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What You Should Know
- Shopping for life insurance with prostate cancer could limit your policy options, coverage amounts, and the affordability of life insurance
- Even those with prostate cancer should be able to purchase burial insurance or no exam life insurance
- Before you buy a life insurance policy with prostate cancer, you'll want to be sure to compare policy features and rates with multiple providers
There are many life insurance articles that break down why it can be difficult to get life insurance with certain conditions. What about life insurance companies that provide life insurance for someone with prostate cancer?
Throughout this article, we'll explain how you can get affordable life insurance with prostate cancer, where to get it, and why you might experience some challenges along the way.
Keep scrolling to learn more about life insurance companies that provide life insurance for someone with prostate cancer or enter your ZIP above to get free quotes from top life insurance companies near you.
Can I get life insurance with prostate cancer?
Purchasing life insurance with a diagnosed illness can be difficult in some cases. The likelihood of approval and the associated costs will depend on the condition and its severity.
The same is true regarding different types and stages of cancer. For example, you might pay less for life insurance after breast cancer than you would if you had it currently. There still might be challenges when searching for the best life insurance for breast cancer survivors, however.
At the end of the day, it's important to know that you should be eligible for life insurance even if you have prostate cancer. You can expect to pay more and have some policy limitations.
Life insurance companies want to minimize risk, so it only makes sense that they'll try to limit life-threatening conditions like cancer. In most cases, there are two primary product options for those with active prostate cancer.
If you're looking for life insurance with prostate cancer, your best bet for a sizable death benefit would be to shop no medical exam life insurance policies. These policies are more expensive than traditional term life insurance plans but don't require a medical exam.
If your main goal is to prevent financial duress on your beneficiaries by covering your funeral costs, you should be able to find burial insurance for someone with cancer.
Where can I get life insurance with prostate cancer?
The company you choose for life insurance will depend on whether you're shopping for life insurance with no medical exam or if you're going to choose burial insurance.
For starters, burial insurance is typically more affordable on a monthly basis, but it has a much smaller death benefit. On the other hand, no exam term life insurance can be more expensive but with a larger death benefit.
In addition, some companies do offer no exam whole life insurance policies. For those with prostate cancer, choosing between term vs. whole life insurance will depend on the stage of cancer and the likelihood of surviving.
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There are many companies that offer some version of no medical exam life insurance, including the following:
- AIG
- Prudential
- State Farm
- North American
- Transamerica
- Minnesota Life
- Sagicor
While these companies each offer no exam life insurance, the policy features might not be exactly the same. For example, each company tends to have different policy options, coverage limits, and age of eligibility.
| Company | Policy | Age Eligibility | Coverage Limits |
|---|---|---|---|
| AIG | AIG Direct | <80 | $25,000 |
| Prudential | SimplyTerm | 18-50 | $500,000 |
| State Farm | Instant Answer Term | 18-50 | $50,000 |
| North American | WriteAway | 16-60 | $500,000 |
| Transamerica | Trendsetter LB | 18-80 | $250,000 |
| Minnesota Life | Express Issue | 16-55 | $250,000 |
| Sagicor | Sage Term | 18-65 | $500,000 |
No exam life insurance is presented with different names and policy features depending on the company. For example, some providers might list it as guaranteed issue life insurance while others label it simplified issue life insurance.
Beyond the discrepancies in names, no exam life insurance can sometimes be offered without a waiting period. If you're looking to get a policy quickly, no exam life insurance with no waiting period might be for you.
There is a separate list of life insurance providers that specialize in burial insurance. Burial insurance can often be more affordable because the face value of your policy tends to be much cheaper. Some of these companies include:
- Aetna
- AIG
- Foresters
- Mutual of Omaha
- Transamerica
As always, there are additional burial insurance companies, but these are the most common brand names. Again, these policies tend to be limited to a maximum of $40,000 of coverage which is designed to cover funeral expenses.
How much does life insurance cost if you have prostate cancer?
It's hard to predict the exact rates you'll pay for life insurance with prostate cancer. No exam life insurance rates don't have very clear-cut pricing guidelines, unlike traditional term life insurance.
Your life insurance rates will ultimately depend on which provider you choose, how much coverage you get, and what types of terms you agree to. Burial insurance tends to be a bit more predictable with most companies.
| Age | Mutual of Omaha | Foresters | Transamerica |
|---|---|---|---|
| 60 | $102.08 | $108.24 | $104.17 |
| 65 | $134.59 | $134.64 | $135.96 |
| 70 | $179.45 | $177.54 | $181.28 |
| 75 | $244.02 | $252.00 | $244.72 |
| 80 | $326.83 | $362.12 | $345.21 |
Above, you can get a general idea of how much burial insurance costs for men who don't smoke. The rates above are samples for a $25,000 policy. While there will typically be some change in price from one company to the next, these rates are very similar on a monthly basis.
You might also notice that these policies are inclusive for older adults. If you didn't get life insurance during your working years, you might be able to find a burial life insurance policy up to age 90.
Which life insurance company that covers prostate cancer is the best?
When you commit to a life insurance company, you'll want to know that you're in good hands. This statement is true regardless of the life insurance policy you choose.
Of those that offer no-exam life insurance, J.D. Power ranks only State Farm within the top ten companies for customer satisfaction. Bear in mind that smaller companies don't make J.D. Power's list.
A.M. Best rates virtually all of the above companies with strong financial strength ratings. Even a lesser-known company like Sagicor boasts an "A-" rating, indicating they are in good financial standing.
The life insurance companies that offer no exam life insurance tend to be reliable, but they may not be the best for customer service. If your last resort is to choose no exam life insurance due to your prostate cancer, it may be worthwhile to shop with State Farm.
Of course, before you commit to any life insurance company, you'll want to compare rates from multiple providers to avoid overpaying.
Life Insurance Companies That Provide Life Insurance for Someone With Prostate Cancer: The Bottom Line
Purchasing life insurance with prostate cancer or any other major condition could create some challenges. If you have prostate cancer, your best options for life insurance are most likely no exam or burial life insurance policies.
We hope you learned a lot about the life insurance companies that provide life insurance for someone with prostate cancer. While you're here, enter your ZIP code below to get free quotes from the best life insurance companies near you.
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