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From the 6th of December 2023 the new Insurance Ireland Code of Practice for Underwriting Mortgage Protection Insurance for Cancer Survivors (the Code). The Code aims to ensure fair treatment regarding access and affordability of Mortgage Protection life cover for cancer survivors. Please see Frequently Asked Questions below.

What is the purpose of this new Code?

The purpose of the Code is to improve access to Mortgage Protection life cover for cancer survivors. It aims to provide a faster, more streamlined process for impacted cancer survivors and ensure availability and affordability of Mortgage Protection life cover for as many consumers as possible.

Under what circumstances will a cancer diagnosis be disregarded and not used to underwrite a policy?

There are three criteria that need to be met, and once they are a person’s history of cancer will not be used to underwrite their policy.
1 The application is for Mortgage Protection life cover in connection with a mortgage on a principal private residence.
2 The amount of cover being applied for is €500,000 or less.
3 Treatment for cancer ended more than seven years before the application, or more than five years prior if the applicant was under 18 at the time of diagnosis.

Which types of life assurance are included under the Code?

Only Mortgage Protection life cover policies are included.

How much cover is allowable under the Code?

€500,000 is the maximum amount of cover that qualifies under the Code. However, with Royal London Ireland, you can apply for a single policy for any sum assured and we will apply the terms of the Code to the first €500,000 of cover. Normal underwriting criteria will then apply to any amount above €500,000.

Can I apply for Mortgage Protection and avail of the Code if my treatment was 6 years and 6 months ago?

Yes, but only if you were under 18 at the time of your cancer diagnosis. The Code covers treatment for cancer that ended more than seven years before your application, or more than five years if you were under 18 at the time of diagnosis. You can only avail of the Code when these timelines have been met.

I would like to apply for a decreasing term assurance policy, for €300,000, as personal life cover. Would I be covered under the Code?

No. The life cover must be for Mortgage Protection for your principal private residence, as specified in the Code. As this policy would be used for personal cover, rather than connected to a mortgage loan, it would not qualify under the Code.

I already have a policy for my principal private residence and I’m taking out a mortgage on an investment property. Is it possible for me to get cover under the Code for my investment property of €500,000?

No. As the mortgage is not for your principal private residence you cannot avail of the Code

I was diagnosed with breast cancer when I was 28 and had surgery, followed by chemotherapy which ended eight years ago. However, I was on Tamoxifen until three years ago. When Royal London Ireland asks when I last had treatment, what date do I give?

The date that you finished your chemotherapy treatment will be regarded as the date of your last treatment. So that is the date you should provide. Treatment is defined as therapies that are designed to cure cancer (such as surgery, chemotherapy, radiotherapy etc.). Therapies designed to reduce the risk of recurrence, such as anti-hormonal treatments like Tamoxifen, are not included as a treatment under the Code.

Low Cost Life Cover is an independent broker with agencies with all the major insurers Zurich, Royal London Ireland, Irish Life, Aviva and New Ireland. It is our job to provide you with the best independent advice that is the most suitable for your needs. I’m Anthony and I have over 25 years experience working in Financial Services. I would be happy to discuss your individual needs if you have any questions give me a call 01 6853818, I’m from Donegal I love to talk!

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