When you apply for a life insurance policy, there are a wide variety of different variables that the insurance company will need to review before making a decision on your coverage. Some of the basic factors include your age and gender, as well as the type and amount of the coverage that you are purchasing. These will be key criteria in determining how much your insurance coverage will cost in terms of its premium.
There are, however, other factors that are also looked at very closely. These include your health, family history and your health history – especially if you have, or had, any type of cancer or other serious illness such as diabetes. As an example, for those who have had prostate cancer, the underwriters will want to know more about your condition prior to moving forward with the application so that they know exactly how much risk the insurance company may be taking on.
The good news is that today, there are many highly rated life insurance companies that will take on prostate cancer survivors – and working with a company or an agency that can point you in the right direction before the application process can save you a tremendous amount of time and frustration, and can help you in obtaining the protection that you need in a much shorter period of time. If you’ve had prostate cancer in the past and are searching for life insurance coverage, we can help.
How Prostate Cancer Can Affect Your Life Insurance Application
Just as with any type of cancer, prostate cancer is measured by the life insurance underwriters by its stage (i.e., the size and the spread of the tumor), as well as by its grade (which measures how aggressive the tumor is). The cancer’s grade will also account for how differentiated the cancer cells are.
If these cells are considered to be well differentiated, it means that they are more similar to cells that are not cancerous. However, if the cells are considered to be poorly differentiated, then they are quite different from cells that are not cancerous. Cancer cells that are poorly differentiated is considered to be more of a danger.
In determining a person’s overall grade, then, those who have prostate cancer that has a grade of 1 or 2 is considered to have cancer that is not very aggressive. But, a person who has prostate cancer that has a grade of 3 or 4 is considered to have a more aggressive form of the condition.
The life insurance underwriters will look at and consider how an applicant’s prostate cancer is being treated, and / or managed, as this too can help them in determining how much risk the insurance carrier will be taking on.
There are some different treatments that may be used with this type of cancer, such as chemotherapy, surgery, and radiation therapy. Surgical removal is the most desirable from a life insurance underwriter’s perspective, as the other forms of treatment can oftentimes indicate that the cancer may have spread to other parts of the applicant’s body.
For individuals who have a low stage or grade of prostate cancer that has been removed through surgery, it may be possible to obtain life insurance coverage right away. However, for those who are receiving treatments such as chemotherapy or other methods, then obtaining life insurance coverage may need to be postponed for up to two or three years.
What the Insurance Underwriters Want to Know If You’ve Had Prostate Cancer
When applying for life insurance after prostate cancer, there are several steps that you will typically have to take. First, as with any other life insurance policy, you will be required to submit a basic application for coverage. Here, you will be asked for information such as your:
- State of residence
- Height and weight (weight as it relates to height)
- Marital status
- Occupation and income
- Smoking status / Tobacco usage
- Alcohol usage / frequency
- Prescription medications taken
- Overall health history
- Family health history
- Foreign travel frequency
- Hobbies / habits (such as skydiving and / or other activities that may be considered as risky or dangerous)
Due to your condition, the insurance underwriters will likely need more in depth information about you, as well as the way in which you have been treating or managing your prostate cancer. Therefore, you may also be asked some or all of the following questions as well:
- When were you initially diagnosed with your prostate cancer?
- Is your prostate cancer currently in remission?
- Did You have a prostatectomy?
- Did the prostate cancer spread to other areas of your body?
- If so, were your lymph nodes involved?
- What was the stage and the grade of the prostate cancer?
- What was your PSA (prostate specific antigen) prior to your prostate cancer treatment?
- What type of treatment did you receive for your prostate cancer condition?
- Are you currently taking any prescription medication for your prostate cancer?
- If so, what medication are you taking, and what is the dosage(s)?
- Do you have any other adverse health conditions?
- Have you had any relevant lab testing performed within the last six months?
- Have you been hospitalized within the past 12 months?
- Are you a smoker?
It is typical to also be required to take a medical examination as a part of the overall underwriting process. During this exam – which only takes approximately 30 minutes and is conducted either at your home or other convenient location to you – a paramedical professional will meet with you in order to obtain a blood pressure and a heart rate reading. They will also obtain a blood and a urine sample. These will be tested for certain types of risk by the insurance carrier. The health professional may also ask you additional questions regarding your prostate cancer and / or regarding your overall health in general. If you’re concerned about blood pressure, there are options for you if you are in search of life insurance with high blood pressure. Let our professionals help educate you before making any final decisions.
In addition, the insurance underwriters will also likely want to review your medical records from your primary care physician, as well as from any specialist that you visit due to your prostate cancer condition. They may also want to see a copy of your pathology report, if possible. Should the underwriters have questions, they may also want the contact information for your medical professionals and / or the medical centers from which you receive your treatment.
After all, of your information has been received by the life insurance company, the underwriters will then be able to review everything in order to make a determination about your life insurance coverage, as well as about a premium cost.
In order to help in ensuring that the process moves as quickly and as seamlessly as possible, it can be a good idea to notify your medical professionals that you are applying for life insurance so that your records are ready to be sent. Also, make sure that all of this information is as up to date as possible. This can help in avoiding delays, as well as to avoid any confusion – and it can help the underwriters to get as clear of a picture as possible regarding your current health condition.
How Much Will Your Life Insurance Cost
For those who are prostate cancer survivors, it is likely that the cost of your life insurance policy will be higher than that of a Standard, or average, policyholder. This is because the life insurance company is taking on more risk.
Typically, a prostate cancer survivor will be placed into a Substandard policyholder category or “table rated.” This means that your premium rate for the coverage will be higher than the average policy holder’s rate for your same age and gender – either permanently, or for a certain period of time, such as five or seven years.
It is important to note, however, that even though all life insurance companies have some criteria for reviewing and analyzing the applicants who apply for coverage, these factors are not all identical.
What this means is that an applicant may apply for coverage at one insurance company and be denied altogether, yet apply at another company and be accepted. Therefore, it is important to shop around and see what is available, as well as to see what rates are available through different insurers.
Working with a company or an agency that has experience with higher risk cases can be extremely helpful in this area. This is because they can help you in finding the insurance carriers that are more apt to take on prostate cancer survivors. This can save you a great deal of time, essentially preventing you from having to wade through one insurer after another trying to find the right one.
Another potential option could be to go with a no medical exam life insurance policy – especially if you will not qualify for a medically underwritten plan. With a no medical exam policy – as the name implies – there is no medical examination required as a part of the underwriting process.
In many cases, there are also only just a few health related questions that an applicant needs to answer on the application for coverage. This means that coverage can be approved for many people – even if they have certain types of adverse health conditions.
One key thing to keep in mind is that because the individuals who qualify for no medical exam life insurance are typically considered to be higher risk individuals, the premiums that are charged for this type of insurance are usually higher than they are for comparable medically underwritten coverage. However, even so, a no medical exam policy could be an option for many people in providing them with the life insurance protection that they need when there are no other avenues available.
How and Where to Find the Best Premiums
When you are searching for life insurance as a prostate cancer survivor, it may initially appear to be difficult. But the good news is that today, there are many top notch life insurance carriers that will accept individuals who have had this condition – the key is finding which ones they are.
It can help to work with a company or an agency that has access to more than just one life insurer. That way, you aren’t stuck with just one company’s underwriting criteria, as well as their premium quotes. With that in mind, we can help. We work with many of the best-rated life insurance carriers in the marketplace today – and we can assist you with obtaining all of the information that you need when searching for your coverage.
We can do this quickly and easily – essentially saving you a great deal of time in the process. We regularly work with higher risk life insurance cases, so we know which carriers are more apt to take on certain applicants. This can save you a great deal of time throughout the entire process. So, when you’re ready to move forward with finding the financial protection that will give you and your loved ones’ peace of mind, just simply use the form available on this page.
If you find that you have any questions along the way, please feel free to contact us directly via phone. Our experts will be happy to answer any question or concern that you may have regarding finding life insurance for prostate cancer survivors – or even just about life insurance in general. You can reach us toll-free by dialing 888-229-7522.
We understand that you may be somewhat apprehensive about applying for life insurance – especially if you’ve been turned down in the past due to your health condition. But today, you have many more options that are available to you. And, you also have an ally on your side. So, contact us now – we’re here to help.