Life Insurance And Prostate Cancer: What's Covered?

Life insurance is often still possible after a diagnosis of prostate cancer, but the options available to you will depend on a number of factors, including your age, the stage of the cancer, and the treatment you received.

The most common types of life insurance, term and whole life insurance, may not be available to you after a cancer diagnosis. However, you may be able to obtain guaranteed issue, group life, or final expense life insurance coverage, which can provide coverage for final expenses and funeral costs.

If you are a prostate cancer survivor, you will likely be able to get life insurance, but you may have to pay more than you would without that diagnosis. The cost of your policy will depend on how the cancer was treated, with a prostatectomy often being the cheapest option.

If you are currently undergoing treatment for prostate cancer, you will need to wait before applying for life insurance. The length of time you'll need to wait depends on your age and the stage of the cancer. If you were diagnosed under the age of 50, you will likely need to wait five years before applying. If you were over 50, you may only need to wait a year, or even less.

Life Insurance After Prostate Cancer

If you're a prostate cancer survivor seeking life insurance, you might be worried about high rates or the possibility of being declined. However, depending on your specific treatment and overall health, purchasing an affordable life insurance policy to protect your loved ones might be easier than you think.

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 underwriters will want to know:

• 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

The less the underwriters know about your situation, the more likely they are to assume that you are a high-risk case – substantially increasing your chances of being denied coverage. Therefore, in addition to following your doctor's treatment plan, be sure that you are ready with any and all additional information that the insurance company requests.

Increasing Your Chance of Getting Approved

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. Oftentimes, agents will specialise in working with clients who have health conditions that may make it trickier to qualify for a policy. These representatives will typically know which insurance companies are more likely to provide the best rates for their clients' particular circumstances.

How Prostate Cancer Affects Life Insurance Premiums

As with any cancer, the severity of prostate cancer is measured using stage (size and spread of the tumour) and grade (how aggressive the tumour is). Grade also accounts for how differentiated the cancer cells are. The cancer cells can either 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 the more dangerous of the two extremes and thus receives the higher grade.

Prostate cancer can also be rated using a Gleason score, which varies between 1 and 10. A Gleason score of 6 or less corresponds to grades I and II, while Gleason scores of 7 or above correspond to grades of III and higher. The best scenarios are those where the cancer is detected early, the cancer is small, grows slowly, and has cells that are very similar to non-cancerous cells. These types of cancer have the best survival/cure rates and are classified using low grades and stages. As such, they also receive the best ratings.

One other aspect to take into consideration is the type of treatment used to combat your prostate cancer. Common treatments are surgery, chemotherapy, radiation therapy, and castration. From a life underwriter's perspective, surgical removal is the desirable form of treatment since the others usually indicate that the cancer spread beyond the prostate. If you had a low grade/stage cancer removed via surgery, you can often receive a life insurance policy right away. But if chemotherapy or other methods of treatment were involved, you will typically be postponed for two to three years.

Life Insurance Rates for Prostate Cancer Survivors

Prostate cancer survivors have slightly different rates than those without. Regardless, when you're younger, your rates are going to be better.

Even at the $500,000 level, the deal still isn't that bad. As we go up in age, so does the price tag. These sample rates are for non-smoking men in their 60s.

The average rates are significantly higher, especially if you just want the standard option.

Keep in mind that these rates are for non-smoking males. Smoking males with prostate cancer can have higher rates due to their risky health habits. The rates can increase moderately or greatly depending upon the company. Overall, it might just be a good idea to get life insurance sooner rather than later for a good rate.

Life Insurance Rates for Survivors

Age:

The age at diagnosis is a significant factor in determining life insurance rates for prostate cancer survivors. If diagnosed before the age of 50, the cancer is considered more aggressive, and the waiting period for a traditional policy can be up to five years. For those diagnosed after 50, the waiting period is typically one year or less. Prostate cancer is more common in men over 60, and life insurance providers offer more favorable rates to this age group.

Treatment Type:

The type of treatment received impacts the cost of life insurance. From an insurance company's perspective, a prostatectomy is often seen as the safest option. If the cancer is confined to the prostate gland and surgically removed, life insurance may be obtainable immediately after treatment. For other treatments, such as radiation or brachytherapy, a waiting period of at least 12 months is usually required before becoming eligible for a fully underwritten policy.

Cancer Stage and Grade:

The stage and grade of cancer play a crucial role in determining life insurance rates. Early detection and treatment in stage 1 or 2 can lead to more favorable rates. In stage 3, approval for life insurance becomes more challenging, but it may still be attainable after a probationary period. Unfortunately, those diagnosed with stage 4 cancer may find it difficult or impossible to obtain traditional life insurance and may need to explore guaranteed issue policies.

PSA Levels:

Prostate-specific antigen (PSA) levels are critical in determining life insurance rates. Before treatment, underwriters typically look for PSA levels below 20, with levels below 10 potentially qualifying for "preferred" rates. After treatment, PSA levels should remain below 0.1 to indicate successful treatment.

Gleason Score:

The Gleason Score is another important factor, with scores under 6 generally resulting in preferred rates. Scores of 7 or higher can still qualify for life insurance but may include a flat extra fee, increasing the cost of coverage.

It is important to note that life insurance rates for prostate cancer survivors can vary across different insurance providers. Working with an independent insurance agent or broker who can compare rates from multiple companies can help find the most affordable and suitable option.

Life Insurance Requirements

If you're looking to purchase life insurance after a prostate cancer diagnosis, there are several requirements you'll need to meet. Here are the key factors that life insurance companies will consider:

Age at Diagnosis

The age at which you were diagnosed with prostate cancer is an important factor. If you were diagnosed before the age of 50, you may face higher premiums or even be declined coverage. Prostate cancer in younger individuals tends to be more aggressive and has a higher potential to metastasize. On the other hand, if you were diagnosed at an older age, typically over 50 or 60, you may have better chances of obtaining coverage at more favourable rates.

Time Since Diagnosis and Treatment

Underwriters will want to know how long it has been since your prostate cancer diagnosis and the completion of your treatment. The longer the time period, the better your chances of obtaining life insurance. For those diagnosed at a younger age, a waiting period of around five years may be required. For older individuals, a waiting period of one year or less is usually sufficient.

Stage and Grade of Cancer

The stage and grade of your prostate cancer at diagnosis will impact your life insurance eligibility and rates. Prostate cancer is typically graded on a scale from 1 to 5, with lower grades indicating less aggressive cancer. Stages range from Stage I, where cancerous cells are confined to the prostate, to Stage IV, where cancer has spread beyond the prostate. The lower the stage and grade, the more favourable rates you can expect.

Treatment Received

The type of treatment you received for prostate cancer will also be considered. Treatments such as prostatectomy, radiation therapy, chemotherapy, or hormone therapy may be evaluated differently by insurance providers. Prostatectomy, or surgical removal of the prostate, is often viewed favourably, especially if the cancer was detected early and successfully removed. For other treatments like radiation therapy, a waiting period of around 12 months may be required before you are eligible for coverage.

PSA Levels

Your prostate-specific antigen (PSA) levels before, during, and after treatment are crucial. Higher PSA levels may indicate a higher risk of recurrence and can impact your insurance rates. Ideal PSA levels vary depending on age, with lower levels considered normal for younger individuals. After treatment, maintaining PSA levels below a certain threshold, such as 0.1 or less, is often required to qualify for coverage.

Gleason Score

The Gleason scoring system is used to categorize the appearance of cancerous prostate cells, with scores ranging from 2 to 10. A lower Gleason score indicates less aggressive cancer. Life insurance companies typically look for a Gleason score of 6 or lower, but it is still possible to secure coverage with a higher score, although premiums may include a surcharge.

Overall Health and Lifestyle

In addition to the specific requirements related to prostate cancer, insurance companies will also consider your overall health and lifestyle. This includes factors such as age, smoking status, occupation, hobbies, health history, and criminal history. Improving your overall health, quitting smoking, and engaging in low-risk activities can help improve your chances of obtaining life insurance at better rates.

Life Insurance Waiting Periods

The waiting period in life insurance refers to the time between applying for a policy and the moment your coverage begins. During this time, your application is processed, and your background and health profile are evaluated to determine your insurance risk and the cost of your policy. This process typically takes around four to six weeks for a standard life insurance application, but it can be longer.

If you want to avoid the waiting period, you can explore options such as temporary coverage, no-medical-exam policies, accelerated underwriting, or instant issue life insurance, which can provide coverage with a shorter or no waiting period.

For those seeking life insurance after prostate cancer, the waiting period and availability of coverage depend on several factors, including the type of treatment received, the stage and grade of cancer, and current health status. If you've had a prostatectomy, you may be able to apply for life insurance soon after your recovery. If you've undergone radiation treatment, you'll likely need to wait at least 12 months before becoming eligible for a fully underwritten life insurance policy.

The cost of life insurance after prostate cancer also varies. While it may not affect your insurance rate at all due to high survival rates, you can generally expect to pay more than someone without a cancer diagnosis. The rates depend on factors such as age, overall health, and the specifics of your cancer diagnosis and treatment.

To find the best rates, it is recommended to work with an independent insurance agent who represents multiple providers, as not all life insurance companies view prostate cancer the same. They can help you navigate the process and find a policy that fits your needs and budget.

Life Insurance for Advanced Prostate Cancer

Treatment Options:

The type of treatment you receive for advanced prostate cancer will impact your life insurance options. A prostatectomy, or surgical removal of the prostate gland, is often viewed favourably by insurance companies. If the cancer is caught early and successfully treated with a prostatectomy, you may be able to obtain life insurance immediately after with favourable rates. Other treatment options, such as radiation therapy or brachytherapy, may require a waiting period of at least 12 months before becoming eligible for a fully underwritten policy.

Age and Diagnosis:

The age at which you are diagnosed with prostate cancer plays a significant role in life insurance underwriting. If you are diagnosed before the age of 50, your cancer is considered more aggressive, and you may face challenges in finding coverage. Generally, individuals diagnosed over the age of 50 have an easier time obtaining life insurance, and those diagnosed over 60 often receive more favourable rates. The time since your diagnosis also matters, as a more recent diagnosis may indicate ongoing treatment or a newer remission status.

Cancer Stage and Grade:

The stage and grade of your prostate cancer will be assessed to determine the severity of the disease. Underwriters will consider factors such as the number of biopsy samples containing cancerous cells, the percentage of cancerous cells, and the location of the cancer within the prostate. Lower-grade cancers that are highly treatable, such as Stage I or II, will result in more favourable rates. Advanced stages, such as Stage III or IV, may make it difficult or impossible to obtain traditional life insurance, and you may need to explore alternative options like Guaranteed Issue life insurance.

PSA Levels:

Prostate-specific antigen (PSA) levels are an important factor in determining your prostate cancer risk. Higher PSA levels will make it more challenging to obtain traditional life insurance. Ideal PSA levels vary depending on your age, with lower levels considered normal for younger individuals. After cancer treatment, your physician will establish a baseline PSA level that will be monitored regularly. Communicating your PSA levels at different stages, including diagnosis, treatment, and the present, is essential for underwriters to assess your risk.

Gleason Score:

The Gleason scoring system categorizes the appearance of cancerous prostate cells, with scores ranging from 2 to 10. Lower Gleason scores indicate less aggressive cancer, while scores of 7 or higher may result in higher premiums or surcharges. However, a higher Gleason score does not necessarily prevent you from securing coverage, especially if sufficient time has passed since your remission.

Remission and Recurrence:

Being in remission will improve your chances of obtaining life insurance. Underwriters will want to know if your cancer is in remission and for how long. The longer you have been in remission, the better your chances of obtaining coverage. Additionally, if you have survived prostate cancer beyond five years, your life insurance profile will be enhanced.

Working with an Agent:

Given the variability in how different insurance companies view prostate cancer, it is highly recommended to work with an independent insurance agent. They can help you navigate the complexities of the insurance market, compare rates, and find the best policy for your specific situation.

Frequently asked questions