Are you a cancer survivor, who has been turned down in the past for mortgage protection on your home?

From the first of December 2023, life companies who have signed up to a new code of practice will accept applications to survivors of 7 years or more from their cancer. The survivors’ cancer will be disregarded for underwriting purposes and will be considered for applications up to €500,000 sum insured. Standard underwriting applies for all applications.

  • Insurance Ireland announced a new Code of Practice for Underwriting Mortgage Protection Insurance for Cancer Survivors. The code will lead to a faster, more streamlined process for impacted cancer survivors.
  • The code provides for cancer survivors’ ‘Right to be Forgotten’, meaning insurers will disregard a cancer diagnosis where treatment ended more than 7 years prior to their application or more than 5 years if the applicant was under 18 at the time treatment ceased.
  • Cover of up to €500,000 per (cancer-surviving) applicant in connection with a mortgage on a principal private residence. Data from Insurance Ireland members shows that over 90% of mortgage protection policies in Ireland are below €500,000.
  • While discussions regarding access to insurance for cancer survivors continue at European level, the Code of Practice goes beyond the proposed provisions for mortgage amounts of €200,000 or less and a period of 15 years since end of cancer treatment.
  • Insurance Ireland has worked with a number of stakeholders both here and across Europe to design a framework that appropriately balances the needs of cancer survivors without causing a reduction in availability of cover for other consumers.

Here is a sample Frequently Asked Questions fact sheet in relation to the Insurance Ireland Code of Practice for Underwriting Mortgage Protection Insurance for Cancer Survivors, as created by New Ireland.

Click on this link to download the fact-sheet Underwriting Mortgage Protection Insurance for Cancer Survivors

Mark Winters & Henry Bourke trading as Allied Financial are Regulated by the Central Bank of Ireland