If you have experienced a battle with prostate cancer, you may be worried that you can not get life insurance. But this is generally not the case.
The life insurance industry has expanded its reach in recent years and now offers coverage in a way they never did before for those experiencing serious health conditions.
This is because the industry is increasingly recognizing that people with serious health conditions, including cancer, often continue to live their entire lives.
Life insurance for prostate cancer falls under a general life insurance category, often called high-risk life insurance.
In most cases, life insurance cover will be available, although there may be some restrictions, and higher premiums are very likely.
Can You Get Life Insurance With Prostate Cancer?
For most prostate cancer survivors, life insurance will be available. However, as in all types of high-risk life insurance, but especially for serious health conditions such as cancer, there will be many variables that determine the premium you pay for an insurance policy.
Unfortunately, you will not be able to qualify for the low cost insurance policies that you see advertised on TV and on the Internet. These insurances have low premiums precisely because they are aimed at young and healthy applicants.
In many cases, previous experience of a health condition such as cancer will lead to a rejected application by low-cost suppliers. It is simply not a market that low-cost suppliers target.
However, you should be able to get coverage, but it will require you to work with the right life insurance company. Although not well known to the average consumer, many life insurance companies specialize in specific health-related niches. This includes cancer.
By making an application to a company that looks more favorably on cancer coverage, you not only increase your chances of being approved but also get a lower premium than you could otherwise do.
In the worst case, you will probably qualify for a guaranteed life insurance policy. It will have a lower death benefit ̵
However, it is generally possible to get this type of policy even if you are currently undergoing treatment for prostate cancer. The only limitation is that you cannot have a terminal diagnosis; otherwise, life insurance with a guaranteed issue is available to almost everyone, regardless of health problems.
Prostate Cancer With Existing Life Insurance
If you already have life insurance in place, you do not have to worry that the insurance company will refuse to pay your benefit if you die, increase your premium or cancel your insurance.
Traditional life insurance is set up in such a way that you qualify for the insurance based on your health at the time of application. Even if your health condition changes for the worse after the policy has been approved, the policy will not be affected by your health change.
The policy will continue to apply and can not be canceled for any reason other than that the premium is not paid. . You can be sure that even if you are diagnosed with prostate cancer, all existing life insurance policies you have in place will remain effective.
Life insurance with prostate cancer
Because there are so many variables that affect a life The insurance application for a person with current or previous experience with a serious health condition, it is impossible to generalize what the premium will be for a certain level of coverage.
Each insurance will need to be taken out based on their own merits and the many details that make up your health profile.
But you should generally assume that you will not qualify for the best premiums available if you are a prostate cancer survivor.
These ratings include Preferred Plus, Preferred and Standard Plus. This applies to applicants who are generally in good health and who have not had any major illnesses.
However, it is possible that you qualify for standard premium rates. But this will only be the case if your experience with prostate cancer was many years before, has been treated successfully and you otherwise have excellent health.
In perhaps most politicians, you should expect to get what is known in the industry as table ratings . These are substandard prizes awarded to applicants who have had a serious illness or other high-risk factors.
With most insurance companies, there are 10 different ratings within the range. At each level, the premium is increased by 25% compared to the standard premium rate. For example, if the insurance company assigns you a table rating of 2, your premium will be increased by 50% compared to the standard interest rate (2 X 25%).
However, this means that you still qualify for traditional life insurance; you only pay a higher premium. The solution to this is to apply for a smaller policy, one where the premium fits your budget.
The variables associated with prostate cancer
One of the biggest benefits of prostate cancer, which is certainly not the case with all types of cancer, is that it is highly curable.
It can be detected with a simple PSA test, which is not only easily administered but is also often recommended for men over the age of 50, who are considered to be most exposed to this type of cancer.
Normally, when you reach 50, the PSA test will be given regularly by your doctor. If detected early, prostate cancer has a very high survival rate.
If you have a history of prostate cancer, life insurance companies will be interested in your PSA test readings.
A healthy reading is a PSA level of 4.0 or less. In many cases with prostate cancer, however, the prostate gland is completely removed.
In this case, the insurance company will look for a PSA test result of 0.1 or lower. If it is higher, you may not be eligible for coverage.
Another point that is closely monitored by life insurance companies is the Gleason Score. The score ranges from 1 to 10 and indicates the extent to which the cancer has spread.
In general, life insurance companies look for a score of six or lower. But even if the score is seven or higher, you can still qualify for traditional life insurance with an additional, extra fee to your premium, based on an additional cost per thousand dollars coverage.
The good news, however, is that even if an extra premium is added, it can be removed 5 to 7 years after successful cancer treatment has been completed.
Other variables the insurance company wants to know about:
- How long ago did you get the first diagnosis of prostate cancer.
- Your age at the onset of the disease.
- Type of treatment you received.
- Stage level of cancer, 1 to 4.
- If there have been any repeated episodes since your last treatment.
- Your PSA and Gleason points.
- Your general health apart from your prostate cancer experience.
Again, the longer your episode of prostate cancer was, the greater the likelihood of getting coverage. and get it at a more affordable premium price.
Cancer stage your prostate cancer has reached
This is an important factor in determining both the premium you will pay for life insurance for prostate cancer and even if you will be approved for any insurance at all.  If prostate cancer was determined to stage 1 or 2, you have the best chance of qualifying for traditional life insurance policies. If it reaches step 3, you may still qualify for traditional life insurance, but you will pay very high premiums.
Unfortunately, if your prostate cancer reached stage 4, traditional life insurance policies are usually not available. In that case, you need to consider a guaranteed life insurance policy.
Life insurance Life benefits for patients with prostate cancer
Most people think of life insurance as a death benefit.
And while this may be true in many cases, there are certain types of insurance and insurance policies that can provide living benefits that can be especially important to anyone with cancer, including prostate cancer.
If you have full life insurance, you will be able to take out a loan against the cash value of the policy that can help you with medical expenses and living expenses while undergoing treatment for prostate cancer.
If you have a terminal diagnosis, you may be able to access at least part of the death benefit, even on a life insurance policy. This is achieved when a faster death driver has been added to your policy. In fact, this provision is often a standard policy in many plans.
With an accelerated death benefit, you can access a certain percentage of your policy's death benefit, up to a fixed dollar amount. For example, if your insurance provides an accelerated death benefit of 75% and your death benefit is $ 400,000, you can access up to $ 300,000 while you are still alive.
These funds can be used to cover medical expenses and living expenses for your family. Any funds not taken before your death will be distributed to your beneficiaries at your death.
Buying life insurance for prostate cancer survivors
The most important strategy when buying life insurance for prostate cancer is to work with the right insurance company. While this is true, many companies will cover most with cancer history, but many companies now specialize in high-risk life insurance, including prostate cancer.
Not only will these companies be more likely to approve your application, but you are more likely to receive an affordable premium. The secret is to know which companies have the most favorable view of prostate cancer or some other type of high-risk health condition or lifestyle factor. As an average consumer, there is no way to access that information.
It is best to work with a licensed life insurance broker. Since we work with many different life insurance companies – especially on behalf of applicants who are permanent with high risk – we know which companies are best suited for whatever health condition you have. It includes prostate cancer.
So do not worry if a cheap life insurance provider has declined coverage due to a previous history of prostate cancer. There are companies that will take a completely different view of your situation and will likely approve your application.
* While doing our utmost to keep our site up to date, please be aware that "current" information on this site, such as quotation estimates, or relevant company information, may only be accurate as of the last edit date. Huntley Wealth & Insurance Services and its representatives do not provide legal or tax advice. Please contact your own legal or tax advisor.