For anyone with a pre-existing condition (of any kind or severity), it can become very difficult, at best, to obtain life insurance coverage.
This is because most insurance companies view many health issues as being a higher risk of having to pay out a claim.
For this reason, depending on the particular condition, an insurer will either accept an applicant for coverage, but require that the individual pay a higher rate of premium, or the person will be denied for coverage altogether.
If you have been told you have high PSA levels, and you’re wondering how this is going to change your life insurance coverage or the premiums, this article is going to answer these questions and a lot more.
Life insurance can be a ticky subject, we’re making it easier.
What Are Your Chances of Getting Coverage?
While you may have doubts about obtaining life insurance coverage after prostate cancer, or with an elevated PSA, the good news is… you may still have a very good chance of being approved. Many top-rated life insurance companies will not only take on applicants who have this condition, but will do so at very affordable premium rates.
There are a lot of carriers out there who don’t consider high PSA levels as a “high risk” condition. Yes, candidates with higher levels could still get preferred rates, the lowest possible premiums.
The key to getting approved is knowing which insurance companies to apply through, but, as a consumer, can be a pretty foggy area to work through. This is typically best handled by working with an insurance agent who is experienced in working with higher risk cases.
What the Insurance Underwriters Look For
When processing your application for life insurance, there are several things that the underwriters will review when making a determination regarding the approval of your application. These include the following:
- The date you were diagnosed?
- What stage your condition is in?
- What is your Gleason Score?
- How is your condition currently being treated?
- What medications are you taking?
- What are your PSA levels (and are your PSA levels rising in comparison to your previous levels)?
Your PSA levels are of particular importance to the insurance underwriters. Although a temporary elevation of these levels is typically quite common, underwriters do have an acceptable, or “normal,” scale that they look for when reviewing applicants for coverage.
When dealing with life insurance, the normal range for PSA levels, based on an individual’s age, are as follows:
- Age 0 to 49 = 2.5ng / ml or less
- Age 50 – 59 = 3.5ng / ml or less
- Age 60 – 69 = 4.5ng / ml or less
- Age 70 and over = 6.5ng / ml or less
In any case, a life insurance underwriter will want to know that your PSA levels are being addressed – and if there are issues, that your medical provider is working to alleviate these and helping to bring the levels back to as normal as they can be.
Underwriters will also want to review both your PSA density and velocity. This is why, in most cases, the insurance company that you apply through will typically request your medical records from your doctor after you apply for life insurance coverage. That way, they can review this information directly from your medical provider.
How to Improve Your Chances of Coverage Approval
There are some obvious ways you can improve your chances. Simple things like eating better and being more active can get you in better shape. The insurance company wants the best possible candidate, and someone who has several adverse health problems and doesn’t take care of themselves isn’t going to be this person.
If you’re willing to make the changes, getting on a. diet program and joining a gym can make major improvements to your health. If you have elevated PSA levels, there could be a lot of reasons for it. But regardless of the reason, it’s not going to look excellent from the company’s point of view.
You have some red marks on your application, but there are ways you can spruce up your chances of getting coverage. We mentioned exercise and diet, but that’s not all.
The best possible move you can make to ensure a positive experience and outcome is to align yourself with an agent who is independent. A properly vetted high-risk life insurance agent will know the right questions to ask, as well as the right way to approach the insurer with your information.
Often, insurance companies will require additional paperwork with further details regarding your condition. You may also need to undertake a medical examination that includes a blood sample and a urine sample.
To provide a better chance of approval, we would also submit a letter that details healthy habits that you participate in such as exercise, lifestyle, results of a recent biopsy, and anything else that can present your situation in the best possible light to an insurance company.
This may help show the insurer that even though you have an adverse health condition, you are still a good risk for them to take on. As an agent who is experienced in working with high-risk cases, we can help in presenting your application in the most favorable light possible to the insurance company.
Also, we have who access to over 30 insurers and know which are the most aggressive companies when it comes to approving a life insurance applicant with elevated an elevated PSA reading.
Let’s assume you decided to get quotes from all of those companies by yourself. You made all 30 phone calls.
You’re going to spend a lot of time on hold and a lot of hours answering the same questions repeatedly. Doesn’t sound like a fun way to spend an evening, does it?
Yes, we are experienced insurance experts, but we aren’t doing anything magical. You could go out and do the exact same thing, but why would you waste your precious time calling companies when you could get all those quotes in minutes.
After you call the number below, you’ll be connected with a real-life insurance agent. Not somebody who’s sitting in a giant call-center. This agent will spend time asking you important questions to know you and give you guidance on which plan and protection will be best.
If you would like to get a quote for life insurance with an elevated PSA reading, fill out the form on this page, or call us at 888-552-6159.