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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Written by
Rachael Brennan
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Reviewed by
Benji Carr
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UPDATED: Dec 14, 2020
It’s all about you. We want to help you make the right life insurance coverage choices.
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- 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.
| Type of Cancer | Likely Waiting Period | Other Factors |
|---|---|---|
| Breast | 1 to 5 years | Dependent upon stage |
| Lung | 3 to 5 years | With Stage 1 consideration can be three years from the end of treatment; Stage 2 is typically 5 years |
| Colorectal | 1 to 6 years | Stage 1, 2, and 3 have different waits |
| Uterine | 2 to 5 years | Stage 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 Lymphoma | 3 to 10 years | Time period is for Stages 1 & 2 only; others will likely be denied |
| Prostate | 6 months to 2 years | Stages 1&2, A, B can be as short as 6 months; Stage 3, C is likely 2 years |
| Bladder | 1 to 3 years or greater | 1 to 2 for Stage A; 3 or greater for Stage B |
| Melanoma | 1 to 5 years | 1 year for early detection; 2 to 5 years for deeper lesions; not at all for metastatic cancer |
| Testicular | 6 months to 2 years | 6 months for cancer that has not spread; 2 years for most others |
| Leukemia | 5 to 10 years | Dependent upon type; some are not insurable |
| Kidney | 1 to 5 years | T0 & T1 wait is 1 to 2 years; T2 & T3 can be up to 5 years |
| Pancreatic | 2 years | The waiting period only applies when cancer is detected in early stages; others will be declined |
| Cervical | 0 to 1 year | For Stage 1 or in-situ cancer |
| Esophageal | 3 years | Dependent upon stage |
| Larynx | 1 year | Dependent upon stage |
| Ovarian | 1 to 5 years or more | Dependent upon the stage and whether or not cancer has metastasized |
| Bone | 5 years or more | Dependent upon type; some are not insurable |
| Basal Cell Carcinoma | 0 to 3 months | This 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.
