• Insurance Ireland reminds consumers and brokers that its recently announced Code of Practice for Underwriting Mortgage Insurance for Cancer Survivors will be coming into force from 6th December 2023.
• Insurance Ireland worked with stakeholders to develop the Code over the last year in an effort to provide a faster, more streamlined process for those impacted.
• The Code means insurers will disregard a disclosed 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 time of diagnosis.
• Life cover of up to €500,000 per (cancer-surviving) applicant across the market in connection with a mortgage on a principal private residence is available. The Code applies to decreasing mortgage protection policies.
• The full text of the Code is available here.

Insurance Ireland and its life members are pleased to confirm the implementation of the new Code of Practice for Underwriting Mortgage Insurance for Cancer Survivors. The Code means that insurers will disregard a disclosed 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 of diagnosis. Life cover of up to €500,000 per (cancer-surviving) applicant in connection with a mortgage on a principal private residence is available under the provisions of the Code. The Code applies to decreasing mortgage protection policies.

Moyagh Murdock, Chief Executive, Insurance Ireland, said “Participating insurers are pleased to announce the official introduction of the new code, having committed to implementing it within six months. We believe the Code will lead to a faster, more streamlined process for those impacted.”

The full text of the Code can be accessed here.

Insurance Ireland devised the Code with both members and non-members. It is open to non-members to sign up to the Code. Insurance Ireland is pleased to present the following list of signatories, which includes both members and non-members (like recent signatory and non-member, AIB Life):

• Acorn Life
• AIB Life
• Aviva Life & Pensions
• Irish Life
• Laya Healthcare
• New Ireland Assurance
• Royal London Ireland
• Zurich Life Assurance plc.

Insurance Ireland and its members believe the Code will lead to a faster, more streamlined process for those impacted. They see the approach as a pragmatic solution that appropriately balances the needs of cancer survivors without causing a reduction in availability of cover for other consumers.

Insurance Ireland and its members also want to reassure those affected that, as things currently stand, it is not the case that all applicants who disclose a cancer diagnosis are declined cover. Even if an applicant does no fall within the criteria of the Code, they should still speak to their financial advisor who may be able to obtain cover for them.

In order to support affected applicants, we are delighted to see Brokers Ireland has published a list of specialised Brokers on its webpage, to assist consumers with a pre-existing illness acquire life cover.