New code of practice will make it easier for cancer survivors to get mortgage protection

Ministers have welcomed the implementation of a code of practice aimed at making it easier for cancer survivors to get mortgage protection, which comes into effect from Wednesday.

Thousands of cancer survivors are set to benefit from the introduction of the “right to be forgotten” when applying for mortgage protection insurance.

The code, which is voluntary, means insurers will disregard a cancer diagnosis where treatment ended more than seven years before an application under the code of practice.

Where an applicant was under 18 at the time their cancer treatment ceased, the right to be forgotten will apply after five years.

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Cover of up to €500,000 per applicant is to be allowed under the revised code, a ceiling Insurance Ireland said covers more than 90 per cent of mortgage protection policies issued in the State.

Minister for Finance Michael McGrath and Minister of State for Financial Services Jennifer Carroll MacNeill have both welcomed the implementation of the new code of practice.

“This is a significant moment, above all for cancer survivors and their families who have experienced difficulties in accessing mortgage protection insurance due to a previous cancer diagnosis,” they said in a joint statement.

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.

Mr McGrath said the official implementation of the code of practice from December 6th was “a positive first step in ensuring access to mortgage protection insurance for cancer survivors, which remains an important issue for Government”.

“The focus now must be on ensuring that the code delivers the intended outcomes for consumers in terms of improved access to cover and a better customer experience,” he said.

Ms Carroll MacNeill said the implementation of this new code of practice by the signatory firms “will mean that for the cancer survivors included they can return to a sense of normality when it comes to securing mortgage protection insurance cover – something that most of us take for granted”.

“This will be one less reminder of the disruption that cancer had on their lives and I do hope that more and more insurers sign up to make a real difference for all such cancer survivors in time,” she said.

Separately, the Department of Finance continues to monitor ongoing policy developments at EU-level to address fair access for cancer survivors to financial services.

These include the European Commission’s proposal to develop a code of conduct by 2024, under Europe’s Beating Cancer Plan.

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