A prostate cancer diagnosis can be devastating for a man and his family. In addition to all the worries and complications that arise with any cancer diagnosis, prostate cancer can make obtaining life insurance seem like an impossible task.
There is still hope. Most men assume that if they have prostate cancer or a similarly serious disease, they will either not qualify for life insurance at all or the rates will be far too expensive to handle.
The truth is that you can still qualify for life insurance even if you have or have had prostate cancer. In fact, it is a common policy that is offered by many life insurance companies. It is still possible to find good quality life insurance coverage with a highly rated insurer.
About Prostate Cancer
Prostate cancer is one of the most common forms of cancer that affects American men today. In fact, the American Cancer Society estimates that approximately one in seven men will get diagnosed with prostate cancer at some point in their lifetime. The Prostate Cancer Foundation estimates that nearly three million men in the United States alone currently have prostate cancer.
This is why medical professionals stress the importance of prostate examinations for men, especially as they reach the age of 50. While being diagnosed with the disease can certainly be scary and even devastating, it is important to know that it is treatable.
The importance of prostate examinations cannot be overstated as early detection and treatment is the best way to protect yourself. You can also reduce your risk with a healthy diet and active lifestyle. We often find that discussions about life insurance open the doorway to discussions about our health more generally, which is a good thing.
Prostate Cancer and Life Insurance
The good news is that as medical treatment and prostate cancer detection becomes more advanced, survival rates continue to improve. The vast majority of prostate cancers are now detected during the local and regional stages which means the cure rate for prostate cancer is quite high. Since the disease impacts so many men, insurance companies are taking notice.
Many life insurance providers are updating their underwriting guidelines and making it easier for prostate cancer patients and survivors to qualify for coverage.
If you are in remission or your cancer is being successfully treated, many life insurance companies may offer you a policy that includes an additional premium surcharge.
Better yet, many life insurance companies will even remove this surcharge after a set amount of time has passed, especially if you have been declared cancer-free.
How Do Life Insurance Companies Assess Prostate Cancer Risks?
As with all forms of life insurance, rates are determined based on many factors. When it comes to life insurance and prostate cancer, insurance providers tend to take the following factors into account:
- Your current age and the age you were diagnosed with prostate cancer. Since prostate cancer is relatively rare in young men, life insurance companies may be more concerned when a man is diagnosed at a young age. Older men with low-grade prostate cancer can sometimes obtain coverage immediately after their cancer has been treated.
- Your PSA level (the measure of prostate-specific antigen in your blood). The higher your PSA level, the greater the indicator of the presence of cancer. Your insurer will want to know when your PSA levels were last tested and what the PSA test revealed.
- The stage of your prostate cancer. Since cancer that is centralized and more easily treated is less risky, life insurance providers are more likely to offer an insurance policy to those with prostate cancer that was detected during earlier stages.
- Your Gleason Score (Score ranging from two to 10 that measures the likelihood that the prostate cancer will spread throughout the body). Higher Gleason Scores indicate that the cancer is more aggressive and generally lead to life insurance providers handing out a poor risk classification. Alternatively, a low Gleason Score increases your chances of obtaining a favorable policy.
- The type of prostate cancer can impact how an insurance company views the risks associated with your prostate cancer.
- The treatment options you choose. Beyond active surveillance and watchful waiting, there are a variety of treatments you can choose to address your prostate cancer. Each has its own risks and the insurance companies take this into account.
Prostate cancer is also weighed with other health risks. If you are an otherwise healthy adult, a life insurance company takes this into account. If, for example, you are overweight or suffer from high cholesterol, there is a higher likelihood that treatment of your prostate cancer could lead to other medical complications.
As you can see, a prostate cancer diagnosis is certainly not a life insurance disqualifier. Insurance companies recognize this disease is complex. The name of the game is finding an appropriate risk classification. Those who have been impacted by prostate cancer can qualify for a wide variety of life insurance policies.
Each of the above factors has a direct impact on how an insurance provider underwrites your specific policy and determines your life insurance rates.
What Steps Do Those With Prostate Cancer Need to Take to Obtain Life Insurance?
Getting informed about the state of your health and the condition of your cancer is important. This helps you get the best rate possible and also gives you a reasonable idea of how insurance companies view your condition.
Now that you know that it is possible to obtain a reasonable life insurance policy after a prostate cancer diagnosis, you should actively seek out the best policy for your needs. Decide what you want out of your policy and do not just jump on the first quote you are offered.
Prostate cancer keeps many people from getting the life insurance coverage their families deserve. Everyone deserves to have quality life insurance and the peace of mind it offers.
It is important to keep in mind that the less an insurance company knows about your situation, the more likely they are to assume you are a high-risk case. Decrease your chances of being denied coverage and learn everything you can about your particular case. You can also learn more about life insurance in general for cancer patients here.
Contact one of our agents that specializes in helping you find the best coverage by getting a quote or calling us today.
Look after yourself and know that life insurance is available to you!
Spectrum Insurance Group is made up of professional life insurance agents who are licensed in all 50 states and the District of Columbia. Spectrum Insurance Group has helped 1000’s of people purchase life insurance online & over the phone.
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