New Code of Practice for Cancer Survivors Access to Mortgage Protection Insurance
A new Code of Practice for Underwriting Mortgage Protection Insurance for Cancer Survivors came into effect which aims to provide a faster, more streamlined process for cancer survivors seeking mortgage protection insurance.
What is the Code?
The Code of Practice for Underwriting Mortgage Insurance for Cancer Survivors is a set of guidelines that insurers will follow when assessing applications from cancer survivors. It means that insurers will disregard a disclosed cancer diagnosis where treatment ended more than 7 years prior to the applicant's application or more than 5 years if the applicant was under 18 at the time of diagnosis. This means that you may be able to get mortgage protection insurance without having to disclose your cancer history, or you may be able to get a more favourable rate.
How much coverage is available?
Life cover of up to €500,000 per applicant is available under the provisions of the Code. The Code applies to decreasing mortgage protection policies.
Which insurers are participating?
The following insurers are participating in the Code:
Acorn Life
AIB Life
Aviva Life & Pensions
Irish Life
Laya Healthcare
New Ireland Assurance
Royal London Ireland
Zurich Life Assurance
What can I do if I'm still having trouble?
If you're a cancer survivor who has been denied mortgage protection insurance, even after the Code takes effect, there are a few things you can do:
Talk to your insurance broker. Your broker can help you find an insurer that is willing to consider your application
Check the list of specialised brokers on Brokers Ireland's webpage. These brokers are experienced in helping consumers with pre-existing illnesses acquire life cover
Contact Insurance Ireland directly. Insurance Ireland can provide you with more information about the Code and the process for obtaining coverage
We hope this news helps cancer survivors take the next step towards securing their mortgage protection needs.