Whether it is something as simple as cholesterol levels or as complex as prostate cancer, life insurance underwriters develop a set of guidelines, criteria, they use to determine where each case fits in the rate structure. Put more simply, these criteria spell out what the insurance company perceives as the risk and determines what they will charge to offer you life insurance.
It’s important to note that these guidelines can vary widely from company to company. What would constitute an acceptable risk at an affordable price with one company can easily be a decline with another company. For this reason consumer’s should not get discouraged by the actions of one, or even several companies. If you’ve been declined, that is simply that company’s position, not the bottom line in the industry.
In general prostate cancer criteria for underwriting include the stage, often called the TNM stage. The stage of the cancer tells how far a cancer has spread. With an early stage cancer you might be talking about a tumor that is encapsulated. A higher or later stage cancer would indicate that it has spread. In the case of prostate cancer, this might mean that it has spread to the lymph nodes in the area or even beyond.
The grade of the cancer, with prostate cancer called the Gleason score, tells how aggressive the cancer is. A less aggressive or slower growing cancer is easier to treat. The Gleason score is generally expressed as a combination of three numbers, for example, 3+3=6 or 4+3=7. The last number is the grade, which theoretically can run from 0 to 10.
Other important factors include the PSA (prostate specific antigen) at the time of diagnosis and post treatment, how long ago the cancer was diagnosed and when the treatment was completed, and what type of treatment was used.
It is a combination of all of these factors that determine when you are insurable and what rate class you are offered. Depending on the stage and grade there may be a waiting period before coverage is offered or an extra charge for a certain number of years. The good news is that most prostate cancer survivors can be insured at better than standard rates once they are a year post treatment.