Life Insurance with Prostate Cancer

Life Insurance

Receiving a diagnosis for prostate cancer can evoke various emotions such as fear, worry, stress, or anger. Different people process information in their own unique ways and there’s no set way to react; it can be overwhelming to absorb. We acknowledge that you may have questions and concerns about planning for the future after a prostate cancer diagnosis, including ensuring financial security for your family.

This is where our assistance can come in. Our advisors will listen and understand your circumstances, concerns, and situation before presenting life insurance options to you.

For individuals who have dealt with prostate cancer and are seeking assistance in finding suitable life insurance, here is the information we require:

1. How long ago you had prostate cancer
2. Whether or not you still have prostate cancer
3. The stage at which the cancer has progressed
4. The extent of the cancer
5. The treatment you underwent, whether chemotherapy or other
6. Most recent occasion where you underwent chemotherapy or other treatment
7. Whether you have been given the all-clear

There is a common misconception that obtaining life insurance after prostate cancer is not feasible, however, this is inaccurate. Many insurers are willing to move forward with your application.

Prostate cancer has a high recovery rate due to effective treatment options available. In terms of insurance, this indicates that you are not as risky to insurers as you may think, so you could qualify for life insurance to safeguard yourself and your family without incurring high premiums.

Determining the actual cost of your premiums after prostate cancer can be challenging and will vary based on your specific situation. Insurers will consider various factors including the timing of your condition diagnosis, treatment type, treatment duration, and post-treatment duration when making their decision.

In order to process your application, insurance companies typically require a medical report from your GP. The goal here is to gather information about you and your current situation in order to calculate your premiums accurately. You won’t be charged for this report and your doctor won’t send it without your permission.

Insurers will typically ask about the severity of your prostate cancer on the Gleeson Scale. The measure indicates the cancer’s advancement at the time of diagnosis and your future risk. They will also inquire about your PSA levels.

Critical Illness

Just like with life insurance, a history of prostate cancer doesn’t prevent you from getting critical illness cover now. It is likely that the policy will have a cancer exclusion applied for several years even after the condition has been recovered from.

It is probable that the insurer will request a report from your GP to confirm the staging and grading of your prostate cancer, details of your treatment, the timeframe from your treatment completion, and the duration since you were declared cancer-free.

If the cancer was at a low staging and grading, it might be feasible for you to obtain critical illness coverage under normal conditions after a certain number of years post the clear diagnosis. We can explore this further to assist you in finding the best option.

Income Protection

Being diagnosed and treated for prostate cancer will certainly have a major impact on your life, whether you’ve been cleared of it completely, have it under control, protecting yourself and your loved ones will be crucial going forward.

It is feasible to obtain income protection after being diagnosed with prostate cancer, but similar to critical illness cover, there might be a cancer exclusion in the policy, especially for a period of time post-diagnosis.

After some time has passed, your insurance company might be able to provide coverage without excluding cancer, which is positive news. They may simply raise the premiums slightly if the prostate cancer was more advanced.