Life Insurance for Prostate Cancer Survivors

Surviving prostate cancer is a big deal. After your cancer is gone, you may be wondering if you can get life insurance. Getting life insurance for prostate cancer survivors shouldn't be much of a challenge. Most insurance companies cover cancer survivors, especially if they closely follow their doctor's recommended treatments and orders for recovery. Read on to learn more about prostate cancer insurance and other types of policies available and to compare to find the best life insurance rates for prostate cancer survivors.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Jul 19, 2021

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Quick Facts

  • Prostate cancer is one of the most common types of cancer in men, and it can be successfully treated in many cases (one in nine men will be diagnosed in their lifetime).
  • Getting life insurance with any pre-existing condition can be difficult, but prostate cancer survivors can still qualify for life insurance coverage.
  • The amount of coverage and cost of insurance premium will depend on a number of unique factors after you have survived prostate cancer.

Prostate cancer is very common in men, but when caught early it has a very low mortality rate. Prostate cancer is considered a pre-existing condition by life insurers. Getting life insurance coverage while you actively have prostate cancer will be difficult.

What about finding life insurance for prostate cancer survivors? Prostate cancer survivors may think they won’t qualify for affordable, quality term life insurance policies, but this couldn’t be further from the truth.

Knowing the different types of term life insurance will help, as will realizing not all life insurance companies handle prostate cancer survivors in the same way.

It is important to remember you are unique in the eyes of the insurance company. All the factors of your specific situation will be taken into account when determining your life insurance policy.

Just because you have had prostate cancer doesn’t mean you can’t get great life insurance coverage. Start comparing life insurance quotes for prostate cancer survivors now and enter your ZIP code above.

Not yet ready to buy life insurance for prostate cancer survivors? Read on.

Getting Life Insurance After Surviving Prostate Cancer

When assessing the risk of insuring you, life insurance companies, like AIG, will want to take a close look at a few key details regarding your prostate cancer. These facets of your prostate cancer will be the most important to insurers:

  • Your age when first diagnosed
  • All the various treatments you received
  • Stage of cancer
  • Grade of cancer
  • PSA levels pre and post treatment
  • Gleason score

You may have to wait to get life insurance after you have survived cancer. Check out the average wait times for life insurance by type of cancer below.

Average Life Insurance Waiting Period for Cancer Survivors by Cancer Type
Type of CancerLikely Waiting PeriodOther Factors
Breast1 to 5 yearsDependent upon stage
Lung3 to 5 yearsWith Stage 1 consideration can be three years from the end of treatment; Stage 2 is typically 5 years
Colorectal1 to 6 yearsStage 1, 2, and 3 have different waits
Uterine2 to 5 yearsStage 0 or 1 may qualify after 2 years, but rates will be high. After 4 to 5 years rates may be better. Beyond Stage 2, applicants will likely be denied
Hodgkins and Non-Hodgkins Lymphoma3 to 10 yearsTime period is for Stages 1 & 2 only; others will likely be denied
Prostate6 months to 2 yearsStages 1&2, A, B can be as short as 6 months; Stage 3, C is likely 2 years
Bladder1 to 3 years or greater1 to 2 for Stage A; 3 or greater for Stage B
Melanoma1 to 5 years1 year for early detection; 2 to 5 years for deeper lesions; not at all for metastatic cancer
Testicular6 months to 2 years6 months for cancer that has not spread; 2 years for most others
Leukemia5 to 10 yearsDependent upon type; some are not insurable
Kidney1 to 5 yearsT0 & T1 wait is 1 to 2 years; T2 & T3 can be up to 5 years
Pancreatic2 yearsThe waiting period only applies when cancer is detected in early stages; others will be declined
Cervical0 to 1 yearFor Stage 1 or in-situ cancer
Esophageal3 yearsDependent upon stage
Larynx1 yearDependent upon stage
Ovarian1 to 5 years or moreDependent upon the stage and whether or not cancer has metastasized
Bone5 years or moreDependent upon type; some are not insurable
Basal Cell Carcinoma0 to 3 monthsThis type may have no waiting period if cancer has not spread
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Insurance providers do not follow a set guideline for life insurance approval. You may find that by shopping around with different companies you find a prostate cancer insurance policy that really works for you.

Is there anything I can do to increase my chances of getting good prostate cancer insurance?

Life insurance companies (insurance companies in general) operate their entire business on risk assessment. The less they know, the more risk they assume is present.

Your best bet moving forward with a life insurance company is to share as much information as you can. The more insurance companies know, the less risk they will assume is present.

The good news about prostate cancer is that the five-year survival rate is extraordinarily high. This gives life insurance companies more confidence in insuring prostate cancer survivors.

Another aspect of your prostate cancer that will be very important for your life insurance company is your ongoing treatment and follow-ups with your doctor.

You can help yourself get the best possible life insurance rate by following all of your doctor’s orders and treatment plans.

Failure to follow your doctor’s orders and treatment plans could result in your life insurance coverage being dropped or you could be classified at a higher risk level and pay more in premiums.

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What is guaranteed issue life insurance?

Guaranteed issue life insurance policies are a type of whole life insurance policy that doesn’t require you to undergo a medical exam, answer questions about your health, or share your medical history.

There is a catch to a no medical exam life insurance policy. These life insurance policies have a waiting period before they go into effect. Generally, this period is two or three years. If you die before the waiting period is over, no benefits are paid out.

Does that sound like a scam? It is not. These policies are great for people who are sick and couldn’t otherwise get life insurance. If you die before the waiting period is over, although no benefits will be paid out, typically, insurers pay back all premiums paid plus about 10 percent extra.

Applying for Life Insurance After Surviving Prostate Cancer

As we’ve seen, survivors of prostate cancer have a very good chance of getting a great life insurance policy, especially if they are following all of their doctor’s orders and treatment plans and sharing all their medical information with their insurance company.

Even if you have active prostate cancer, there are other insurance policies you might find beneficial. Guaranteed issue life insurance offers a no-questions-asked life insurance policy for people who don’t want to go through a medical exam, don’t want to share their medical history, or are actively sick.

When you’re ready to start comparing life insurance policies to find affordable life insurance for prostate cancer survivors, enter your ZIP code below.

References:

  1. https://www.cancer.org/cancer/prostate-cancer/detection-diagnosis-staging/survival-rates.html

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