Can I get life insurance after I’ve recovered from prostate cancer?
According to the charity Prostate Cancer UK, roughly 1 in 8 men in the UK will be diagnosed with prostate cancer in their lifetime. The causes of prostate cancer are not yet known but there are some factors that increase the likelihood of being diagnosed with the condition.
There are three main risk factors which are unfortunately things you cannot change. These are:
- age – it mainly affects men aged 50 or over
- family history of prostate cancer
- being of black origin
Source: Prostate Cancer UK August 2019
We were approached by a 65-year-old gentleman whose life insurance policy was reaching the end of its term. He told us that he was interested in arranging a replacement policy because he still needed cover in place as his children were still at University.
He confirmed that he had been diagnosed with low-grade prostate cancer about 4 years previously. His clinical grading or staging was T2 – stage 2 usually means that the tumour is larger than in stage 1. However, it hadn’t started to spread into the surrounding tissues (Cancer Research UK Jul 2020) and his Gleason scores were 6 and 7. The Gleason score describes cancer cells which look similar to normal cells, and they suggested that the cancer was likely to grow slowly. After cancer had been diagnosed he received radiotherapy treatment.
Our client has been ‘all clear’ ever since and has annual reviews to check that nothing has changed.
Our Process and advice
At Future Proof, we have access to specialist insurance companies who don’t deal directly with the public. These companies offer more specialised policies, designed to provide cover where other major providers can’t.
Our research process involves us contacting many insurers to find out the best possible outcome for our clients. Which avoids any nasty shocks later on during the underwriting process.
Would the insurer add a ‘loading’ to their standard premium? (this is an additional sum charged on top of their standard monthly premium to reflect their additional risk). Or, exclude a condition?
Might they decline the application? We want to avoid wasting time by making applications which may be declined.
We have up to date knowledge of the ever-changing landscape of underwriting for all providers in the UK. Future Proof is committed to thorough research so that you don’t have to. What’s more, our advice comes at no obligation and with no hidden costs. You don’t pay us directly but we do get paid by the insurer if you decide to start a policy with them.
In this specific case we were told by some insurers that they would be unable to offer our client any cover at this stage. However, other said they would offer him cover but would increase his premium by between 50% and 200%.
The cheapest option for £50,000 of life insurance cover (including terminal illness cover) was estimated at £60 a month (subject to an assessment of a report from the clients GP).
We completed the application over the phone with our client, and the insurer subsequently requested a GP report. Once this had been received, the insurer issued their offer for the premium we had anticipated.
Our client is happy with his new insurance policy, and we are now helping him write the policy into a Trust for his family (which is a free no-obligation service we offer).
Please note that any premiums mentioned are indicative only and based on this specific case study/ example, which is shown for information purposes only. Your own circumstances will determine whether the amount payable is more or less than the figure quoted.
Whilst you are welcome to get a quote online, we would recommend you speak to one of our advisers.
Any quote that your adviser provides you with will take into account your circumstances and medical history, as well as your budget!
An online quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.
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Interested in related stories?
Take a look at our handy guides ‘What Cover is Right for me?’
Do you suffer from a medical condition and concerned you can’t secure Life Insurance? Please view our ‘Medical Guides’ for further information.
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