Can I Get Life Insurance If I Had Prostate Cancer?

Prostate Cancer is the one of the most common forms of Cancer in American Men and thankfully the cure rate for Prostate Cancer is very high. According to World Cancer Research Fund, Prostate cancer is the 2nd most commonly occurring cancer in men and the 4th most common cancer overall. There were more than 1.4 million new cases of prostate cancer in 2020.

Although Prostate Cancer is one of the most common types of cancer in men, shopping for life insurance after you have successfully treated your cancer can still be tricky. It’s very important to speak to a licensed insurance agent to make sure you are applying with the right carrier. All companies have different underwriting guidelines and view Prostate Cancer differently.

Here are the factors life insurance underwriters look at when determining whether you are eligible for coverage:

  • The Age when you were diagnosed and when the treatment ended
  • Type of Treatment (Chemotherapy, Radiation, Brachytherapy, Prostatectomy, etc.)
  • Stage
  • Grade
  • PSA level before and after treatment
  • Gleason Score

Depending on the stage of your cancer it is very possible to get a life insurance policy as soon as 12 months from when your treatment ended. Some companies will consider coverage as soon as 6 months post treatment end date.

Case Study:

62 Year Old Male, 6’1 240lbs, Non Smoker

  • Diagnosed with Prostate cancer at age 58
  • Prostatectomy done at age 59, PSA Before treatment was a 6 and Current PSA .001
  • Gleason score 6 and Cancer was Stage 1
  • Approved for 250K Term 10, Standard Plus Rating, paying $242 per month

The stage of your cancer is a major factor in determining your premium and when you can qualify for such coverage. If your prostate cancer was Stage 1 or 2, you’ll have the best chance of qualifying for a life insurance policy. If it reached Stage 3, you may still qualify for life insurance, but there may be a waiting period of 7-10 years before you can qualify for coverage. It depends on the life insuance company and their guidelines. Some companies may offer coverage sooner however you will pay a ‘flat-extra’ which is hefty add-on premium until you reach that 7 year treatment end date. There are options for coverage sooner but the premium will be very expensive.

Unfortunately, if your prostate cancer reached Stage 4, traditional life insurance policies will generally not be available. In that case, you’ll need to consider guaranteed issue life insurance.

Frequently Asked Questions:

Can I get life insurance if my PSA is high?

Yes. If your PSA is higher than normal for your age and you’ve had a biopsy to rule out cancer and good follow up with your Urologist then it’s definitely possible to get life insurance.

My Doctor has told me that I have a history of high PSA levels however he’s just monitoring it, can I get coverage?

Yes. Insurance underwriters classify this as ‘waitful watching.’ Again, very similar to the above answer. As long as your follow ups are good and your Urologist has ruled out immediate Prostate Cancer then insurance companies will offer coverage. We have gotten Standard rate class approvals with a ‘waitful watching’ diagnoses.

Can I get coverage if I’ve been declined before due to Cancer?

Yes. Sometimes is as simple as you just applied with the wrong carrier. That’s why it’s important to speak with a licensed insurance agent who represents multiple companies. All insurance companies underwrite differently. Some are much more lenient than others.

Getting Coverage After Treatment

The most important thing you can do to get coverage after you’ve had Prostate Cancer or any high-risk condition is to speak to a licensed insurance agent who represents multiple insurance companies. Many companies will provide coverage for most people with a history of cancer but not all life insurance companies have the same underwriting guidelines. That’s why it’s important to make sure you apply with the right carrier.

Not only will these companies be more likely to approve your application, but they will be able to offer you an affordable premium as well. The secret is knowing which companies have the most favorable view with prostate cancer. You won’t see this on an online quote and you won’t hear this from a radio ad or T.V. commercial. You’ll need to speak with a licensed agent over the phone.

If you have any questions and need any further information please feel free to contact us directly and we’d love to help.