Mortgage protection insurance code of conduct will disregard diagnosis where treatment ceased seven or more years before application
The changes follow discussion between the industry and the Irish Cancer Society after the charity published a report in 2021 highlighting the difficulties many cancer survivors experienced in accessing the necessary life cover to obtain a mortgage.
Life insurance would become more affordable for some cancer survivors and this can be expected to lead to more of them taking out policies, the report finds. However, consumers who have recovered from other illnesses or diseases may feel unfairly treated as they would still be required to disclose their prior condition.
None of these applications was automatically accepted. An estimated 8,500 were referred to an underwriter for individual consideration, with the remainder declined or postponed for re-assessment after at least six months. Insurance Ireland says applicants who disclose a cancer diagnosis are not automatically declined cover, and many obtain it at either standard rates or with an additional cost.
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