Life insurance for prostate cancer survivors [key points]

  • Prostate cancer life insurance isn’t a specific product, it simply refers to a policy that’s taken out by someone who once had prostate cancer
  • Typically, insurers will need a specified period of remission to have passed before they’ll offer cover
  • Your eligibility for cover and the price you’ll pay will depend on your personal circumstances
  • If you’re still living with prostate cancer and/or are still receiving treatment, your application will be postponed or declined
  • If you’ve completed all of your treatment and have been in remission for a timeframe specified by the insurer, there may be options for you to obtain some form of cover, such as through a specialist insurer
  • If you are a UK resident aged 50 - 85, you could secure an over 50s plan (where no medical information is required)

Can I get life insurance after prostate cancer?

Yes, it could be possible to secure life insurance after prostate cancer.

However, your eligibility and the price you’ll pay will depend on your personal circumstances such as the severity of your condition and how long you have been in remission for.

Typically, insurers will need to you have been in remission for a specified period before they may offer cover.

This is why, as a cancer survivor, it’s essential to compare multiple quotes to find suitable cover for your circumstances.

Roughly 1 in 8 men will get prostate cancer in their lifetime, mainly impacting those over 50[1].

Speaking to a specialist broker can allow you to find out what life insurance options are available to you.

Compare fee-free and no-obligation quotes through Reassured to find our best deals.

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Does prostate cancer affect life insurance?

Yes, a diagnosis of prostate cancer will affect your life insurance application.

If you’re still living with prostate cancer and/or you’re still receiving treatment, your application will be declined or postponed until you recover.

If you’re in remission, prostate cancer can still have an effect on your cover. Factors such as how long you’ve been in remission for and what stage your cancer was could impact your eligibility and how much you’ll pay for cover.

Exploring your options doesn’t have to be complicated. Reassured work with both mainstream and specialist insurers so we can find you some form of cover.

How long after prostate cancer can I get life insurance?

Ultimately, this will depend on the insurer as each insurer has a different underwriting process and will assess risk differently.

With some insurers it could be possible to be offered cover after a remission period of just one or two years.

Typically, the longer you’ve been cancer free, the easier it is to secure cover as this signals to insurers that a full recovery has been made and the cancer is less likely to return.

Life insurance underwriting prostate cancer

Your eligibility for life insurance after recovering from prostate cancer will depend on your personal circumstances.

When underwriting a policy, insurers will need to know about the personal circumstances of your condition. Therefore, they will likely ask additional questions.

This could include questions such as:

  • When were you diagnosed?
  • What stage was your cancer?
  • What was your Gleason score and what is it now?
  • What was your PSA (Prostate-Specific Antigen) reading and what is it now?
  • What treatment have you received? (For example, chemotherapy, cryotherapy and/or removal of the prostate)
  • When did you receive your treatment?
  • How long have you been in remission?
  • Do you have any other pre-existing medical conditions?

The answers you provide for these questions will help insurers decide on an outcome for your application.

This could range from an increase in life insurance premiums to an application being postponed or even declined.

It’s important to be aware that each insurer has their own criteria and underwriting process. If you struggle to secure cover through one insurer, it doesn’t mean it will be the same with them all.

This highlights the important of obtaining quotes from multiple insurers to find the right one for you.

What is the best life insurance for prostate cancer survivors?

The best life insurance for those who have survived prostate cancer, depending on your personal circumstances, could be a policy provided by a specialist insurer.

Specialist insurers, such as The Exeter, are often better suited to non-standard applicants.

This is because, typically, their underwriting is more lenient for those with pre-existing conditions than mainstream insurers.

Through a specialist insurer, depending on your circumstances, you may be able to secure:

  • Level term life insurance - Provides cover for a specified period (the term), typically from 2 - 40 years. A fixed lump sum pay out will be made to your loved ones if you pass away during the term. Often used to help cover an interest-only mortgage and/or family living costs
  • Decreasing term life insurance - Provides cover for a specified period (the term), typically from 2 - 40 years. A pay out will be made to your loved if you pass away during the policy term, the sum will reduce throughout the policy term. Often used to help cover a repayment mortgage

Alternatively, if you’re a UK resident between the ages of 50 - 85, you have the option to secure over 50 life insurance.

  • Over 50s plan - An over 50s plan offers guaranteed acceptance to UK residents aged 50 - 85, without the need to provide medical information. Cover lasts for life and once a 12 or 24 month waiting period has ended, a pay out is guaranteed

Contact Reassured to find out about your available options.

We can compare quotes from both mainstream and specialist providers (through our advised team) to provide you with the insurers most likely to accept your application.

How much is life insurance after prostate cancer?

The price that you pay for life insurance after prostate cancer will depend on your personal circumstances.

You’ll be required to provide basic information as part of the standard life insurance application questionnaire, such as:

This information, along with information about your cancer diagnosis, will allow insurers to assess your level of risk and the price you’ll pay for cover if you’re offered a policy.

Comparing quotes could allow you to find appropriate cover for your circumstances.

If you’re a UK resident aged 50 - 85, you could secure an over 50s plan from just £5 per month + .

By using a broker, such as Reassured, you can compare various policy types from both mainstream and specialist insurers.

Simply get in touch for your fee-free quotes.

Is prostate cancer covered by life insurance?

Yes, life insurance can pay out if you pass away as a result of prostate cancer.

When applying for life insurance after prostate cancer it’s essential to provide all the correct information about your condition.

This is to ensure that a pay out is made to your loved ones when the time comes.

If any information is missed or, false information is provided (non-disclosure), this could prevent a pay out from being made when the time comes.

Is prostate cancer covered by critical illness cover?

If you’re diagnosed with prostate cancer during the term of your policy, this could be covered within critical illness cover.

Cancer is often one of the main illnesses covered by critical illness cover (along with heart attack and stroke). However, not all forms of cancer are covered so it’s wise to check your policy documents to ensure that prostate cancer is included.

If prostate cancer is pre-existing, it’s likely the condition will be excluded from your policy. This means you won’t be able to make a claim if your cancer returns.

Any related conditions may also be excluded.

What if I have been declined in the past?

If you’ve been declined in the past there could still be options available to you.

You may have been declined if you hadn’t reached the insurers specified remission period, or if too many high-risk factors were identified.

However, one of the following options could be suitable:

  • A specialist insurer - Specialist insurers are better equipped to provide cover to non-standard applications, such as those with pre-existing medical conditions. Therefore, if you’ve been declined by mainstream insurers in the past, your application may be accepted through a specialist insurer
  • An over 50s plan - Over 50s plans guarantee acceptance to UK residents aged 50 - 85, without the need to provide medical information. Therefore, prostate cancer won’t have any effect on your policy

Reassured have a specialist impaired team who have a great track record of finding some form of cover for those who have previously been declined.

Will I need a medical exam for life insurance after prostate cancer?

Insurers may request a medical exam to get a better understanding of how prostate cancer has affected your health.

Prostate cancer has been linked to other medical conditions such as depression, anxiety, bladder cancer, thyroid cancer and skin cancer, so insurers may want to establish whether you’re at risk of other conditions.

If a medical exam is requested, it will be arranged by the insurer and will be at a time and place that’s convenient for you.

Alternatively, a medical report could be requested from your GP with your permission.

If permission isn’t given, your application will be declined as insurers won’t have the information they need to underwrite your policy.

Prostate cancer support

There are many great organisations available to help those who have been affected by prostate cancer:

Compare prostate cancer life insurance quotes

Comparing multiple life insurance quotes can allow you to find out about what options are available to you as a prostate cancer survivor.

Whether that’s through standard life insurance, a specialist insurer or an over 50s plan.

Using an experienced broker, like Reassured, you can compare a variety of policy types from numerous insurers.

We’ll take your personal circumstances into consideration to provide you with details of the insurers that are most likely to offer you cover.

Our service is FCA-regulated and award-winning, so why not get in touch today?

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Sources:

[1] https://prostatecanceruk.org/prostate-information-and-support/risk-and-symptoms/about-prostate-cancer

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