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Prostate cancer life insurance

Cancer is one of the most common medical conditions and the biggest reason for claims on life insurance or critical illness cover in the UK.

There are two points to consider here, which are; what does life insurance do for people diagnosed with prostate cancer, and can people with prostate cancer get life cover. Protecting your loved ones is one of the most important financial decisions that you can make.

Figures from Prostate Cancer UK suggest that 47,500 are diagnosed with prostate cancer every year (129 new cases every day). Prostate cancer is the second most common type of cancer in the UK.

During their life, 1 in every 8 men will be diagnosed with prostate cancer, and every 45 minutes someone dies from this type of cancer.

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Here we look at how life insurance can protect you and your family if you’re diagnosed with prostate cancer and how to get life cover after diagnosis.

Does life insurance payout for prostate cancer?

Yes – if you take out life insurance and you die from prostate cancer during the term then your family will receive a tax-free lump sum.

Cancer is one of the most common life insurance claims and prostate cancer is also very high on the list. Most people are concerned about financial protection for their families in the event of a cancer diagnosis in the future.

This type of policy is specifically designed to pay out to your beneficiaries (children, partners, or parents) if you die. The most common reasons for someone taking out a life insurance policy are:

  • Pay off a mortgage balance
  • Debt consolidation
  • Tax planning (IHT)
  • School fees
  • Costs of living (replace lost income)

Is prostate cancer covered by critical illness cover?

Yes – if you’re diagnosed with prostate cancer then your critical illness cover policy should pay out a cash lump sum.

One of the most common claims for critical illness cover in the UK is cancer. This is one of the biggest reasons for people taking out this type of cover and provides you and your family with financial security should anything happen.

There are many reasons why people take a critical illness cover policy, including:

  • Mortgage or rent payments
  • Pay off debts
  • Replace lost income
  • Pay school fees

You can usually claim on your critical illness cover policy after diagnosis of prostate cancer or other types of cancer.

Some policies will pay out different amounts depending on the severity (Grade and Stage) of your cancer. It is always advisable to check the terms and conditions of your policy before you accept any offer.

Will income protection payout if I get diagnosed with prostate cancer?

Yes – if you’re unable to work after you have been diagnosed with prostate cancer then your existing income protection policy should payout.

You’ll usually be covered from 4 weeks after you are first signed-off by your doctor as unfit to work. Your income protection benefit should then continue to payout for either 12 or 24 months depending on your policy.

There are many reasons why you might not be able to return to work during and after cancer treatment. This type of cover can provide you with replacement income throughout this period which can be extremely important for your mental health.

Most insurers will also offer a benefit payment towards the end of your claim to help you to return to work. This can be used for treatment, medication or possibly counselling services.

About life insurance with prostate cancer

Another big question is what happens when you need to get life insurance after you’ve been diagnosed with prostate cancer.

Can I get life insurance with prostate cancer?

Yes – you will be able to get life cover after you’ve been diagnosed with prostate cancer and your options will depend on where you are in treatment.

Options for cover through the normal insurance providers will usually become available from 2 years after treatment. If your cancer was mild with no lymph nodes affected then you should have a number of options.

It’s always wise to speak to a specialist, especially with serious medical conditions like cancer, to make sure you’ve got every option.

You can also get life insurance just after a diagnosis of prostate cancer from some specialist insurance providers. These types of policies can be very affordable as long as you are comfortable that cancer will be excluded.

What if I’ve been declined life insurance because of prostate cancer?

We often speak to people who have been diagnosed with prostate cancer and have been declined life insurance in the past.

It can be frustrating getting refused life cover but that’s definitely not the end of the road, and there are still plenty of options. A specialist will usually be able to get cover for someone who has already struggled to get accepted.

Don’t be put off getting life insurance if you’ve been declined for life insurance because of prostate cancer.

How much is life insurance with prostate cancer?

The cost of life insurance for someone who has been diagnosed with prostate cancer will change significantly over time.

Insurers will reduce premiums gradually over time after you have ended your treatment (e.g. radiotherapy or chemotherapy). You should review your cover annually or every few years to make sure that you’re paying the right amount.

There are also several other normal elements that will determine how much life insurance premiums are, including:

  • Sum assured (£’s)
  • Term (years)
  • Your age
  • Smoker status

Will I need a medical for prostate cancer life insurance?

Most applications for life insurance with a prostate cancer disclosure will require a GP report or some additional medical evidence.

This is perfectly normal and it is also the best way to make sure that your new policy is underwritten properly. You do not need to pay for the report and you don’t need to do anything because this will all be dealt with by your insurer.

Cheaper life insurance with prostate cancer

It is possible to save money on life insurance with prostate cancer by following some simple steps.

Some points that can help you to reduce your life insurance premiums:

  • Timing: you can save money over time by regularly reviewing your cover and making sure that you’ve got the best premiums
  • Speak to an expert: it’s possible to save money by speaking to a specialist advisor who understands medical underwriting
  • Most suitable insurer: some insurers are better than others for certain medical conditions and a specialist broker will know this

Medical conditions linked to prostate cancer

There are several medical and health problems that are commonly linked with prostate cancer, such as:

Common questions about prostate cancer

Some of the most common questions that people ask about prostate cancer and living with this condition are:

What are the most common major signs of prostate cancer?

There are several top signals that can be warnings signals for prostate cancer, including:

  • Urinating more frequently
  • Blood in urine or semen
  • Difficulty urinating
  • Burning urination

Is prostate cancer curable?

Thanks to early detection through regular screenings, most prostate cancers are curable in modern medicine. The long-term prognosis for prostate cancer in the present day is relatively positive.

Does prostate cancer affect life expectancy?

Statistically, 78% of prostate cancer patients survive more than 10 years and survival rates are highest for people between 60 and 69. Survival rates have increased from 25% in the 1980s to 84% in the present day.

Useful resources for prostate cancer

Here are some useful links and resources that we have found for people who have been diagnosed with prostate cancer or are looking for more information.

NHS Choices – prostate cancer
Link: https://www.nhs.uk/conditions/prostate-cancer/

Prostate Cancer UK – charity
Link: https://prostatecanceruk.org/

Prostate Cancer Research – charity
Link: https://www.prostate-cancer-research.org.uk/

Cancer Research UK – charity
Link: https://www.cancerresearchuk.org/about-cancer/prostate-cancer

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