Prostate cancer is the most common cancer for men with about 238,590 new cases being diagnosed every year. Unfortunately, this disease can make getting life insurance difficult, and this is unwelcome news to a man who just wants to ensure that his family is financially taken care of in the future.
The good news is that if you have been diagnosed with prostate cancer and are interested in life insurance, all hope is not lost. Many insurance companies can and do provide coverage for men with a history of this kind of cancer.
Table of Contents
In the meantime, let’s go over what you need to know in order to get insured.
Life Insurance after Prostate Cancer – Questions:
Insurance providers will look at a wide variety of factors concerning your medical history and your battle with prostate cancer, and you can give your approval chances a boost by being prepared with this information. Here are some of the main questions you should be able to answer:
- When were you diagnosed, and how old were you?
- When did your treatment end?
- What was the Gleason Score (grade given by pathologist after looking at the most recent tissue simples)?
- What treatment did you receive, and has there been a recurrence of the cancer?
- What was your pre-treatment Prostate Specific Antigen (PSA) reading?
- What was your most recent PSA reading?
When Am I Considered Insurable?
The most important factors are your PSA readings, Gleason score and the length of time since your treatment was completed. It’s impossible to say precisely what the line is between insurable and uninsurable since everyone is different, but generally speaking, a low Gleason score (like between 2 and 6) will make it easier for you to get approved for coverage quickly. On the other hand, a high Gleason score over 9 means you will in all likeliness have to wait longer to get approved. This postponement could be up to five years following successful treatment. If you are considered a bit young for prostate cancer, such as younger than 50 years old, you will most likely also have to wait for coverage.
Life Insurance with Prostate Cancer: Example of Pricing
Insurance rates are largely determined by the health class candidates are placed into, which basically outlines their risk level. Most men with a history of prostate cancer will typically be placed into the substandard class (table rating 2-4) although if your cancer was caught in a very early stage, did not require extensive treatment and/or you have been cancer-free for several years, it may be possible for you to get standard rates.
Let’s take a look at an example. Jon is a 62-year-old man who is applying for a $250,000 policy for a 15-year term. Based on this information and a rating of sub-standard class table 2, the best price is with Banner Life Insurance, which will cost around $242 per month. Just for the record, a 10-year term life insurance policy for the same amount would be around $171.06 per month with Banner as well.
Now, let’s say it is discovered that Jon has been cancer free for over five years and is otherwise healthy. With this, he may get standard rates. For a 10-year, $250,000 policy, his best rates will be with Banner Life at $138 per month. For a 15-year term, SBLI will offer the best rate at $192.05 per month.
What If I Am Denied?
This does happen, but many times it is not the end of the road. If you applied through another agency we would look at which life insurance company, and why they declined you, and see if it makes sense to submit an application to another company that may be more likely to approve you. If you applied through us and got denied we would also look at why, and see if we should submit to another company, or look at a high risk life insurance policy – also called Simplified Issue or Guaranteed Issue life insurance.
Fill out the quote form below to get an idea of what kind of term life insurance rates may be available to you. And of course, please don’t hesitate to give us a call at 888-411-1329 to further discuss your life insurance options with a history of prostate cancer.