Life Insurance Underwriting Strategies for Prostate Cancer

Incidence rates for prostate cancer approximately equal age: approximately 50% of men in their 50s are likely to have some form of prostate cancer, and 80% of men who reach their 80s have the disease.  Therefore, it is important for financial advisors to be familiar with life insurance underwriting strategies for prostate cancer.

Prostate Cancer Manifestations

Some forms of prostate cancer are very slow growing and relatively harmless.  Many men are not aware they have the disease and will eventually die from something else – without ever having been diagnosed with cancer.  Based on that, and given the potentially unpleasant side effects of treatment, many clinicians now regard low grade, low stage, and low Gleason score prostate cancers as a chronic disease that is best managed via active surveillance.  This is especially true of men aged 60 and up.

Other forms of prostate cancer present with aggressive abnormal cells that multiply quickly and tend to spread to other organs.  These high grade, high stage, high Gleason score cancers are usually treated with surgical prostate removal, often in conjunction with radiation, chemotherapy, and other therapies.

Carrier Selection is Key

Insurers interested in attracting preferred risks discourage impaired risk policy placements with ratings, pricing their products above market.  Some decline to make any offer.  Fortunately, medical directors at impaired risk insurers are often able to offer competitively priced policies.

Even among impaired risk insurers, underwriting results can vary greatly from one insurer to the next.  There is no one insurer that is best for all prostate cancer applicants.  In order to identify our industry’s top solution(s), it’s important to negotiate the applicant’s unique circumstances with medical directors at several insurers.

Prostate Cancer Fact Finder

Answers to the following questions, together with the prostate biopsy or the surgical path report (if completed), will enable us to negotiate for a best possible underwriting outcome:

• Age or date of birth:
• Date of first diagnosis:
• PSA levels prior to treatment:
• Cancer stage (often I, II, III, or IV):
• Cancer grade (often I, II, III, of IV):
• Gleason score (please provide both numbers, such as 3+4=7 or 4+3=7… yes, there is a meaningful difference for underwriting):
• List treatments, with dates:
• Date of last treatment:
• Most recent PSA reading, with date:
• Has there been a rise in PSA after treatment?
• Any other evidence of recurrence?
• Did your dad have prostate cancer?  At what age?  Age at death:
• 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?

Opportunities for Financial Advisors

Have you run into difficulties obtaining life insurance for one of your clients with prostate cancer?  If so, let’s put our heads together and negotiate for our industry’s top solution(s).  Connect with your CPS Advantage Representative or request a callback via email.  Let’s survey the market so you can provide your client with access to the most advanced life insurance underwriting strategies for prostate cancer.