November 19, 2020

PSA (Raised) image

Arranging life insurance with raised PSA levels – A real-life case study

Our client

We were approached by a 78-year-old gentleman who already had a policy which was due to expire when he reaches the age of 85. However, he was interested in a policy which would provide cover over a longer-term, ideally to age 90.

When we discussed his circumstances, he told us that he was in good general health and had no major medical issues, apart from the fact that his PSA levels were slightly raised.  He said he had had various tests and been monitored for a number of years, and his doctor confirmed that there was no underlying cause and that it is just his make up.

A PSA test involves taking a blood sample to test the level of prostate-specific antigen (PSA) – this is called PSA testing.

A PSA test can find aggressive prostate cancer that needs treatment, but it can also find slow-growing cancer that may never cause symptoms or shorten life.  A raised PSA level in your blood may be a sign of prostate cancer, but it can also be a sign of another condition that isn’t cancer, such as an enlarged prostate for example.

We advised our client that understandably any provider would want to write to his GP to obtain a report as this would allow them to assess his application properly.  As only a few insurance companies offer cover beyond the age of 84, we had limited options but needed to ensure that we found the best cover for our client.  We felt that it would be prudent to submit an application with two insurance companies to save time and obtain the most favourable outcome.

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 and are 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.

The outcome

Both providers we approached decided to write to his GP, and once they received the medical report and assessed the information, the outcome was quite surprising. Both insurance companies had access to the same information, but whilst one of them declined to offer cover, the other was happy to offer the full cover on standard rates.

When we told the client our findings he was very surprised and very pleased. Out of the two companies, the one that declined cover was actually significantly cheaper when we were looking at the quotes. If he had tried to arrange the policy himself without any assistance he would have made an application with them and consequently ended up not being able to obtain the cover he wanted.

Luckily our understanding of the market and differences between the providers, enabled him to take out a policy with a sum assured of £25,000 that will provide protection until he reaches the age of 90.

This really illustrates that if you suffer from raised PSA levels, a prostate condition or any other serious medical condition it really does pay to take expert advice to ensure you really are getting the best deal available for your circumstances.

All our case studies are based on actual client scenarios, many of which pre-date 2020.  We are confident that the acceptance decision made by the insurers would still be offered. Although it is likely that the rates will have changed, your own circumstances will determine whether what amount will be payable by you and would be fully discussed with you before any plan is implemented.

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.

Next steps

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.

Call Freephone 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

Please feel free to read our Independent client reviews, or read about the team at Future Proof

Call me back

Interested in related stories?

Jon’s moving story – being diagnosed with cancer.

The protection industry pays out over £5.7bn in claims in 2019

Arranging life insurance after recovering from prostate cancer

What questions will an adviser ask me?

Will my claim be paid?

Why you can trust Future Proof.

The benefits of an index-linked insurance policy

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.

Whilst we will make every endeavour to help someone to arrange insurance, there is no guarantee of success.  All applications are subject to underwriting.

Links to third-party websites exist for information only, and we accept no responsibility or liability for the information contained on any such sites.
The existence of a link to another website does not imply or express
endorsement of its provider, products or services by us or St. James’s Place.

Ref: 98546780