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Posted Today 12:31 PM (GMT -5)
Wondered if anyone has experience with the effect of a prostate cancer diagnosis on getting life insurance? I was considering increasing the amount of my term life and wondered if they'd let me at all, if i'd be allowed but at a high cost, and if the cost adjusts if your disease free time increases. Any one have any experience with this?
Thanks!
Paul
Posted Today 1:46 PM (GMT -5)

Paul,  My cancer was found through an insurance physical for additional life insurance.  The company sent me a letter saying they couldn't write my policy at that time because of a high PSA and suggested I see my Dr. very soon.  After it was determined that I indeed had PC they turned me down completely.  I then went to my insurance agent for suggestions.  He ended up converting a portion of my current (but about to expire) term policy to a $10,000 whole life policy which wasn't too expensive and then adding a $240,000 term rider to the whole life policy.  The total cost was only slightly higer than a term policy would have been, around $118.00 per month.  I hope this will be of some value to you. 
Good luck on your continued recovery.

Allan

P.S. I'm not sure, but I think it takes 10 years cancer free to get back to normal rates. 

Posted Today 3:42 PM (GMT -5)
Paul, since I originally had my first cancer more than 10 years ago, I have never been able to get life insurance period. Now that I have PCa, dx in 2008, unlikely I will ever be able to again.
Posted Today 4:09 PM (GMT -5)
I understand, I to tried to increase my insurance but it ain't happening.
Posted Today 7:21 PM (GMT -5)
Prudential Insurance does indeed have a policy for PCa survivors. From an actuarial point of view, PCa is common and fatalities are not that common compared to other existing conditions. My agent told me that at 5 years out you are eligible for this policy. Is it cheap? Not exactly, but the fact that you can get anything at all after being diagnosed with cancer is pretty good. I don't remember the numbers at all, but call an independent agent, and they should be able to find something for you. It won't be a million bucks, but anything is better than nothing.
Paul
Posted Today 8:24 PM (GMT -5)
Thanks everyone for the info. I figured it wouldn't be easy--
Paul
Posted 2/9/2009 10:40 AM (GMT -5)
I have a friend who suggested purchasing a very expensive car on credit and getting the life and disability insurance on the loan. Then when you become disabled the insurance pays off the vehicle and you sell the car. Sounds really shady to me but they wont give us life insurance because we need it so I guess it depends on your own personal moral compass. It is not an option for me but it is an idea. Todd
Posted 2/9/2009 2:00 PM (GMT -5)
I'm kicking myself that I didn't get life insurance for my hubby through work a few years ago when we got married no physical or proof of eligability would have been required.  But at the time - we had just gotten married and were not real concerned about it.  My brother in law the insurance agent is kicking himself also that he didn't talk to my hubby about getting covered and now we have no coverage for him.  At this point we have money in savings and are planning to buy a house after selling my 1 bedroom condo so will have a minimal mortgage - does anyone know if the mortgage insurance can be purchased with out a physical or proof of eligability?  We just don't know what his time line will be - always advances in the pipeline. 

Hubby dx 08/2008 - PSA 750

After 1st lupron shot PSA 7

Next shot and Test March 2009

Posted 2/9/2009 2:51 PM (GMT -5)
I've tried a few times to get life ins. I had a 15 yr. term policy end last year, for my wife and me to continue it would have cost about $5000 per year up from about $500 per yr. and that was just a $120,000 policy for each of us.

When I get e-mails from major ins. companies I respond. I do get calls from agents and when I mention that I've had 2 different cancers there's a long pause and then an appology that at this time they would not be able to insure me.

One agent from Prudential said it shouldn't be a problem and gave me a pretty good price. Came to the house, gave him the down payment, sent a nurse out for blood work, and called the following week to inform me that I was rejected. He told me exactly what Paul1959 was told, after five years lets talk.

Ken
Posted 2/9/2009 4:14 PM (GMT -5)
Amy,
Rest assured, you do NOT need any sort of medical anything to purchase Private Mortgage Insurance. It is just to make sure the bank gets their money if you default. Are you sure you even want it? You don't get any coverage from it, only the bank does. If you default on the mortgage, you still lose the house. If you have a minimal mortgage you probably don't need it.

BUT you bring up a really good point. Most Cancer patients really MUST talk to an attorney and/or financial planner to get things in order. With all the medical stuff to deal with, imagine your peace of mind knowing that all the really crucial financial items were taken care of.
Just a thought
Paul
Posted 2/9/2009 4:46 PM (GMT -5)
Good general point on one's finances with cancer, Paul, thanks.
Posted 2/9/2009 4:59 PM (GMT -5)
I agree Paul...excellant point. It was one of the first things my wife and I did after diagnosis. We went to an attorney and got all that "legal" stuff out of the way just in case. I know that this may sound dumb...but any surgery is capable of having consequenses that could result in loss of life unexpectedly. Taking care of all that "legal" stuff is just something that normally most folks don't bother with, because it reminds us up front our mortality and we tend to avoid it until it is too late. It should be on the list of things to do when researching treatment options...get those important "legal" matters taken care or make sure that they are up to date.
Posted 2/9/2009 5:07 PM (GMT -5)
Good point, Les. Depends what state you live in also. SC is very tough probate (not too be confused with prostate, lol) laws if you don't have a will. You can end up losing everything to the state, instead of to your wife/spouse and family.
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