SIMSBURY, Conn. - (Business Wire) Almost 186,000 American men will be diagnosed with prostate cancer this year. While it
’s a diagnosis no one wants to hear, the chances of surviving prostate cancer and living a full life are far better than they used to be. Thanks to early detection and improved treatment options, 93 percent of men diagnosed with prostate cancer today will live at least ten years. That compares with just 50 percent in the 1980s, according to the National Cancer Institute.
In response to the improved prognosis, The Hartford has become the first insurer in the nation to offer life insurance at standard rates to men who have been successfully treated with radiation for moderate levels of prostate cancer. In the past, these survivors often had to wait several years to become eligible to buy life insurance and even then had to pay significantly more for their coverage for up to five years.
“We identified prostate cancer as a disease that has become far more treatable in recent years and concluded that we can begin offering life insurance to more men who want it," said Brian Murphy, executive vice president and director of The Hartford's individual life division.
Under The Hartford’s new underwriting guidelines, standard rates are available to men 70 and older who have been treated with radiation for moderately aggressive prostate cancer. The cancer must be confined to the prostate and the man must have a strong prognosis for survival based on the level of a prostate-specific antigen (PSA) in the blood of 0.5 or less after treatment. Standard rates, which are in effect for insurance policies issued by Hartford Life Insurance Co. and Hartford Life and Annuity Insurance Co., subsidiaries of The Hartford, are the same rates offered to most healthy men of the same age.
In 2005, The Hartford became the first insurer in the nation to offer life insurance at standard rates to women age 40 and older who had been treated for early-stage breast cancer. In 2006, The Hartford became the first insurer to offer life insurance to men 60 and older who had been successfully treated for moderately aggressive prostate cancer that was confined to the prostate and that had been surgically removed. The prostate cancer and breast cancer underwriting programs represent a holistic approach by The Hartford to recognize the improving prognosis for both men and woman diagnosed and treated for these common cancers.
Dr. Craig Davidson, assistant vice president and senior medical director with The Hartford’s individual life insurance division, said, "The ability to use radiation in a more concentrated manner has substantially improved the effectiveness of the procedure and has given older men a very appealing alternative to surgery.”
"We want to encourage older men to schedule regular prostate cancer screenings. That’s because one of every six men is likely to contract prostate cancer in their lifetime, and more than 90 percent of men diagnosed with prostate cancer are at least 55 years old.”
Because of improvements in detection and treatment, men whose cancer is confined to the prostate have nearly the same five- and 10-year survival rates as men without prostate cancer, according to the National Cancer Institute. There are more than two million men alive today who have at some time in their lives been diagnosed with the disease. These and other statistics convinced The Hartford to make life insurance easier to buy for many prostate cancer survivors.
For example, a 70-year-old non-smoking man living in Connecticut who meets the guidelines could pay a premium of $17,016 annually to purchase an Advanced Universal Life policy with a $500,000 death benefit. Premiums would be payable for 30 years, and the policy would provide a lifetime No-Lapse Guarantee. That’s a potential annual savings of $5,000 over a policy written under The Hartford’s old guidelines. Moreover, he could apply for the policy as soon as he has had a favorable post-treatment appointment with his physician, eliminating the need to wait for years to become eligible for coverage, as was the case in the past.
"By making life insurance more widely available and less expensive to buy," Murphy said, “more families will have access to the protection they need, and can concentrate on getting well and, most important of all, living their lives."
The Hartford, a Fortune 100 company, is one of the nation's largest financial services and insurance companies, with 2007 revenues of $25.9 billion. The Hartford is a leading provider of investment products, life insurance and group benefits; automobile and homeowners products; and business property and casualty insurance. International operations are located in Japan, Brazil and the United Kingdom. The Hartford's Internet address is www.thehartford.com.
HIG-L
Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our Quarterly Reports on Form 10-Q, our 2007 Annual Report on Form 10-K and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.
The Hartford
Robert DeMallie, 860-843-5215
robert.demallie@hartfordlife.com
or
Timothy Benedict, 860-843-5150
timothy.benedict@hartfordlife.com
