Last Updated: 05/02/2018
After 50 years old, it is common for men to deal with prostate issues, such as an enlarged prostate (also known as Benign Prostatic Hyperplasia, or BPH), bacterial or non-bacterial Prostatitis, or prostate cancer. And it’s no secret that health problems can affect your life insurance rates.
So how do you ensure that you still get affordable rates?
Work with an independent agency! Term Life Advice works with over 60 top-rated life insurance companies, some of which include niches specifically related to prostate issues. We’ll find the best company to fit your needs at a great price.
This article will discuss how we determine which rate class you’ll fall into, and which type of life insurance policy will be the best choice.
Quick Article Guide:
- Life Insurance with an Enlarged Prostate or BPH
- Life Insurance with Prostate Cancer
- TLA Success Story
- Questions? We Can Help!
Have you found that recently, you have to make one or two trips to the bathroom during the night?
This is generally the first sign that your prostate may be enlarged. The reason for these frequent bathroom runs is due to a benign enlargement of your prostate (known as BPH) that blocks the flow of urine through your urethra.
This is the best case scenario when it comes to life insurance, as it is the earlier stages of a prostate problem, and if detected early, there are many treatments to help improve your symptoms.
To be on the safe side, we always suggest visiting a urologist, and completing a digital rectal exam (DRE) or a prostate biopsy to make sure that it isn’t prostate cancer, and your symptoms are solely due to BPH.
After the initial visit, you’ll also want to make sure that you’re visiting the doctor or urologist regularly, so the life insurance carrier sees that you’re actively monitoring your prostate.
To get even better rates, making healthy lifestyle choices like getting regular exercise and staying away from tobacco and cigarettes will definitely fare well in the underwriter’s eyes.
While it may be tempting to lie about your symptoms or issues to your life insurance agent, that’ll only hurt you in the long run. Being upfront about everything to your agent helps us accurately figure out what rate class you fit into, and decide which life insurance companies will work best with your current health status.
Prostate-specific antigen (PSA) is a protein produced by the prostate gland cells. Testing the PSA level in your bloodstream is a very common way (besides completing a DRE) to determine if your prostate gland is just enlarged, or if you have prostate cancer.
If your PSA level is a 4 or lower, then you’ll most likely be eligible for “preferred” or “preferred plus” rates, as long as other aspects of your health are good as well. If you are a little bit older (over 60), you may even be able to get those rates with a PSA level of 5.5!
Best Types of Life Insurance
If you are solely dealing with an enlarged prostate, you will typically be able to choose from all types of life insurance policies – term, whole, universal, and guaranteed universal life.
If you have been diagnosed with prostate cancer, you may worry that you won’t qualify for coverage with any companies. However, that’s not the case! There are still carriers that will still offer you a policy, depending on the details of your case.
Before providing an accurate quote, underwriters will want to know a few things.
- When were you diagnosed?
- What was your PSA level before treatment?
- Which treatment did you select?
If you decide to get radiation seed implants, the underwriter will want to know what the stage and grade of your cancer was, what your Gleason Score was, and what your PSA level was after receiving treatment.
Your rate class will ultimately be dependant on the severity of your case and what your post-treatment PSA is. If a client’s cancer was caught early and had a post-treatment PSA level of less than 1.0, than he or she will have the best chance of obtaining affordable rates.
Type of Treatment
When it comes to treatment, the ideal situation is to have your prostate cancer removed surgically. This is known as a prostatectomy.
If your cancer was low-grade and surgically removed, you might be able to purchase life insurance right after you have surgery! Again, they’re going to want your PSA level to be very low (0.02 or less).
If you chose to go the radiation route (external beam radiation or brachytherapy), you have to wait at least 12 months from your last treatment before you can qualify for a policy approval. Life insurance companies want to make sure that the radiation was successful, and you’ve maintained a PSA level of 0.1 or less. In this situation, it is possible you can qualify for a “standard” rate class.
If you decide not to get treatment, you’ll be putting yourself at risk when it comes to life insurance options. If you are over 60-years-old and decide to do this, there are a few companies that will still offer coverage. However, if you are in your 40s or 50s, it is much more unlikely to qualify, and you may have to purchase a Guaranteed Issue life insurance policy instead.
Recently, we worked with a client who had a history of prostate cancer. He originally wasn’t sure if he’d qualify for coverage after getting declined by a life insurance company due to his Gleason Score, but we happy disproved that doubt! The client – let’s call him Jim – had been going to the doctor regularly (once every 6 months) for follow ups following his treatment, which as we mentioned earlier, is very important to underwriters. We submitted his application and medical records to Prudential, where the underwriter approved his application at a “non-smoker plus” rate after reviewing the documents!
We also recently worked with a 77-year-old client that had a very high PSA reading – 11.5. Most carriers would’ve declined him, but luckily, TLA was able to get him approved with AIG at a table 2 rate class, which is just below “standard”!
These are just two examples to show that you should never lose hope when it comes to obtaining a life insurance policy. We’ve worked with many clients who didn’t believe their health would qualify them for coverage or affordable rates – and they’ve all walked away as happy customers.
With any sort of prostate issues, typically Prudential and AIG are going to be the best life insurance companies to apply with, but again, it is highly dependent on the individual case. So if you are looking to acquire affordable coverage after having prostate cancer or BPH, give us a call!
At Term Life Advice, our agents do not have sales quotas to meet, they’re just genuine people who want to match you with the best life insurance company possible. We work with over 60 top-rated companies, and have no doubt that we can find the best company for you.
If you would like to receive an accurate quote based on your age and health, as well as which type of policy and amount of coverage you should choose, give us a call. Toll-free, no obligations: 855-902-6494.
Our services are completely free, and there is not cost to apply for coverage. Give us a call today, or you can request a free online quote below to compare rates from more than 60 life insurance companies in less than a minute.