Life Insurance Options Post-Prostate Cancer Treatment

Prostate cancer is the second most common type of cancer in American men after skin cancer. It affects one in six or seven men in the US in their lifetime. While a diagnosis can make getting life insurance seem challenging, it is still possible to find good-quality coverage with a highly-rated insurer. The key is to work with an independent insurance agent who can shop around for the best rates and match you with the right carrier. The agent will need to know about your treatment history, the stage and grade of your cancer, and your PSA levels. The cost of your policy will depend on how the cancer was treated, with surgical removal being the most desirable form of treatment from an insurer's perspective. If you are in remission or your cancer is being successfully treated, an insurer may accept you for a policy with an additional premium surcharge, which will be removed once you are cancer-free.

Life insurance approvals with prostate cancer

Being diagnosed with prostate cancer can make getting life insurance seem daunting. However, depending on your specific situation, it is possible to find good quality coverage with a highly-rated insurer.

What the Life Insurance Underwriters Will Need to Know

When moving through the life insurance application and approval process, the insurance company's underwriters may request specific information in addition to that which is already included on the initial application. This may include reports from your doctor, blood and/or urine testing, or even a third-party medical examination.

Factors Affecting Premium Charges

There are several factors that are likely to affect the amount of premium that you will be charged. These criteria include:

• The stage and the extent of the cancer's progression
• Your age at the time of diagnosis
• The type of treatment you are currently receiving (if any)
• When treatment was completed (if applicable)
• Results of any follow-up medical testing

Increasing Your Chance of Getting Approved

In order to increase your chance of approval for coverage, it is a good idea to consider working with a life insurance agent who has experience in locating coverage for cancer survivors. These representatives will typically know which insurance companies are more likely to provide the best rates for their clients' particular circumstances.

Underwriting for Prostate Cancer

Insurance underwriters assess the risk of each new policyholder. By asking in-depth questions about your medical history, the underwriter can assess whether or not they want to take a chance on insuring you. The underwriter is required to ask many questions, which may include:

• When were you first diagnosed with prostate cancer?
• What stage was/is your cancer or what was your Gleason Score?
• How was the prostate cancer treated?
• Are you currently being treated for prostate cancer?
• What was the result of your last PSA assessment and when was the test taken?
• What was the PSA before treatment?
• Do you have any major health problems other than prostate cancer?

After Prostate Cancer

If you're a prostate cancer survivor with a good prognosis, there may be traditional life insurance options available. Traditional meaning there are no limitations to the policy you can get. It means you qualify and can choose any death benefit amount and any length you desire. However, you must be able to prove to insurance underwriters that you're a good risk to take and that you are now in good health.

Policy Options

Term life insurance after prostate cancer may be an option. If you qualify for coverage, it is recommended that you secure the longest term possible. Term policies have an expiration date, but rates are locked in for a pre-determined length of time and don't go up once they are locked in.

Budget permitting, permanent insurance is the best policy. You can get a whole life policy or a universal life policy that will last until age 121. A permanent policy offers rates that are locked in, and you will have full death benefits for life. Monthly premium payments build up cash value, which can be used when times are financially difficult. It also allows you to withdraw and spend a portion of the death benefit if you become terminally ill. Permanent insurance policies never expire, no matter what your health status or age.

Prostate Cancer Patients

Prostate cancer patients who are denied other types of life insurance policies are always eligible for a Graded Death Benefit Policy with payouts of up to $25,000. Graded Death Benefit policies are specifically designed for policyholders who have had cancer or other serious medical issues. Policyholders must be at least 50 years old to qualify for coverage with most companies, and premium costs are based on age and gender.

The type of treatment received

The type of treatment you received for prostate cancer will be a key factor in determining your eligibility for life insurance. Here are some important considerations:

Surgical Treatment

Surgical removal of the prostate, known as a prostatectomy, is often viewed as the safest option by insurance companies. If you underwent a prostatectomy, the insurance provider will consider the extent of the surgery, i.e., whether a portion or the entire prostate gland was removed. In cases of low-grade cancer that was surgically removed, you may be eligible for life insurance immediately following the procedure. However, insurance companies usually set specific requirements for PSA (Prostate-Specific Antigen) levels after surgery. For example, a PSA level below 0.02 may qualify you for standard plus rates with certain companies.

Radiation Therapy

If your cancer was treated with radiation therapy, such as external beam radiation (IMRT, SBRT, proton-beam, etc.) or brachytherapy (radioactive seeds), most insurance companies will require a waiting period after your last treatment. This waiting period, typically of at least 12 months, is to ensure the success of the treatment. To be eligible for coverage after this waiting period, you will need to meet certain PSA level requirements, such as having a PSA of 0.1 or less. Meeting these criteria may qualify you for the insurance company's "standard" rate class.

Active Surveillance or "Watch and Wait"

If you are on an active surveillance plan or a "watch and wait" approach, your options for life insurance may be more limited. If you are over 60 and your prostate cancer is in stage one or two, some companies may approve your policy if you are otherwise in good health. However, for individuals in their 40s or 50s on a "watch and wait" plan, the only option may be a Guaranteed Issue (GI) life insurance policy, which offers a limited coverage amount without health questions.

Other Treatments

Other treatments for prostate cancer include chemotherapy and castration. These treatments may be viewed less favourably by insurance companies as they often indicate that the cancer has spread beyond the prostate. As a result, you may face longer waiting periods or higher premiums if these treatments were part of your care plan.

In summary, the type of treatment you received for prostate cancer will play a significant role in determining your eligibility for life insurance and the rates you will be offered. It is important to be transparent with your insurance provider about your treatment history and current health status to ensure you receive accurate information about your options.

PSA levels

PSA (Prostate-Specific Antigen) is a protein produced by both normal and malignant cells of the prostate gland. The PSA test measures the level of PSA in the blood and is used to monitor the progression of prostate cancer in men who have already been diagnosed with the disease. The higher the PSA level, the more likely it is that the patient has prostate cancer.

When applying for life insurance, underwriters will want to see a PSA level of less than 20 at the time of diagnosis, and a level less than 10 may qualify you for "preferred" rates. After treatment for prostate cancer, the PSA level should always be below 0.1. If the prostate has been removed, life insurance companies will typically decline any applicant with a PSA of 0.02 or higher.

There is no specific normal or abnormal level of PSA in the blood. Doctors tend to categorise PSA levels in terms of "elevated" or "non-elevated", rather than "normal" or "abnormal", as the range of what is normal varies by age. Generally speaking, PSA levels for men who are aged 60 or older should be at or below 4.0 mg/mL, and for men aged 59 or younger, levels should be at or below 2.5 mg/mL.

There are several factors that can cause PSA levels to fluctuate. For example, the PSA level tends to increase with age, prostate gland size, and inflammation or infection. Conversely, some drugs, including finasteride and dutasteride, which are used to treat BPH, lower the PSA level.

Cancer stage and grade

The stage and grade of a cancer are important factors that life insurance companies will consider when reviewing an application from someone with a history of the disease.

Cancer Stage

The stage of a cancer refers to the size of the cancer and whether it has spread. Staging a cancer involves assessing the cancer's location, whether it has spread (metastasized) and how much it is interfering with normal body processes.

In the UK, doctors use the TNM staging system, which stands for Tumour, Node, Metastasis. Localised prostate cancer is cancer that is completely inside the prostate gland. Locally advanced cancer means the cancer has broken through the capsule of the prostate gland. Metastatic cancer means it has spread to another part of the body.

Cancer Grade

The grade of a cancer refers to how abnormal the cancer cells look under a microscope. Grades also account for how differentiated the cancer cells are. The cancer cells can be well differentiated, meaning they are similar to non-cancerous cells, or poorly differentiated, meaning they are very different from non-cancerous cells. Poorly differentiated cancer is more dangerous and receives a higher grade.

In the UK, doctors use the Grade Groups or Gleason score to grade prostate cancer. The Gleason score ranges from 6 to 10. A Gleason score of 6 or less corresponds to low-grade cancers, while Gleason scores of 7 or above correspond to higher-grade cancers.

Another grading system is the Grade Group system, which ranges from 1 (low) to 5 (very high).

Life insurance after prostate cancer

Prostate cancer is the second most common type of cancer in American men after skin cancer, and it is estimated that approximately one in six or seven men will be diagnosed with this condition at some point in their lives. If you are a survivor, you might be concerned about the possibility of being declined life insurance or facing high rates.

The good news is that, depending on your treatment and overall health, purchasing an affordable life insurance policy is possible. Life insurance companies will evaluate several factors, including your age, type of treatment, stage and grade of cancer, and pre-treatment and current PSA levels.

Factors Affecting Life Insurance Approval and Rates

• Age at diagnosis: Prostate cancer is more common in men over 60, and the risk of developing it increases with age. Younger people with cancer are considered higher-risk as cancer cells replicate quickly and are more likely to metastasize.
• Type of treatment: From an insurance company's perspective, surgical removal of the prostate (prostatectomy) is the safest option. If you had a low-grade cancer surgically removed, you may be able to purchase life insurance immediately. If your cancer was treated with radiation therapy, you may need to wait at least 12 months before becoming eligible for a fully underwritten policy.
• Stage and grade of cancer: The stage refers to the size and spread of the tumour, while the grade indicates how aggressive the tumour is and how differentiated the cancer cells are. Early detection of cancer leads to more successful treatments and better survival rates. People who treated their prostate cancer at an early stage will receive the most favourable rates.
• PSA levels: PSA (Prostate-Specific Antigen) levels are important for insurance companies to assess your risk. A healthy man should have a PSA level of 4.0 or less. If your PSA levels are higher, your doctor may request a biopsy to check for cancer.

Tips for Increasing Your Chances of Approval

• Work with an independent life insurance agent: Not all life insurance companies view prostate cancer the same. Working with an independent agent who represents multiple companies can help you find the best rates and coverage options.
• Provide detailed information: Be upfront and honest about your cancer treatment, overall health, and current lifestyle. This will help the underwriters have a complete picture of your health history and prognosis, increasing your chances of approval and potentially reducing delays during the application process.
• Work with a specialised agent: Consider working with a life insurance agent experienced in locating coverage for cancer survivors. These agents typically know which insurance companies are more likely to provide the best rates for your particular circumstances.

Policy Options

If you are a prostate cancer survivor with a good prognosis, traditional life insurance options may be available to you. This means you can choose any death benefit amount and length of coverage. Term life insurance may be an option, and it is recommended to secure the longest term possible. Permanent insurance is another option that offers locked-in rates and full death benefits for life.

If you are currently undergoing treatment or have a terminal cancer diagnosis, a Graded Death Benefit Policy may be your only option. These policies have a waiting period of up to two years before paying out the full death benefit. During this period, the policy will pay out the premiums paid plus interest if the policyholder dies.

Frequently asked questions