We could also assume that you may have some doubts on your chances of getting approved. You may also be wondering how expensive the rates may be if you are approved?
These are all great questions and legitimate concerns to have. However, we do have some good news for you. You CAN get approved. You CAN also achieve low rates for your life insurance depending on your situation and certain factors related to your prostate cancer.
Prostate cancer accounts for nearly 10% of all new diagnosed cancer cases in 2018 and impacts over 160,000 individuals yearly. However, this does not mean that obtaining life insurance is impossible or even that you must pay rates outside of your budget. Following some simple steps and guidelines, you can work your way toward an approval for life insurance with or after prostate cancer. At Good Life Protection we take pride in providing you with the information necessary to make that happen.
Follow the guide to obtaining life insurance after prostate cancer to dramatically change your outcome and chances of approval.
Key Prostate Cancer Statistics- Who is Prostate Cancer Impacting?
9.6% to be exact and over 164,960 new diagnosed cases so far in 2018. 29,430 deaths have come from these diagnosed cases which accounts for nearly 4.8% of all cancer deaths for 2018.
However, the big key is that 98.2% is the survival rate for at least 5 years and that’s a big factor life insurance companies look at. They want to know your overall risk factor and the possibility they may have to pay a death claim.
What are the risk factors for Prostate Cancer?
The prostate is a gland in the male reproductive system. It’s located just below the bladder. The most common issues men see with prostate issues or prostate cancers is usually ability to urinate or empty the bladder and sexual dysfunction.
This does not necessarily mean you have prostate cancer and it could simply be BPH or benign prostate hyperplasia which is simply just the prostate becoming larger and sometimes requires surgery to correct.
Prostate cancer does however rank #2 for the most common cancer for men and 1 in 5 will be diagnosed with prostate cancer at some point throughout life, usually much later in life. Typically if it happened just recently, life insurance after prostate cancer can also be pretty tricky.
Here are your biggest risk factors for developing prostate cancer.
Family History of Prostate Cancer
Here are the top ways to avoid prostate cancer or at least reduce the risk of developing it.
Eat and maintain a low-fat diet
Consume more fat from plants than animals
Eat more fruits and vegetables
Reduce Dairy products from your diet
Perform checks with your physician at scheduled intervals
How will Prostate Cancer Impact your Life Insurance Application?
Again, prostate cancer is extremely common in men and roughly only 1 out 10 who are diagnosed with it ultimately meet their maker due to the prostate cancer.
This definitely can have some impact on your life insurance after prostate cancer. Certain factors will matter greatly however when it comes to your life insurance application after having prostate cancer. Prostate cancer begins becoming more likely as you age. It’s also less dangerous the older you are, and life insurance carriers are aware of this statistic.
It’s extremely uncommon for someone under the age of 40 to be diagnosed with prostate cancer but unfortunately if you fall into this group, obtaining life insurance will be more difficult because it’s much more likely the cancer has had time to spread and at a more rapid pace.
If you are over 50 however, you have great chances of obtaining life insurance at affordable rates. If you fall into this category, the agent and the life insurance underwriting is going to have some questions for you related to the prostate cancer. What are they?
What was your age at the diagnosis of the prostate cancer?
Which of the following treatments did you undergo? Prostatectomy, Brachytherapy, radiation?
What was the stage and grade of the prostate cancer?
Before the Prostate Cancer, what was your PSA level? What is your PSA level now?
What Is your current Gleason score?
Any Family History of Prostate of Cancer?
Any other Health Concerns outside of the Cancer?
Currently a Tobacco User?
Are you following doctors guidelines?
Life insurance after prostate cancer will have a lot do with your Gleason score. Your current Gleason score is a primary question and critical piece of the puzzle when applying for life insurance after prostate cancer. Preferably, this score needs to be under a 6 but doesn’t absolutely have to be. You may just have to pay higher premiums if you are closer or above a 7.0 for your Gleason score.
The good news is that if your assessed additional premiums, it will typically fall off and your premiums will get cheaper later in the policy. Typically, in 1-5 years once the cancer has been gone and your state has improved and stabilized over a few years.
PSA Levels or Prostate Specific Antigens
Obtaining life insurance after prostate cancer also has a lot to do with your current PSA level.
This is a common term anyone who has had prostate cancer will be familiar with. Your PSA should typically be under 4.0 for anyone not having an ongoing cancer scare related to the prostate. However, these numbers typically elevate and are a way life insurance carriers and physicians can address the stage and grade of the cancer. Undetectable is ideal but it does NOT have to be. If you do however, remove the prostate as a treatment, your PSA should never be above .02. After treatment is complete you ideally want to be under .01.
If this is not where you currently land, you still have options such as Guaranteed Issue Life Insurance, especially if you are between the ages of 50-85.
What Stages of Prostate Cancer will be Approved?
The sooner you catch the prostate cancer, the better. This will hold true when applying for life insurance as well. Typically, the life insurance will look at what stage or grade your prostate cancer was at when deciding if they will approve your life insurance application. Here’s a quick guide to your chances at an approval after prostate cancer.
Stage 1- Approved and Likely at Great Rates
Stage 2- Approved and Still Great Rates
Stage 3- Approved but more Legwork and Information Needed- More Challenging
Stage 4- Declined- See Guaranteed Issue Options
Stage 5- Declined- See Guaranteed Issue Options
You Still Need to Wait Before Applying!
Waiting before throwing out life insurance applications is also a key tip. Typically, regardless of the treatment method you underwent for your cancer, the life insurance company will want a minimum of 1 year to be passed before approving a life insurance application. This is because they need to verify the treatment is working and look at all the factors we discussed such as what is your current PSA level and Gleason score, and did any other complications arise following the cancer?
What Else Matters with Prostate Cancer?
What other Questions Will The companies ask me?
Below are other key factors that not only impact your rates and approval chances with prostate cancer but can impact ALL life insurance applications. Your prostate cancer questions we discussed previously will be asked but that will not be the end of the background questioning. Here are the top other questions the life insurance agent and company will have for you and if they don’t ask these, you should choose a different life insurance agent or company to work with because they greatly impact your ability to get approved for coverage.
Top 8 background questions ask for Life Insurance Application
Are you currently a smoker?
Any family history of other cancers, heart attacks, strokes where someone passed away prior to age 60?
Any other medications?
What are those medications for?
Any DUI’s or multiple driving violations in the last 5 years?
Have you ever been declined life insurance?
Any kidney or liver issues or complications
Your current height and weight
We get you may be hesitant to apply for life insurance after prostate cancer. Don’t be
First and foremost, work with an independent agency and life insurance agent ONLY. Other agents or CAPTIVE life insurance agents will not have the tools to help you.
You see…. It’s important to have the ability to pivot carriers, shop all rates for all top companies and for an agent to know the underwriting guidelines of how to effectively handle your life insurance application after prostate cancer. You don’t want to be stuck with only 1 option or risk getting declined coverage. Your family depends on it so choose who you allow to represent you wisely. At Good Life Protection, we have helped 100’s achieve great rates after being diagnosed with Prostate cancer.
Have any related stories or comments? We would love to hear and would to help. Drop a comment below or fill out our instant quote form to see the possible rates you may achieve with prostate cancer.