Mortgage Protection After Cancer-Ireland
Before delving into the specifics of Mortgage Protection after cancer, it’s helpful to understand the broader context of cancer in Ireland. According to the Irish Cancer Society, cancer is a significant health issue, with over 44,000 new cases diagnosed each year. As of 2020, there were 207,000 cancer patients or former cancer patients alive in Ireland.
Firstly, Credit to the Irish Cancer Society for their campaigning for the improvement in mortgage protection access for cancer survivors, to Insurance Ireland , and their members who have signed up to this code. It really is a progressive step forward for the insurance industry as a whole.
New Mortgage Protection Code for Cancer Survivors *Right to be Forgotten*
*This code came into effect on the 6th December 2023, so you could benefit from this immediately*
Insurance Ireland and its members announced a NEW Code of Practice to improve access to mortgage protection insurance for cancer survivors. This follows discussions with the Irish Cancer Society last summer regarding its 2021 report, highlighting that many cancer survivors do not feel that they can access the necessary life cover in order to obtain a mortgage. The code means insurers will disregard a cancer diagnosis where treatment ended more than seven years, prior to their application for mortgage protection insurance.
Click here to see the full mortgage protection for cancer survivors code document
How does the new Code for Cancer Survivors work?
Insurers will disregard any disclosed cancer diagnosis where all of the following conditions are met:
1.The Mortgage Protection application is for a mortgage on your main home only.
2. Maximum level of cover you can have on your mortgage protection is €500,000 or the value of your mortgage, whichever is smaller.
3. The Code applies to decreasing life insurance only, being used for mortgage protection cover. The code Does not apply to level term life insurance, serious illness insurance, income Protection or other benefits.
4. Treatment of cancer ended more than 7 years ago (before you make application). Your cancer must be in complete remission, with no signs or symptoms over the 7-year period.
5. If under age 18 at time of cancer diagnoses, Treatment of cancer ended more than 5 years ago (before you make application). Your cancer must be in complete remission, with no signs or symptoms over the 5-year period.
Will I need to tell the Insurance Company about my history of Cancer?
Yes, you will still need to complete a normal Mortgage Protection application and note down your cancer history details.
Which Insurers have agreed to this code for cancer survivors?
Thankfully, all the main insurers Ireland have signed up to the code, listed below:
- Irish Life
- Zurich Life
- Aviva Ireland
- New Ireland Assurance
- Royal London Ireland
- Acorn Life
In simple terms how will this code benefit Cancer Survivors?
If you meet the above conditions mentioned and apply for Mortgage Protection, you will be charged the standard price for your mortgage protection, which will be the same price as others who never had cancer are being charged. It important to note, excluding your cancer history, the insurer will still take into consideration any other health issues you suffer with.
The Right to be Forgotten, allows cancer survivors to have a chance at getting mortgage protection at an affordable price. The code levels the playing field for those unfortunately diagnosed with the terrible disease know as cancer.
What if I do not meet the conditions in the code?
If you do not meet the above criteria set out in the code, it may still be possible to get you mortgage protection cover. If you think you do not meet the criteria set out in the code above and still need Life Insurance or Mortgage Protection, have a read of my blog Life Insurance after Cancer which may help.
What can Financial Life do for you?
At Financial Life we have a team of experienced CFP® Professionals, Qualified Financial advisors who help cancer survivors get Life Insurance and Mortgage Protection, day in, day out. Firstly, we know which Life Insurance companies will provide you with the best terms. Secondly, we deal with Irish Life, Aviva Ireland, Zurich Life, New Ireland, and Royal London Ireland and we will place you with the best company based on the medical information you provide.
Furthermore, we get special broker discounts which can reduce your premium even further.
Check out our testimonials:
Finally, If you have any questions in relation to this you can reach me personally on 01 582 3523 or email me at Aidan@financiallife.ie
Thanks for reading
Disclaimer: The information provided in this blog post is for informational purposes only and should not be considered professional advice. It is advisable to seek expert financial advice for personalized guidance regarding life insurance.
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