If you have had prostate cancer and need to get life insurance than you really need to work with an impaired risk specialist who knows what they are doing so that you can find out if you can get approved for coverage. Quoting someone after Prostate cancer can be tricky because there are several factors that you need to evaluate to know if someone can get approved, if they would be declined, or postponed. Being postponed basically means that you need to wait a certain amount of time after treatment ends before you can get approved for coverage. Depending on the factors that I am about to list, you could get coverage immediately after successful treatment, or there might be a five year waiting period or longer before you can get coverage.
What factors are considered?
To give you an accurate assessment of the potential of getting approved for life insurance, here are factors that I would need to know:
- Stage/Grade of Cancer
- Pre Cancer PSA
- Gleason Score
- Type of Treatment
- Post Cancer PSA
- Age when treatment started
- Age when treatment ended
Now you see why quoting someone can be tricky – there are several factors that go into knowing if you can get approved or not.
Life Insurance Prostate Cancer Case Study
Recently I had a case of a 53 year old male who had successful treatment of prostate cancer when he was 51. Here are his numbers:
His Pre cancer PSA was 16, Stage and Grade of T3a N0, Gleason score of 7, has a prostatectomy as treatment, and post surgery PSA of .09
I called several underwriters of life insurance companies that I’ve had success in getting people with Prostate Cancer approved. For example I spoke to Prudential, but they would not approve because he had cancer about 2 years prior, the stage and grade, and his age of 51. Had he been 65 and had prostate cancer 2 years prior, they would have approved.
My feeling at this point was that no life insurance company would approve him, but I decided to email the situation to about 15 life insurance companies to see if they could give me an indication if we had a chance for approval. Rather than having him apply and waste his time or disappoint him, I wanted to get an idea if we had a shot.
The emails from the underwriters started coming in the following day, and one after another they were a decline, or a postponement – meaning they wanted to see a 5 year period post cancer before they would approve. Lincoln Financial came back with an indication that they would consider approval at Standard rates with a Flat Extra for the first 10 years. A Flat Extra is basically an additional fee. In this case the additional fee is $7 annually per $1000 worth of coverage – in this case for a $250,000 policy there would be an additional premium of $145 per month, plus the $90 premium for the policy. Our strategy would not be to pay the Flat Extra forever, but rather keep this policy for a few years until we could get a policy without a Flat Extra in a few years.
We put in the application this week so I don’t have an outcome yet, however the point of this case study is to show you that having expertise in quoting and navigating the various guidelines of life insurance companies requires a special skill of knowing what information to ask for, what information to provide to the insurance companies, and how to get someone approved for coverage even though many other companies would decline them.
As a high risk life insurance specialist this is what I help my clients do. Feel free to contact me with your specific situation and I can assess your situation and let you know what the prospects are for getting life insurance after having prostate cancer.