedical exam and a review of your medical records. The underwriter will also want to see the pathology report. The cost of term life insurance after thyroid cancer will depend on various factors, such as your age, the type and stage of cancer, treatment methods, and the length of time since treatment.

Whole Life Insurance

Whole life insurance may also be an option after thyroid cancer treatment. However, medical histories can affect which policy you can get. If you have had multiple types of cancer, you may need to consider a guaranteed issue life insurance policy.

Final Expense/Affordable Burial Insurance

Final expense or affordable burial insurance may be an option for those who only need coverage for end-of-life expenses. Some companies offer lenient policies for cancer history, including thyroid cancer, and may provide approval within a short time frame.

Guaranteed Issue Life Insurance

If you don't qualify for traditional life insurance, a guaranteed issue life insurance policy is another option. This type of policy does not require a medical exam or health-related questions. However, death benefits are lower, and premiums are higher.

It's important to shop around and compare quotes from multiple insurance companies, as each company has its own underwriting criteria and rates may vary. Working with an independent insurance broker can be helpful in finding the most favourable policies for your specific situation.

What will life insurance cost after thyroid cancer?

The cost of life insurance after thyroid cancer depends on several factors, including the type and stage of cancer, treatment methods, current health status, and the length of time since treatment or remission. The subtype of thyroid cancer is also important, with Papillary and Follicular thyroid cancers being the most common and having the best prognosis.

If you are over 45 and have been diagnosed with stage 1 or 2 papillary thyroid cancer with no evidence of recurrence, you may be able to get a standard rate or even a preferred rate from some companies. However, if you had a more aggressive form of thyroid cancer, such as anaplastic thyroid cancer, traditional life insurance may not be an option. In this case, a guaranteed issue life insurance policy may be available, but it will have lower policy limits and a higher premium.

The length of time since treatment is also a key factor in determining the cost of life insurance after thyroid cancer. If your thyroid cancer was treated more than 10 years ago with no further symptoms, you may qualify for a preferred rating. A standard rating is more likely if your treatment was between 5 and 6 years ago, and some providers will offer coverage as early as 2 to 3 years after treatment.

It is important to be honest about your medical history when applying for life insurance after thyroid cancer. The application process may include a paramedical exam and a review of your medical records, including the pathology report. Working with an independent agent who specializes in thyroid cancer underwriting can help you find the best rates and navigate the process successfully.

Overall, the cost of life insurance after thyroid cancer will depend on the specific circumstances of your diagnosis and treatment, as well as your current health status and the length of time since treatment. By shopping around and comparing rates from different companies, you can find the most affordable coverage that meets your needs.

How does thyroid cancer affect life insurance?

Thyroid cancer is a type of cancer that affects the thyroid, a gland located at the front of the neck, just below the Adam's apple. The thyroid is responsible for regulating growth hormones in the body, which in turn ensures the smooth functioning of several systems, including metabolic, heart, and digestive systems. It also plays a crucial role in muscle control, bone maintenance, and brain development.

Thyroid cancer is more common in women than in men, with the American Thyroid Association stating that women are around five times more likely to develop this type of cancer than men. The most common type of thyroid cancer is papillary thyroid cancer, accounting for about 80% of cases, followed by follicular thyroid cancer, which makes up around 15% of cases. The remaining 5% are medullary thyroid cancer and anaplastic thyroid cancer.

When it comes to life insurance, having a history of thyroid cancer can impact your chances of getting approved and the rates you will be offered. Life insurance companies assess the risk associated with insuring an individual, taking into account their overall health, lifestyle, and medical history. While cancer used to be a significant red flag, advancements in medical treatments and technologies have improved the prognosis for cancer survivors, leading to more favourable considerations by insurers.

• Age at Diagnosis: The age at which you were diagnosed with thyroid cancer will impact your life insurance rates. If you were diagnosed before the age of 20 or after the age of 60, you may face higher insurance rates.
• Type of Thyroid Cancer: The specific type of thyroid cancer you had will be a critical factor in the insurer's evaluation. Medullary and anaplastic thyroid cancers are less common and more aggressive, making it more challenging to obtain life insurance with these diagnoses.
• Stage of Cancer: The stage of your thyroid cancer at diagnosis and during treatment will be considered. More advanced stages may result in higher insurance rates or longer waiting periods before coverage is offered.
• Treatment and Remission: Insurers will evaluate the type of treatment you received, the dates of treatment, and whether the cancer has gone into remission. The longer it has been since your treatment, the more favourable your insurance rates may be. For example, you may qualify for a preferred rating if your treatment was more than 10 years ago with no further symptoms.
• Lymph Node Involvement: The spread of cancer to lymph nodes is an important consideration. Medullary thyroid cancer, for instance, tends to spread faster and may impact lymph nodes, which can affect your insurance options.
• Recurrence and Complications: Life insurance underwriters will also consider any recurrence of cancer and any complications arising from the treatment.
• Medical History and Other Health Issues: In addition to thyroid cancer, insurers will take into account your overall medical history and any other health issues you may have, such as heart problems, high blood pressure, or obesity.
• Comparison Shopping: Finding the right life insurance company for your specific situation is crucial. Different insurers have varying underwriting guidelines, so it is beneficial to compare quotes and seek out companies that specialise in cancer underwriting or have favourable policies for thyroid cancer survivors.

It is important to note that honesty during the application process is imperative. While it may be tempting to omit or alter information about your medical condition, life insurance providers will uncover your medical history, and any discrepancies may negatively impact your chances of obtaining coverage.

What specific information about my thyroid cancer do insurers require?

Insurers will require a range of specific information about your thyroid cancer to determine your eligibility for life insurance. This includes:

• The date of your diagnosis.
• The type of thyroid cancer you had.
• The symptoms you experienced and their frequency.
• The treatments or medications you received.
• The pathology of the disease.
• Any complications that arose from the treatment.
• The length of time since your last treatment.
• Whether the cancer has recurred.
• Your current health status.
• Your family's medical history, including any incidence of thyroid cancer or other types of cancer.

It is important to be completely truthful when providing this information, as insurance companies will conduct thorough research into your medical records. Concealing or minimising your history with thyroid cancer could result in an adverse outcome and may prompt an even deeper investigation by underwriters.

When is the best time to apply for life insurance after thyroid cancer treatment?

The best time to apply for life insurance after thyroid cancer treatment is after a period of stable health following the completion of your treatment. This waiting period can range from one to several years, depending on individual circumstances and the insurer's guidelines.

Factors that determine the waiting period:

• Type of thyroid cancer: The subtype of thyroid cancer is critical in determining your rating. Papillary and follicular cancers, the most common types, generally have a more favourable prognosis. Medullary thyroid cancer can go either way, with early detection leading to better outcomes. Anaplastic thyroid cancer always carries a severe prognosis.
• Stage of cancer: The stage of cancer at diagnosis and treatment received play a significant role in determining your life insurance rating. Early-stage cancers (stage I or II) with a longer history of remission may qualify for lower rates.
• Age: The age at diagnosis also influences the rating. If thyroid cancer is diagnosed before the age of 45, the ratings are typically higher for worse prognoses than if diagnosed at an older age (over 60, for instance).
• Time since treatment: The duration since the completion of treatment is a crucial factor. If your thyroid cancer treatment ended more than ten years ago, with no further symptoms, you are likely to qualify for a preferred rating. A standard rating is more probable if your treatment ended between five and six years ago. Some providers may offer coverage as early as two to three years after treatment, depending on the severity and specific circumstances of your case.
• Overall health: Aside from thyroid cancer, insurers consider other aspects of your overall health, including heart problems, high blood pressure, and obesity.
• Treatment plan: The type of treatment you received for thyroid cancer is a significant factor in securing life insurance. If you have undergone surgery and are in a stable period of remission, you may qualify for a standard rate.
• Insurers' guidelines: Different life insurance companies have varying guidelines regarding thyroid cancer. Some may offer coverage sooner than others, depending on their specific criteria.

It is important to note that guaranteed issue life insurance policies are available for individuals who are currently battling cancer or have a severe form of thyroid cancer. These policies accept everyone within a certain age range (usually 18 to 85) and do not require a medical exam, but they have lower benefit limits and higher premiums.

Frequently asked questions