Life Insurance Options Post-Prostate Cancer: What You Need To Know

Prostate cancer is the second most common type of cancer in men, with one in six to nine men being diagnosed with the condition in their lifetime. As a result, many men wonder whether they can get life insurance after being diagnosed with prostate cancer. The good news is that it is possible to get life insurance after prostate cancer, depending on your specific situation and treatment. However, it is important to note that not all life insurance companies view prostate cancer the same, and you may need to work with an independent life insurance agent to find the best policy for your needs. Additionally, you may have to pay higher rates or accept certain limitations on your policy. When applying for life insurance, the underwriters will consider various factors, including the stage and grade of the cancer, the type of treatment received, and your overall health and prognosis. It is crucial to be upfront and honest about your medical history to increase your chances of approval and secure the best rates.

Life insurance approvals with prostate cancer

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

How Prostate Cancer Affects Life Insurance Premiums

The severity of prostate cancer is measured using stage (size and spread of the tumour) and grade (how aggressive the tumour is). Prostate cancer with a higher grade is more dangerous and will receive a higher premium rating.

The type of treatment is also important. Surgical removal is the most desirable form of treatment from a life insurance underwriter's perspective. If you had a low-grade cancer surgically removed, you can often receive a life insurance policy right away. If chemotherapy or other methods of treatment were involved, you will typically be postponed for one to three years.

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.

The following criteria will also affect the amount of premium that you will be charged:

• The stage and 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

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

Life Insurance with Prostate Cancer Questionnaire

If you are interested in purchasing life insurance and have been diagnosed with prostate cancer, it's important to uncover all the circumstances behind it. Here are some questions you'll need to answer:

• Please provide the diagnosis and the date of the last treatment.
• What was the stage of the cancer diagnosed?
• What was the Gleason score and grade of the prostate cancer?
• What was the PSA level prior to and after treatment?
• How has the prostate cancer been treated?
• Has the proposed insured taken any medications to treat the cancer in the past and/or is he or she currently taking any medications?
• Has there been any evidence of any recurrence?
• Does the proposed insured have any other medical conditions?

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 and the cost of your policy.

From an insurance company's perspective, surgical removal of the prostate is the safest option. This procedure, known as a prostatectomy, is often performed when the cancer is confined to the prostate gland. If you underwent a prostatectomy and your cancer was detected early, you may be able to purchase life insurance immediately following your surgery. However, it's important to note that your current PSA levels will also be taken into consideration.

On the other hand, if your cancer was treated with radiation therapy, chemotherapy, or other methods such as brachytherapy, you will likely need to wait for a certain period before becoming eligible for a fully underwritten life insurance policy. This waiting period, typically around 12 months, allows the insurance company to ensure that your treatment was successful. To be eligible for coverage after the waiting period, you will need to meet specific PSA level requirements.

In addition to surgical and radiation treatments, other options are available for prostate cancer patients. These include cryotherapy, high-intensity focused ultrasound (HIFU) therapy, proton beam radiation therapy, photodynamic therapy, hormone therapy, chemotherapy, immunotherapy, and targeted drug therapy. The impact of these treatments on life insurance eligibility and rates may vary, and it's important to discuss your specific situation with an independent insurance agent.

PSA levels

PSA, or prostate-specific antigen, is a protein produced by both normal and malignant cells of the prostate gland. PSA levels can be measured in the bloodstream, and elevated levels can be a symptom of prostate cancer.

Doctors tend to categorise PSA levels in terms of "elevated" or "non-elevated", as the range of what is normal varies by age. Generally, PSA levels for men who are:

• Age 60 or older: should be at or below 4.0 mg/mL or ng/mL
• Age 59 or younger: should be at or below 2.5 mg/mL or ng/mL

The average PSA for men in the younger group is <1.0 mg/mL or ng/mL.

If your PSA level is high, you might need to undergo further tests to look for prostate cancer. A PSA level of 4-10 is considered minimally elevated, and a doctor will likely investigate anything over 10. A PSA level of over 20 starts pointing more towards cancer, and a level above 50 is usually a very strong indicator of prostate cancer.

The life insurance companies will review your PSA levels before and after your prostate cancer treatment. Ideally, a healthy man should have a PSA level of 4.0 or less. If your PSA levels are higher, your doctor will normally order a biopsy to see if there are any other signs of cancer. When applying for life insurance, the underwriters will want you to have a PSA level of less than 20 at the time of your diagnosis, but if your PSA levels were less than 10, you may qualify for "preferred" rates.

After your treatment for prostate cancer has finished, your PSA should always be below 0.1. If your prostate has been removed, the term life insurance companies will typically decline any applicant with a PSA of 0.02 or higher.

Cancer stage and grade

The stage and grade of a cancer indicate its severity, which is measured by its size, spread, and aggressiveness. The stage of a cancer refers to the size of the tumour and whether it has spread, or metastasised, to other parts of the body. The grade of a cancer refers to how aggressive it is, or how abnormal the cells look under a microscope.

In the context of prostate cancer, the stage of the cancer is determined by whether it is localised, locally advanced, or metastatic. Localised prostate cancer is cancer that is completely inside the prostate gland. Locally advanced prostate cancer means the cancer has broken through the capsule of the prostate gland. Metastatic prostate cancer means the cancer has spread to another part of the body.

The aggressiveness of prostate cancer is graded using the Gleason score or the Grade Group system. The Gleason score ranges from 1 to 10, with 6 or less corresponding to Grades I and II, and 7 or above corresponding to Grades III and IV. The Grade Group system ranges from 1 (low) to 5 (very high).

When applying for life insurance, it is important to disclose the stage and grade of your cancer, as this will impact the cost of your policy. If you are in remission or your cancer is being successfully treated, you may be accepted for a policy with an additional premium surcharge. This surcharge will be removed after a certain period of time, especially if you become cancer-free.

It is worth noting that early detection of cancer leads to more successful treatments. As a result, cancers detected early that are small, grow slowly, and have cells similar to non-cancerous cells receive the best ratings from life insurance companies.

Life insurance after prostate cancer

Prostate cancer is the second most common type of cancer in American men after skin cancer, and it affects one in six or seven men in their lifetime. It is also the second leading cause of death in American men, with one in every 36 men dying from the disease.

If you are a survivor of prostate cancer, you may be concerned about getting life insurance due to high rates or the possibility of being declined. However, it is possible to purchase an affordable life insurance policy to protect your loved ones.

Treatment and Overall Health Matter

The type of treatment you received for prostate cancer and your overall health will play a significant role in determining your eligibility for life insurance. If you had a prostatectomy (surgical removal of the prostate gland) and your cancer was low-grade, you may be able to purchase life insurance immediately after surgery. On the other hand, if your cancer was treated with radiation therapy or other methods, you may need to wait for at least 12 months before becoming eligible for a fully underwritten life insurance policy.

Stage and Grade of Cancer

The stage and grade of your prostate cancer at the time of diagnosis will also impact your life insurance options. Early detection and treatment are crucial, as they increase your chances of getting favourable rates. If your cancer was detected at stage one or two, you will likely receive the most favourable rates and approval for a term life insurance policy. If your cancer was at stage three, approval may be more challenging but still possible after a probationary period. Unfortunately, if your cancer was diagnosed at stage four, it is highly unlikely that you will qualify for a term life insurance policy.

Prostate-Specific Antigen (PSA) Levels

PSA levels are an important factor considered by life insurance companies. A healthy man should typically have a PSA level of 4.0 or less. If your PSA levels are higher, your doctor may recommend a biopsy to check for cancer. When applying for life insurance, it is preferable to have a PSA level of less than 20 at the time of diagnosis. If your PSA levels were less than 10, you may even qualify for "preferred" rates. After successful treatment, your PSA level should remain below 0.1 to maintain eligibility for life insurance.

Age at Diagnosis

Your age at the time of diagnosis also plays a role in life insurance approvals. Prostate cancer is more common in older men, and the risk increases with age. If you were diagnosed at a younger age, it may be more challenging to find an insurance company willing to offer you a policy. On the other hand, if you were diagnosed at an older age and successfully treated, you may have more options available.

Work with an Independent Agent

It is highly recommended to work with an independent life insurance agent who has experience in working with cancer survivors and understands your specific situation. Different insurance companies have varying underwriting guidelines, and an independent agent can help you find the best rates and match you with the right company. They can also guide you through the application process and ensure that your case is presented accurately to the underwriters.

In conclusion, while prostate cancer may impact your life insurance options, it is still possible to obtain coverage depending on your individual circumstances. Working with an experienced and independent agent can increase your chances of finding affordable and suitable life insurance after prostate cancer.

Frequently asked questions