Some guys don’t like to admit to an illness. We bury our heads in the sand, hoping it will go away.
Even after it happens and we make a full recovery, we want to forget about it.
We don’t want to talk about it.
And I get that.
So in this article, I’ll try to read your mind and answer the questions going through your head concerning life insurance after prostate cancer.
Although a lot of men will get prostate cancer, few will die from it. It;’s more prevalent as we get older so we will die with prosate cancer more than from prostate cancer.
As with all health issues when it comes to life insurance, the answer is it depends.
If you are in remission or your cancer has been successfully treated, a life insurance company may accept you for a policy with a loading/price increase.
After a number of years, the insurer will remove this loading.
So, because you had cancer in the past doesn’t mean you’ll never get life insurance or mortgage protection.
Let me share with you a recent case where I got my client cover:
He was buying a new home, so he required mortgage protection of €160,000 over 16 years.
It was time to chat with my underwriters at the various insurers to see if any could offer cover.
If you have a pre-existing condition, the first thing we do speak to our panel of underwriters anonymously.
Discussing your medical history helps us to identify the best company to apply to.
This also means you avoid applying to companies that will end up being too expensive or worse, refuse your application.
By completing our research thoroughly, we are able to save time and obtain the best possible terms for you with the least amount of hassle.
The most important information you need is the staging of cancer.
The staging of prostate cancer refers to the tumour size and whether it has spread to other parts of the body.
Prostate cancer staging is classified most commonly as follows:
The TNM system gives information about the tumour, the lymph nodes involvement and whether cancer has spread (metastasised).
T: Size and depth of the tumour
N: Cancer is present in the lymph nodes or not
M: Spread (metastases) to other tissues outside the prostate
Gleason scores range from 2 to 10 and indicate how likely it is that a tumour will spread.
A low Gleason score means the cancer tissue is similar to normal prostate tissue, and the tumour is less likely to spread.
A high Gleason score means the cancer tissue is very different from normal, and the tumour is more likely to spread.
The lower the Gleason score, the better your chances of getting cover soon after treatment ends.
In our example above, my client had provided his Gleason score (3+4 pt2b), full details of treatment (prostatectomy) and follow-ups (yearly PSA blood tests).
Although most of the insurance providers were willing to offer cover, there was a huge difference in their prices.
For this reason, we talk to all of the insurers and not just the one offering the cheapest “headline rate.”
Ultimately, I got my client cover with a 3-year loading of €10 per mille (other insurers offered the same loading but for 5 years)
On a €160,000 policy, he paid €1600 (160x€10) per year extra for three years.
In three years, the insurer will remove the loading, and he will pay the same price as someone in perfect health.
Both should be possible after a certain time period depending on how advanced the cancer was.
The insurers will exclude cancer as a claimable illness on your serious illness cover.
If you get salary protection, the insurers will add a cancer exclusion. This means if you can’t work in the future due to cancer, you won’t be able to claim.
If you’d like some help finding the best insurer for you based on your health history, please complete this questionnaire and I’ll be back over email.
If you’d like a quick chat first, please schedule a call here.
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