If you have prostate cancer or have had prostate cancer in the past, you may be worried about how your diagnosis will affect your life insurance.
Most men believe that their history of prostate cancer means they cannot qualify for affordable life insurance. The fear and anxiety caused by prostate cancer is only increased by the fear that you and your family may be unprotected.
We can help!
If you have been diagnosed with prostate cancer, you can qualify for life insurance. Getting covered is simply a matter of shopping through the eyes of the insurance company, and using a reputable agent as a guide.
How Underwriting Works
An underwriter’s job is a tricky one: accept the most business, but ensure that the company remains profitable. It is an insurance underwriter’s job to assess the risk of potential clients before providing them coverage.
When applying for life insurance coverage, you will be asked to fill out an application of basic information. This application includes your age, medical history, profession, weight and lifestyle choices. You will also be required to undergo a medical exam.
Certain disease, lifestyle habits and hobbies lower a client’s life expectancy – making them risky to protect. After looking at your application, an underwriter will assign you to one of four risk categories: standard, substandard, premium or declined. These categories determine the premiums you will pay. Your premiums will be more expensive if your risk is higher because it will cost the insurance company more to cover you.
Think Like An Underwriter
The first step to getting affordable life insurance is to think like an underwriter: if you were to see the word “cancer” on an insurance application, would you see a red flag? An important tip to follow when applying for life insurance is to ask yourself the following question: “If I were an underwriter, how risky would I see this application?”
The good news is cancer may not always be a red flag marking a client as high risk.
The stage, grade and programs for treating your prostate cancer are all taken into consideration when assessing you for coverage. Due to the risks associated with surgery, a male choosing to undergo a radical prostatectomy will be classified as a higher risk client than an individual in an “active surveillance” treatment program.
Insurance companies all underwrite risk differently. For example, some companies may view a commercial pilot as a risky investment but have no problem insuring a smoker.
Being able to understand how the insurance underwriting process works can also help you lower your risk. If you are a smoker or if you are overweight, quitting smoking or beginning a diet and exercise program can help you qualify for a better risk class.
Because all companies differ in what qualifies a client as “high risk” it may be difficult to figure out where you fall on the scale. This is where we can help.
Use an Agent
If you’re not certain how risky a life insurance company will view your prostate cancer, talk to an independent agent. We know the ins and outs of the life insurance business, and can take the guesswork out of thinking like an underwriter.
A knowledgeable agent is invaluable when shopping for affordable life insurance because an agent knows which companies view prostate cancer as a lower risk disease.
This is important because we can provide you with options, allowing you to choose the best policy and company to protect you and your family. The more options you are presented with, the more likely you are to find the perfect policy at a competitive rate.
Additionally, our agents are knowledgeable about prostate cancer. As specialists in our fields, we are able to accurately communicate the risk associated with prostate cancer.
For example, most underwriters don’t know that prostate cancer grows so slowly that, oftentimes, treatment is not required. In some men, treatment may not ever be necessary depending on the growth rate and stage of the cancer.
Most underwriters are also unaware of the many effective, noninvasive treatment options available to men with prostate cancer. Sometimes simply presenting the facts of prostate cancer can help lower a client’s risk category.
We also ensure that you are well-equipped with the tips and tricks necessary to find more affordable insurance. These tricks can be as simple as making sure your medical records are consistently up-to-date.
With a little work and the right guide, you can qualify for affordable life insurance.
If you have been diagnosed with prostate cancer and have been told you can not qualify for life insurance or have been faced with declines and high premiums, we are here to help. Affordable life insurance is possible for men with prostate cancer.
We believe that there is a life insurance policy out there for everyone, regardless of medical history.
Cancer can leave you and your family uncertain about the future, but it does not have to stand in the way of finding affordable life insurance. We know the industry and can help you and your family find the best options for getting covered after your diagnosis.
We pride ourselves on our customer satisfaction: we work for you, to get you the best coverage possible, and we won’t stop searching until you and your family are well protected.
To find out how we can help you find the best life insurance policy, give us a call today or fill out or instant quote form.