Life Insurance Underwriting Strategies for Applicants with Prostate Cancer
Modern imaging studies and biopsies indicate that the incidence rates for prostate cancer roughly equal the age: approximately 50% of men at age 50 are likely to have some form of prostate cancer, and 80% of men who reach their 80s will have the disease.
Fortunately, most forms of prostate cancer are very slow growing and not aggressive. Many men are not aware they have the disease and will eventually die from something else, without ever having been diagnosed with prostate cancer.
Given the potentially unpleasant side effects of treatment, many clinicians now treat prostate cancer as a chronic disease, rather than a dangerous tumor that needs to be excised as soon as possible. This is especially true of older men with slow growing non-aggressive tumors. The life insurance industry still takes a slightly different perspective, especially for cancers found prior to age 60.
Treatment varies by age, overall health of the applicant, stage, and grade of the tumor found, and includes radical prostatectomy (surgical removal of the prostate), various forms of radiation treatment, freezing, and hormone treatments.
Underwriting varies greatly among insurers. Unfortunately, there is no one insurer that is best for all prostate cancers, so it’s important to negotiate key variables with several medical directors who are comfortable in pricing prostate cancers aggressively.
Favorable factors include diagnosis at an older age with evidence of a very slow growing low stage and grade cancer with excellent regular medical follow-up. In some settings, it is possible to obtain offers at standard rates.
Unfavorable factors include diagnosis prior to age 60, a large tumor that has spread beyond the prostate, aggressive forms of the tumor as measured by the Gleason score, and post treatment PSA readings that fluctuate or are higher than expected based on the treatment method.
Answers to the following questions will enable us to match the proposed insured’s fact pattern with the insurer willing to price the risk most favorably.
Pre-Formal Underwriting Questions
- What is your name?
- What is your date of birth?
- When were you first diagnosed with prostate cancer?
- What was your PSA levels prior to treatment?
- What was your cancer’s stage (often I, II, III, or IV):
- What was your Gleason score (please provide both numbers, such as 3+4 = 7):
- How was (is) the tumor being treated?
- Date of last treatment:
- What was your most recent PSA reading? ___ When was that?
- Has there been any evidence of cancer recurrence / rise in PSA after treatment?
- How often do you follow-up with your healthcare provider?
- List all prescription medications and the condition each is treating:
- What forms of tobacco do you use and how often do you use them?
- Is there anything else you can think of that might impact insurance underwriting?
Please provide answers to your CPS Advantage representative or send them to email@example.com along with an outline of desired coverage. We’ll discuss details with appropriate insurers and will circle back to you with our industry’s top solutions within 3 – 5 business days.