Life insurance for prostate cancer survivors in Canada

Receiving a prostate cancer diagnosis can be life-altering, not just physically and emotionally, but financially as well. The Canadian Cancer Society estimates that prostate cancer will affect 27,900 Canadian men in 2024, making up 22% of all new cancer cases among men. With early detection and better treatment options, many survivors live long, healthy lives, prompting insurers to reassess how they evaluate cancer histories. 

This blog explores the life insurance landscape for prostate cancer survivors, including eligibility criteria, policy types, pricing factors, and how to find the best coverage available in Canada today.

Is it possible to get life insurance after prostate cancer in Canada?

Yes, it is possible to get life insurance after prostate cancer in Canada, though the type of policy and terms you qualify for will depend on several key factors. Canadian insurers generally assess applications from cancer survivors based on the stage and grade of the cancer, how long the applicant has been in remission, the type of treatment received, and their overall health profile. 

Many survivors can qualify for traditional term or whole life insurance, especially when doctors detect the cancer early and treat it successfully. In other cases, simplified or guaranteed issue policies, requiring minimal or no medical underwriting, may be viable options.

How do insurers determine the eligibility of life insurance for prostate cancer survivors?

Life insurers in Canada determine the eligibility of life insurance for prostate cancer survivors through a comprehensive underwriting process. Insurers carefully review both medical and lifestyle factors to assess long-term health risks and determine the level of coverage and premium rates an applicant may qualify for. 

Here are the primary factors insurers consider when reviewing applications from prostate cancer survivors:

• Stage and grade of the cancer at diagnosis: Insurers typically place fewer underwriting obstacles for applicants diagnosed with low-stage, localized prostate cancer than for those with more advanced or aggressive forms of the disease.
• Gleason score: This score measures how aggressive the prostate cancer was. A lower Gleason score (such as 6 or less) indicates a less aggressive cancer, and life insurers view this more favourably 
• Time since completion of treatment: The longer you have been cancer-free, the better your chances of being approved. Many insurers prefer a waiting period of one to five years post-treatment before offering standard life insurance policies
• Type of treatment received and response to treatment: Treatments such as radical prostatectomy (complete surgical removal) with no signs of recurrence are generally seen as lower risk. More complex treatments or mixed outcomes may lead to higher premiums or restricted coverage
• Current PSA (Prostate-Specific Antigen) levels: Insurers will review recent PSA test results to assess whether the cancer is in remission or if there are any signs of recurrence. Stable or declining PSA levels are a positive sign
• Age at the time of diagnosis and application: Younger applicants diagnosed early and treated successfully can have more favourable outcomes than older individuals or those diagnosed later in life
• Overall health and lifestyle choices: Insurers assess co-existing health conditions such as hypertension, diabetes, or obesity, along with lifestyle habits like smoking, alcohol use, diet, and physical activity levels. A healthier lifestyle can mitigate some of the risks associated with your cancer history
• Family medical history: A family history of prostate cancer or other hereditary cancers may increase perceived risk, although this is usually considered in the broader context of your personal health history

What are the types of life insurance options for prostate cancer survivors in Canada?

Prostate cancer survivors in Canada can access several life insurance options, though eligibility depends on factors like the stage of cancer, treatment type, remission period, and overall health. Insurers assess risk carefully, but many survivors can still secure meaningful coverage with the right policy.

• Fully underwritten life insurance: Best suited for survivors in long-term remission with low-risk cancer and stable PSA levels. Offers the most affordable premiums and high coverage amounts but requires full medical underwriting, including exams and records
• Simplified issue life insurance: Ideal for those with recent or moderate health issues. Requires no medical exam, only a brief questionnaire. Approval is faster, though premiums are higher and coverage amounts are lower
• Guaranteed issue life insurance: Designed for individuals with serious health risks or recent treatment history. No medical questions or exams, but comes with high premiums, low benefit amounts, and a waiting period before full benefits apply
• Permanent life insurance (Whole or universal life): Offers lifetime coverage and may build cash value. Suitable for stable survivors looking for long-term protection or estate planning, though premiums are higher than term options

How long should a prostate cancer survivor wait before applying for life insurance?

Most Canadian insurers prefer a waiting period of 6 months to 5 years post-treatment to properly assess risk and consider your application for standard or near-standard rates. However, the waiting period may be different for you based on your stage and grade of the cancer, type of treatment received, and how well you’ve recovered.

For example, if the cancer was low-grade and detected early, and you’ve been in remission with stable PSA levels, you may be eligible for coverage as early as 6 to 12 months after treatment. However, if the cancer was aggressive or if you underwent radiation or hormone therapy, insurers may require a 2 to 5-year cancer-free period before offering traditional coverage. 

During this waiting period, you may still qualify for simplified or guaranteed issue life insurance. This requires fewer medical disclosures but comes with higher premiums and limited coverage.

Does prostate cancer increase life insurance premiums?

A history of prostate cancer may increase life insurance premiums, and it significantly influences how an insurer assesses your risk profile. Insurers determine premiums based on the likelihood of future health complications and generally consider cancer survivors as higher-risk applicants.

However, the extent of the premium increase depends on multiple factors, including the stage of cancer at diagnosis, Gleason score, treatment outcomes, and time since remission. Applicants with early-stage, low-grade prostate cancer who have been in remission for several years with stable PSA levels can receive approvals at standard or mildly rated premiums. 

On the other hand, those with aggressive or recurrent cancer may face higher premiums, coverage limitations, or even temporary declines. Insurers also consider your age, lifestyle habits, and overall health during the underwriting process.

What are the best life insurance companies for prostate cancer survivors?

While underwriting policies vary, some Canadian life insurance providers apply more flexible criteria when evaluating the cancer history of prostate cancer survivors. These insurers may offer competitive rates, quicker assessments, or tailored policies depending on your health status and time since treatment.

Here are some insurers commonly recognized for being favourable to prostate cancer survivors:

• Canada Life: Known for its detailed underwriting and willingness to consider applicants with a history of low-grade or early-stage prostate cancer, especially after a few years in remission
• Manulife: Offers both traditional and no-medical exam options. Manulife is often open to insuring survivors who are several years post-treatment with stable health indicators
• Equitable Life: A smaller but flexible insurer with strong simplified issue life insurance offerings, ideal for those who may not yet qualify for fully underwritten policies
• Assumption Life: Offers a range of no-medical and simplified issue products, making it a good fit for applicants who are within a shorter recovery timeline
• Empire Life: Provides both term and permanent insurance with relatively adaptable underwriting policies for cancer survivors in stable remission
• Humania Assurance: Specializes in simplified and guaranteed issue life insurance, suitable for prostate cancer survivors who may face challenges with traditional underwriting

Are there no-medical exam life insurance options for cancer survivors in Canada?

Yes, cancer survivors in Canada can access life insurance options that do not require a medical exam. These include simplified issue and guaranteed issue life insurance policies, which are specifically designed for individuals with pre-existing health conditions, including a history of cancer. 

Simplified issue policies involve a short health questionnaire but no medical tests. This makes them a suitable choice for survivors who have been in remission for some time and want quicker approval with moderate coverage. Guaranteed issue policies do not require any health questions or exams and offer guaranteed acceptance. 

Some insurers also offer no-medical term life insurance with limited underwriting, which can be ideal for those who want to avoid medical testing but still obtain meaningful protection.

What’s the difference between “rated,” “standard,” and “declined” in cancer-related life insurance underwriting?

In Canadian life insurance underwriting, “standard” means you’re approved at regular rates, “rated” indicates you’re approved but with higher premiums due to medical risk (common for cancer survivors), and “declined” means you’re not eligible for coverage at that time. 

Prostate cancer survivors often fall into the “rated” category, especially if diagnosed in the past 5–10 years. Ratings can improve over time with good health and cancer-free years, so reapplying later may lead to better results.

Can prostate cancer survivors be denied life insurance in Canada?

Yes, insurers may deny life insurance to prostate cancer survivors in Canada. However, this typically depends on the specifics of their medical history. Applicants with aggressive or recently treated prostate cancer may be deemed higher risk and could face a decline. This may happen particularly if it was an advanced form of cancer, with recurrent or poorly controlled symptoms.

However, a denial from one insurer does not mean that you are out of options. You may apply with other insurance companies with a lenient underwriting process. You may even go for no-medical life insurance plans. Working with a broker who specializes in cancer-related policies can significantly improve the chances of approval.

Will I need a medical exam to get life insurance after prostate cancer?

In Canada, traditional fully underwritten life insurance will require a medical exam for prostate cancer patients, especially if you are applying for higher coverage amounts. This exam may include blood work, a urine test, and a review of your PSA levels, treatment history, and overall health status.

However, if you prefer to avoid a medical exam, there are no-medical exam options available in Canada, such as simplified issue and guaranteed issue life insurance. These options are particularly useful for prostate cancer survivors looking for life insurance coverage. 

Your eligibility for no-exam coverage will depend on how long it has been since your treatment, your current health, and the insurer’s underwriting criteria.

Can beneficiaries of prostate cancer patients receive a life insurance payout?

Yes, beneficiaries of prostate cancer patients can receive a life insurance payout, provided the policy is in force and all conditions are met. If a person with prostate cancer holds a valid life insurance policy that was issued before the diagnosis, and they pass away while the policy is active, the insurer will typically pay the full death benefit.

However, complications may arise if the policy was purchased after the diagnosis. In such cases, the waiting period and disclosure requirements become critical. For example, guaranteed issue policies usually have a two-year waiting period during which only a partial benefit or return of premiums is paid if death occurs due to natural causes, including cancer. 

Also, if an applicant withholds or misrepresents medical information during the application process, the insurer may deny the claim. Prostate cancer patients need to fully disclose their medical history to ensure that their coverage remains valid.

How to get the best life insurance quotes for prostate cancer patients in Canada?

Finding the best life insurance quotes after a prostate cancer diagnosis can feel overwhelming, but it’s absolutely possible, especially with the right approach and tools. You’ll also want to consider what type of policy best suits your needs and determine how much coverage you truly require.

To streamline this process, consider using PolicyAdvisor, one of Canada’s leading online life insurance platforms. PolicyAdvisor works with 30+ top-rated Canadian insurance providers, giving you access to a broad range of products and underwriting criteria tailored to cancer survivors. 

With their AI-powered life insurance calculator, you can get personalized quotes in under 60 seconds, no paperwork or phone calls required. Plus, PolicyAdvisor offers lifetime after-sales support, helping you manage your policy, update coverage, or file claims when needed. Schedule a call with us today to get the best life insurance quotes!