It may seem like a daunting task when considering getting life insurance with a history of cancer. Surprisingly life insurance companies have left options on the table in regard to attaining life insurance with prostate cancer. Not only can you get coverage, but there is a possibility for good rates with favorable factors at play. So in short, yes you can get life insurance with a history of prostate cancer. Now let’s break down in detail what life insurance companies will look at and what factors will determine the rate you qualify for.
In summary, you CAN get life insurance coverage with prostate cancer. Standard rates are possible but it will all depend on the stage and grade of the tumor. Other factors like date of diagnosis and type of treatment will play a role one the rate you qualify for.
That’s the short of it, now let’s look at what the companies look at.
Prostate Cancer Underwriting
Underwriting is the process life insurance companies will go through to determine your qualification for coverage. This will involve administering a medical exam, checking your medical records through the Medical Information Bureau(MIB), and going over your driving and family history. And that’s if just if you’re completely healthy. When you have a history of prostate cancer they will look at that, plus a range of other factors which will include:
Current Age – if you’re under age 70 then the rate you qualify for will depend on the years since primary treatment, the stage of cancer and Gleason grade of the tumor. Otherwise the older you are the better because prostate cancer is common at an older age. If you’re under 50 then it will be much harder to get life insurance
Date of Diagnosis – the length of time since diagnosis plays a big role. The more time since diagnosis with positive signs of treatment will reflect favorably on the outcome. If it’s recently diagnosed it will be harder to get coverage until all doctors reports are clear. Typically life insurance companies want to see about 2 years of stability after treatment completion of prostate cancer.
Type of Treatment – the company’s underwriters will want to know if it was treated by surgery or radiotherapy. Outside lifestyle factors can play a role as well. If the treatment was just surgery it will improve your odds of getting more aggressive rates but as you add on other treatments like chemo and radiation then the rate offered will be higher.
Stage and Gleason grade – this is important for obvious reasons. The lower the Gleason grade and the less severe cancer, the better the rate that you can get.
Serial PSA levels including current PSA – whether you’re dealing with an enlarged prostate or prostate cancer, this is something the underwriters will look at to determine future risk, along with your rate.
Other Factors – this umbrella will include any other health issue as well as any complications that may have resulted from the treatment.
An experienced agent will ask you for all of this information prior to applying with only one life insurance company. There are certain companies more ideal for an applicant with prostate cancer and if your agent doesn’t ask you for details regarding your condition then that’s a sure sign that you shouldn’t be working with that agent. By the time you’ve done your application, your agent should give you a good idea of the type of rate you can qualify for, and with which company it’s best to apply with for your specific situation. This is because when it comes to being a high health risk, the lowest rate on the quoter isn’t the lowest rate for you. Life insurance companies all weigh certain risks differently, so it takes an agent that familiar with their underwriting guidelines and has access to know which company will provide you with the best rate. (hint: we’re awesome at this).
Possible Outcomes
Based on all of those factors the life insurance company will determine your rate. Let’s break it down into best, typical and worst case scenarios.
Best Case – Standard Rate
In the best case scenario, you will qualify for a standard rate. This is amazing considering you have a history of cancer. To get a standard rate you will have to fall under these kinds of criteria with no other health issue at play.
Age 50 to 59 – Localized tumor, stage 1 or 2 with Gleason grade of 2-4 with surgical treatment. If the PSA is undetectable post op then you can qualify for the standard.
Age 60 to 90 – Localized tumor, stage 1 or 2, with Gleason grade of 2-6, surgical or radiation treatment and undetectable PSA post op, then standard.
Typical Case
Typically if you’re between the ages of 70 to 90 and have a PSA of less than ten you would qualify for either a Standard with a flat extra or a Substandard table between 4 and 8 rating.
A flat extra is a surcharge per thousand dollars of coverage. For the sake of easy math let’s say you want $10,000 worth of life insurance coverage and the flat extra is $5. You would pay an extra $50 on top of your annual premium for the coverage. As you can imagine that number gets higher with larger coverage amounts.
A substandard rating is a rating for high-risk clients. It ranges from tables 1 to 10 with each table being a 25% increase from the standard rate. This means that at table 8 you would pay 200% of whatever the typical standard rate for your age is.
If you’re under 70 then it will depend on the treatment and date of diagnosis. The underwriters will get into more specific regarding your condition.
Worst Case
In the worst case scenario, you will be declined for coverage. For this, your condition either has to be newly diagnosed or you have a host of other issues at play that make you a big risk to the life insurance company. In this case, your option would be to go with a Guaranteed Issue life insurance policy. This policy provides protection with no medical exam and no questions asked on a guaranteed basis. The “catch” is that it is usually capped at $10,000 to $25,000 in coverage and has a 2-year waiting period. What that means is that if you die within the first two years your beneficiaries would not receive the full death benefit but only the premiums you paid in with some accumulated interest. If you die anytime after the two years it is a full payout.
Increasing Your Odds of Approval
The best way to get qualified for coverage at the best rate is to work with an independent agency that specializes in high-risk cases. The independent status of an agent or agency allows them to shop around with all the companies on the market to ensure you get approved for coverage. When it comes to being high-risk the company with the lowest rate on the quoter isn’t the best company for you, in fact, it may the company that declines you for coverage. When it comes to high-risk cases like prostate cancer, company A may have the lowest rate for healthy people but turn down prostate cancer clients, while company B may offer coverage at the best rate for those with a history of cancer. It takes a knowledgeable agent to know the difference.
The good news is, you’ve reached your destination. InsureChance is an independent agency who represents over 60 A-rated life insurance companies and specialized in getting you approved for the best rate, even you’re a high risk. Here are some steps we take to get you approved:
- Detailed pre-qualification – we make sure we know all the details before we start searching for the company that will offer coverage. If your agent didn’t do this, you’re working with the wrong agent.
- Quick quote – this is one of the most helpful tools and helps us find the best company. What we do is use our relationships with all of the companies underwriters and provide them with the detail of your situation without giving any of your persona information. It’s basically an anonymous life insurance application. Based on the information they return with a potential underwriting decision for your specific situation. Then we shop for the best result and apply with that company, attaching the quick quote results to the application.
- Cover Letter – We also like to include a cover letter to detail any positive treatment signs or positive lifestyle changes that favor your condition. This helps give the underwriters a look into your life and how your lifestyle is impacting your condition for the better. This improves chances of approval drastically.
- Clean Application-
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We are an independent life insurance agency that works with all the top rated life insurers and we will do all the legwork for you. From finding the right company, getting the best rate, applying and writing cover letters will take care of everything.If you have any questions feel free to call us directly at 888-492-1967 or hit the chat button below. Welcome to InsureChance!
*These are only possible outcomes, the final decisions lie with the life insurance companies.
