A new code of practice aimed at making it easier for cancer survivors to get mortgage protection comes into effect from today.
The code, announced earlier this year, will see participating insurers disregard a disclosed cancer diagnosis where treatment ended more than seven years prior to their application or more than five years if the applicant was under 18 at time of diagnosis.
Life cover of up to €500,000 per cancer-surviving applicant will also be available for a mortgage on a principal private residence.
The voluntary code applies to decreasing mortgage protection policies.
Signatories include Acorn Life, AIB Life, Aviva Life & Pensions, Irish Life, Laya Healthcare, New Ireland Assurance, Royal London Ireland and Zurich Life Assurance.
"Participating insurers are pleased to announce the official introduction of the new code, having committed to implementing it within six months," said Moyagh Murdock, chief executive of Insurance Ireland, which put the code together working with stakeholders.
"We believe the Code will lead to a faster, more streamlined process for those impacted."
The implementation of the code has been welcomed by the Minister for Finance and the Minister of State for Financial Services, Credit Unions and Insurance.
"We welcome the fact that this Code of Practice will now officially take effect from today," they said.
"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."
The Department of Finance is also to continue to monitor ongoing policy developments at EU-level to address fair access for cancer survivors to financial services.
Brokers Ireland said it has a register of 170 brokers who are available to help those who have had a pre-existing illness such as cancer and are attempting to obtain life cover for mortgages.
"We're delighted to have a very broad geographical spread of brokers available to help anyone who may be having difficulty in obtaining cover," said Rachel McGovern, Director of Financial Services at Brokers Ireland.
"We very much welcome the new Code of Practice by Insurance Ireland, it will improve access to mortgage protection insurance for cancer survivors," she added.
