Prostate Cancer Life Insurance – Prostate cancer is one of the most common cancers among men in Canada, and it can be devastating. If you are one of the many men diagnosed with prostate cancer, you may be concerned about your life insurance. About 1 in 8 men will be diagnosed with prostate cancer, but the good news is that it is one of the most treatable cancers and has an exceptionally high survival rate. In this article, we’ll answer questions about how to get life insurance after you’ve been diagnosed with prostate cancer.
Without a doubt, a diagnosis of prostate cancer can be life-changing. Therefore, many men worry about the uncertainty caused by this diagnosis. The concern is how they can protect their families if treatment requires time off work or they die. Many people believe that this diagnosis will prevent them from getting life insurance. A common question we get is, “Can I get life insurance if I’m diagnosed with prostate cancer or if I’m a prostate cancer survivor?”
Prostate Cancer Life Insurance
Yes! Even if you have prostate cancer or are a prostate cancer survivor, you can get life insurance. Although life insurance is possible after prostate cancer, you can expect to pay more than you would without a diagnosis.
Life Insurance With Prostate Cancer In Canada [2023]
Prostate cancer is cancer of the prostate gland. In men, a small walnut-shaped gland produces seminal fluid that nourishes and transports sperm. Prostate cancer is one of the most common types of cancer. Most prostate cancers grow slowly and are confined to the prostate gland, where they are harmless. But some types of prostate cancer grow slowly and may require minimal treatment, or others are aggressive and spread quickly.
Most high risk life insurers will accept you for a policy if you are in remission or have been successfully treated for cancer, but you will have to pay premiums until you have cancer. In rare cases, you can get a fixed rate under ideal conditions.
Although most prostate cancer patients are considered ineligible for fixed rate life insurance, many find that the effectiveness of new treatments has led to more lenient life insurers offering fixed rates.
When applying for prostate cancer life insurance after diagnosis, the type of treatment, the stage of the tumor and the grade of the tumor will determine whether coverage is available. When determining your eligibility for coverage, life insurance underwriters will consider the following characteristics:
Prostate Cancer & Life Insurance
The Gleason system assigns a score from 2 to 10 for tumor aggressiveness. The higher the Gleason score, the more likely the tumor will spread beyond the gland to other organs. A Gleason score of 2 to 4 is considered non-aggressive, but a Gleason score of 8 to 10 is considered aggressive.
If the cancer is diagnosed before the age of 50, it is more serious. This means that the cancer has a greater potential to spread and eventually be fatal. If you’re diagnosed in your 40s, that’s considered a problem for an insurance company because a younger person with a disease that mostly affects older people says your overall health could be at risk.
Even if you beat cancer, you may have to wait longer to get regular coverage. If you are 50 or older, you may have to wait a year. If you are under 50, you have to wait five years.
A low score of 1 indicates a low likelihood of tumor growth. In addition, the clinician may use multiple scoring systems. If many high-grade cancer cells are collected, it may be necessary to collect the data in a modified manner to show the invasiveness of the cancer.
Life Insurance With History Of Prostate Cancer
Samples will be taken from two areas where cancer is most common. If the tissue looks relatively normal, they give a score of 1. If they are irregular, they get 5 points. If the material is average, they score between 2 and 4.
The Gleason score is another important factor for an insurer to consider. One scoring system is the Gleason score derived from the pathology report. It helps the doctor decide the course of treatment and predict the prognosis.
This grading system classifies malignant cells into five distinct patterns from 1 to 5, with 1 representing low-grade tumor cells and 5 representing high-grade cells.
PSA, or prostate-specific antigen, is a protein secreted by the cells of the prostate gland. A blood test can detect PSA, which is present in both normal and cancerous cells. If the PSA level is high, a biopsy may be necessary, and the doctor may base treatment recommendations on these results.
Can I Get Life Insurance If I Have Prostate Cancer?
A PSA level of 4.0 ng/mL or less is considered normal by most medical professionals. Life insurance premiums are linked to PSA levels.
Insurance companies generally require a current PSA of less than 0.1. A recurrence of prostate cancer is often detected if the PSA score is above a certain threshold of zero.
If you have, are currently being treated for, or are a survivor of prostate cancer, you can still get affordable life insurance because you have options regardless of your situation.
If you qualify for term life insurance, this is the cheapest way to purchase coverage. You may be required to complete a life insurance medical exam, so be prepared to answer questions about your cancer diagnosis and treatment history. With term life insurance, you lock in the premium for a fixed period of time, such as 10 or 20 years.
Can You Get Life Insurance After Prostate Cancer
A guaranteed issue policy is a life insurance policy that does not depend on the health of the applicant and does not require a medical examination. This means you can qualify for life insurance even if you were previously denied coverage. However, there are some disadvantages to consider before purchasing such a policy.
Many insurers that offer guaranteed life insurance have a maximum death benefit. Depending on your age, this averages between $25,000 and $50,000. If you die of natural causes, your family will have to wait two to three years for the full death benefit. However, most insurance companies charge a fee of 5-10% equal to the sum of all premiums paid.
Since the insurer cannot determine your medical condition, it will charge a higher premium for life insurance. Although guaranteed life insurance has significant disadvantages, it is still better than asking your loved ones to cover your final needs.
If you have prostate cancer, you can get life insurance. However, the cost and availability of life insurance varies from company to company.
September Is Prostate Cancer Awareness Month
Even if the insurer rejects your life insurance application, you can purchase a guaranteed issue policy.
Many insurers will not consider your term life insurance until several years have passed since your diagnosis or last treatment. Some solutions are more expensive than others, depending on your diagnosis, current medical condition and treatment history.
If you stick to your treatment plan and see your doctor for regular checkups, your chances of being protected will increase. Most insurers will require you to be cancer-free for at least five years before approving coverage, but each insurance company’s decision depends on your specific situation.
If you have suffered from cancer in the past, you have two main types of life insurance: term life insurance and permanent life insurance. Term life insurance is the most common choice because it’s simple, lasts as long as you need it, and is cheaper than other insurance alternatives such as permanent insurance.
Facts You Need To Know About Prostate Cancer
In most cases, it’s easier to get insurance after five years, especially if you have early-stage cancer. After five years, average rates can be obtained if there are no other significant health problems.
If you have a medical problem like prostate cancer and want to get low-cost life insurance, you’ll need the help of a professional who can help you get coverage so your application doesn’t get rejected. Helping you find and find the coverage you need to protect your wealth and create financial stability for you and your family in the event of layoff or death.
If you’re not sure which insurance plan or company is best for you, working with a life insurance professional can help you find the best solution for your specific situation. Since 2007 we have been providing expert advice on all types of life insurance to protect your wealth. As your trusted life insurance broker and financial planner, we partner with you to create