So you’ve been diagnosed with Benign Prostatic Hyperplasia or enlarged prostate and you want to know how this affects your ability to get life insurance. Well you’re at the right place. Let’s summarize what you can expect and then dive into detail.
In summary, here’s what you you need to know:
- You can get life insurance with BHP at a standard rate with some companies.
- A preferred rate is possible with favorable factors.
- Life insurance companies will look at a few factors including date of diagnosis, treatment, PSA levels, overall health and lifestyle.
- Your best option is a traditional permanent or term life coverage.
- To get the best rate work with an independent agency familiar with high risk cases(that’s us).
Overall you should let us do all the legwork for you, but if you want to educate yourself further, let’s elaborate our points.
What the Companies Will Look At
The life insurance companies like to avoid risk. So in order to insure you at a good rate there a few factors they will go over to make sure you qualify for coverage.
- Date of Diagnosis – this will let them know how long you have been experiencing prostate problems and what the doctors notes have been through the process. They will want to know the severity of the problem as well as how you’ve been dealing with it.
- Treatment – the underwriters(people reviewing your application) are going to want to know the steps you’ve been taking to treat the issue. Are you taking any prescriptions? Following doctors orders? Getting regular checkups? This will all be important information for the company to know.
- PSA levels – these will give the company a good idea about how your prostate disorder has been treated and if it’s escalating or getting better.
- Lifestyle – to increase your likelihood of getting a good rate it’s wise to include your lifestyle habits in a cover letter with your application. This can include things like diet and exercise that can help you condition. Also, whether or not you’re a smoker will play a big role in the type of rate you get. This is due to smoking being associated with an enlarged prostate.
- Overall Health – if all you have is BHP than you will most likely qualify for a standard or maybe even a preferred rate. But if you have other health conditions or are above the average build table then you can expect a higher rate class.
**Important
The life insurance company will learn all of this by accessing your medical records, however, your agent should ask you these questions before applying with a company to make sure they properly pre qualify you. If your agent does’t ask you specifics about your condition than they are simply throwing darts with a blindfold and hoping to hit bullseye. Each company rates different risks at different rates it’s important that your agent knows which company will provide the most favorable result for your specific situation. I say this in just about every high risk life insurance situation: the lowest quote on the quote engine isn’t the lowest rate for you if you have any health conditions. So be sure to work with an independent agency that’s experienced with high risk cases(Hint: InsureChance).
What Can I Qualify For?
As far as the rate is concerned there can be a few different outcomes. A preferred rate is possible in the best case scenario. To accomplish this you would have to be healthy overall and we would draft a cover letter to the company applied with to describe your healthy lifestyle. You would also have to have visited the doctor frequently with favorable results. In most cases you would get a standard rate if there are no other serious conditions. The worst case scenario is that you get a substandard rate if there are other factors at play.
The best type of policy to apply for is a traditional life insurance coverage that requires a medical exam. This way the life insurance company can do their due diligence in the underwriting and give you the best possible rate. WIth this you can qualify for either term or permanent type of coverage for any reasonable death benefit amount.
The no medical exam policies out there will not be favorable for an applicant with Benign Prostatic Hyperplasia(BHP). A simplified issue life no exam coverage will be more expensive, have capped coverage, and more strict underwriting guidelines. A guaranteed issue no exam coverage will have an even lower cap on coverage, and unnecessarily high premiums. This type of coverage is for extreme, uninsurable health risks.
Getting the Best Rate
To get the best rate you will have to work with an independent agency familiar with this risk and the companies that will insure it at the best rate. The good news is that you have found that independent agency and have no need to look further. We shop with over 60 A-rated companies to make sure you get the best rate on the market. We also do this at no extra cost to you! Here’s what you can expect for the life insurance application process with an enlarged prostate.
- We will ask you a few questions about your health, lifestyle, and specifics about your condition
- We will draft a cover letter to describe your condition and lifestyle accurately
- We will shop and apply with the company offering the best coverage
- Schedule the medical exam to take place at your convenience, free of cost to you
- Await the underwriting decision!
We make sure take every step possible to get you approved and save you money. Feel free to give us a call at 888-492-1967 with any questions or chat us up below if it’s not too late. Welcome to InsureChance!
