A method for assessing insulation deterioration in a live underground power cable may include, in one embodiment, attaching a coupling device to a live underground power cable and using the coupling device to couple a test signal onto the power cable. The power cable may carry a normal AC power signal at a first frequency, while the test signal may have a second frequency different from the first frequency. The test signal may be detected after it has traveled a distance along the power cable. It may then be analyzed to determine a change in velocity and/or attenuation of the test signal as a function of the normal AC power signal. The severity of water trees in the power cable may be inferred based on the magnitude of the change.