Prostate Cancer & Life Insurance
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Receiving a diagnosis for prostate cancer can leave you feeling scared, worried, stressed or even angry. There is no right or wrong way to feel; it is a lot to take in and everyone deals with the news in their own way. We understand, however, that you will be seeking answers, trying to look to the future and wanting peace of mind that your family will be cared for financially, even after a prostate cancer diagnosis.
And this is where we can help. Our team of compassionate advisors will take the time to listen to your circumstances, understand your situation and any concerns you may have and then show you the life insurance options available to you.
So, if you’ve had prostate cancer and would like our help to find the best life insurance, here’s what we’d need to know:
- How long ago you had prostate cancer
- Whether or not you still have prostate cancer
- The stage the cancer reached
- The severity of the cancer
- The type of chemotherapy or other treatment you received
- The last time you underwent chemotherapy or other treatment
- Whether you have been given the all-clear
Many people believe that it’s not possible to get life insurance after prostate cancer, but this isn’t true. A considerable number of insurers will be happy to progress your application.
This is because prostate cancer is one of the most treatable forms of cancer, with the vast majority of men making a full recovery after treatment. For insurance purposes, this means that you are not as high a risk to insurers as you might believe, meaning you could get life insurance to protect you and your family whilst keeping premiums reasonable.
How much your premiums will actually cost after prostate cancer, however, is difficult to say and depends on your particular circumstances. Insurers will base their decision on factors such as when your doctor first diagnosed you with the condition, the type of treatment you had, when your treatment ended and how long it’s been since the all-clear.
And to support your application, insurance companies will usually want to see a medical report from your GP. The purpose of this is to find out more about you and your current situation so that your premiums can be calculated accurately. But don’t worry, you won’t be charged for this report, nor will your doctor send it without your permission.
Typically, insurers will also want to know the severity of your prostate cancer on something called the Gleeson Scale. The measure is an indication of how far advanced the cancer was at the time of diagnosis, and a sign of your subsequent risk. They will also want to know your PSA levels.
From experience, we know that this detail can be very sensitive for some and we will be there to help you through the process. Our support will ensure that you understand all your options and get the best possible quote based on the opinion of a variety of insurance providers from across the market.
We are also aware that prostate cancer now has the potential to be a lifelong management condition and if this is the case for you, we can find the right insurer to support your situation.
Similar to life insurance, having had prostate cancer in the past doesn’t mean that you’re unable to benefit from critical illness cover now. The chances are that the policy will just come with a cancer exclusion which may be in place for a number of years after you have recovered from the condition.
Again, it is likely that the insurer will want to see a report from your GP to confirm the staging and grading of your prostate cancer, the course of treatment that you received, the time since your treatment ended and how long it’s been since you were given the all-clear.
If the cancer was of a low staging and grading, it may be possible for you to secure critical iIllness cover at standard terms without an exclusion, once a set amount of years have passed since you received the all-clear. This is something that we can look into for you and help you to navigate to ensure the best option for you is found.
Having been diagnosed and treated for prostate cancer will no doubt have had a significant impact on your life and whether you have been given the all clear or have prostate cancer as a lifelong manageable condition, protecting you and your family moving forward will be a top priority.
The good news is that securing income protection after prostate cancer is possible but as with critical illness cover, it may come with a cancer exclusion to the policy, certainly for a number of years after your diagnosis.
But once sufficient time has passed, your insurer may be able to offer you the cover without a cancer exclusion which is great news, they may just increase the premiums slightly if the prostate cancer was a higher staging.
Hi. Today I want to talk to you about Philip. Philip came to us because he had recently changed jobs and his original employer offered what’s known as Death In Service Benefit, which is a form of life insurance, and his new employer didn’t and he really wanted to make sure that he had some life insurance in place so that if anything were to happen to him that his wife would be looked after.
Now, Philip was in his mid 50s, non-smoker, job was just a regular kind of administrative type job, so no risks there, and he was living his life to the full, he was skiing, he was wreck diving, but the main reason that he came to us was because five years prior to speaking to us he had been diagnosed with prostate cancer.
So when that diagnosis happened he’d had his full prostate removed. So in kind of the terms of prostate cancers he had what was known a Gleason score of seven. The cancer was a Stage T2B and his original PSA readings were 23. So we were now five years down the road, his last two years worth of PSA results were 0.2, which was really good, really favourable, and we looked at the different needs and everything that he wanted and, obviously, we gave our recommendation and Philip really wanted to just kind of mirror what he’d already had through his employment because he felt that that was enough. It was roughly two times his salary to provide to his wife should something happen to him up to his retirement age.
So what we did, we put in a level life insurance of £100,000 over 10 years to take him to his retirement age and that came to a monthly premium of £67 per month.
What is Prostate Cancer?
Prostate cancer is a condition that affects male lives only and is the most common male cancer. In its early stages prostate cancer can be symptomless, but can also be indicated by difficulty with using bathroom facilities or sexual function. More severe cases of prostate cancer may be accompanied by pain in the lower back and pelvis area.
Also: Early (localised) prostate cancer, locally-advanced prostate cancer, advanced prostate cancer
Possible Effects on Lifestyle
Possible problems that people who have had prostate cancer can experience:
- Family planning considerations
- Feeling as if the bladder is not completely empty
- Frequent urination
- Incontinence issues
- Straining to urinate
Medications and Treatments
- Anti-androgen treatment
- Digital rectal examination (DRE)
- High-intensity focused ultrasound (HIFU)
- Hormone therapy
- Lutenising hormone-releasing hormone (LHRH) agonists
- PSA test
- Radical prostatectomy
- Steroid tablets
- Trans-urethral resection of the prostate (TURP)
Further Reading and Research
- Can I get Critical Illness Cover after having Cancer?
- Cancer Statistics 2019 – World Cancer Day
- Cancer Survivors and Insurance
- Critical Illness Cover – Cancer
- Critical Illness Cover Payouts for Breast Cancer
- CuraVision – Health – Cancer
- CuraVision – The ABCs – Cancer
- CuraVision – The ABCs – Prostate Cancer
- Life Insurance for Cancer Survivors
- www.nhs.uk – Cancer of the Prostate
By clicking on the link(s) above you will be departing from the regulatory site of Special Risks Bureau. The Special Risks Bureau (Cura Financial Services) is not responsible for the accuracy of the information contained within the linked site(s).
There are a couple of things that we can look at for you; some quite technical and some slightly different to what you might think of as life insurance. Either way, it’s important to chat to an experienced adviser that can understand your current health considerations and research the market for the best solution for you. It would really help us to have your original and current Gleeson and PSA scores so that when one of our advisors speaks with the insurers on your behalf, they already have the key information to hand.
I’m sorry to hear that that has been your experience of insurance because being told that it is not available to you is not what you’re looking to hear, especially when it comes to protecting your family.
The way that we work is to manage your expectations and take the stress out of arranging your own insurance cover. We will tell you what could be possible based upon the information that you provide to us and we’ll not only take you through the journey to securing your insurance but we’ll remain as your adviser for the duration of your policy too.
And now that there’s been a few years since you had prostate cancer, it is likely that there will be more options available to you, but it does all come down to some key factors. We’ll need to understand information such as when you last had it, what your treatment was and what your Gleeson and PSA levels are. Even then, we can’t guarantee that any insurer will definitely accept you for cover, it will also come down to what your GP writes in your medical report.
But rest assured, we will support you every step of the way and look into all possible options for your individual situation.
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