Does a history of Prostate Cancer affect arranging life insurance?
Overview – What is the prostate?
The prostate is a small gland in the pelvis found only in men. About the size of a satsuma, it is located between the penis and the bladder and surrounds the urethra. The main function of the prostate gland is to assist the production of semen. It produces a thick white fluid that is mixed with the sperm produced by the testicles to create semen.
What is Prostate Cancer?
Prostate cancer is currently the most commonly diagnosed cancer in men in the UK. About 1 in 8 men will get prostate cancer in their lifetime, (Charity Prostate Cancer UK November 2020). Prostate cancer usually develops slowly, so there may be no obvious signs that a person has it for many years. Symptoms often only become apparent when the prostate is large enough to affect the urethra, (the tube that carries urine from the bladder to the penis). When this happens, there is an increased need to urinate, straining while urinating and a feeling that the bladder has not fully emptied.
Why does prostate cancer happen?
The causes of prostate cancer are largely unknown, but certain things can increase the risk of developing the condition. Things such as age, most cases develop in men aged 50 or older, family history and genes may also come into play. Did you know that you are 2.5 times more likely to get prostate cancer if your father or brother have been diagnosed with it, than someone who has no family history of it at all. (Charity Prostate Cancer UK November 2020)
Your risk of getting prostate cancer is also higher if your mother or sister have had breast cancer.
For more information, visit the NHS website.
Does a history of Prostate Cancer affect arranging life insurance?
Our client:
We were approached by a 54-year-old gentleman who had an existing life insurance policy in place with a sum assured of £80,000 and he was paying a monthly premium of £81. His cover was due to end within 12 months and he was keen to take out a replacement policy over a longer period of time. However, he had found it difficult to find an insurance company who would accept him, because since taking out his existing policy he had been diagnosed with two medical issues.
In 2008, he was treated for Prostate Cancer as he had been diagnosed with an adenocarcinoma Gleason scale 3+3 and treated with a brachytherapy implant. Brachytherapy is a type of radiation treatment that works from inside your body to kill prostate cancer cells.
Brachytherapy is also called internal radiation therapy or seed implantation and is used to treat prostate cancer in its early stages, and not moved out of the prostate gland. He has since made a full recovery.
Two years later he was suffering from chest pains and had a whole raft of tests which showed he had a blocked artery. However, even though there was a 30% decrease in blood flow he did not require any treatment or ongoing medication.
Our process and advice
At Future Proof, we have access to specialist insurance companies who don’t deal directly with the public but can offer more specialised policies that are 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).
Might they decline the application? We want to avoid wasting time by making applications which may be declined.
The outcome
The insurance companies we approached were not too concerned about his prostate cancer, and if this had been his only medical issue, we would have been able to find him cover on standard terms. However, as he had suffered from a second serious medical condition, most of the companies were not prepared to offer him cover.
After discussing his prostate cancer and angina with a few senior underwriters, we were pleased to receive terms with only a 75% increase in the standard premium. The terms were offered by the insurer after taking into account full disclosure of the client’s medical history by both the client and his GP, so we were confident there would be no issues with payment of a claim.
Our client now has a new life insurance policy with a sum assured of £100,000 over a term of 15 years.
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.
For more information and advice on Prostate cancer visit: Prostate cancer uk.org
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
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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.
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