Thursday, 8th June: The Irish Cancer Society has welcomed the publication of the Code of Practice for cancer survivors seeking mortgage protection insurance by Insurance Ireland.  The Code of Practice should make it easier for cancer survivors to get mortgage protection insurance and the industry says it should be operational before the end of the year.

Rachel Morrogh, Director of Advocacy at the Irish Cancer Society responded to the publication of the Code of Practice by saying:

“The Irish Cancer Society welcomes the announcement that the insurance industry has published a Code of Practice that will make it easier for cancer survivors to get mortgage protection insurance.

“We are delighted that the Irish Cancer Society’s campaign on this issue has led to a positive outcome for cancer survivors, particularly survivors of childhood cancer whose diagnosis could follow them well into adulthood. The Code of Practice means that anyone who was under 18 at the time of diagnosis will have their cancer ‘forgotten’ by the insurance industry after 5 years’ remission. For adults, there is a 7-year waiting period.

“We believe that this is real progress and that learnings from the implementation of the Code and the experiences of cancer survivors can inform national legislation on this issue, like in other European countries.”

Background

• 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.