fbpx

Mortgage Protection After Cancer in Ireland

Cancer Survivors can now access stress-free Mortgage Protection

 

Cancer survivors can now gain access to mortgage protection without being penalised due to their previous health history (subject to certain conditions below).

 

Previously, survey evidence by the Irish Cancer Society had found that cancer survivors experienced considerably more difficulty dealing with insurers, especially banks, calling for an enforceable “right to be forgotten”. Those difficulties related to outright refusal of cover, excessively high premiums and unduly burdensome processes involved in securing cover.

 

The new Code of Practice, recently published by Insurance Ireland, will increase the availability of cover for cancer survivors, and will allow for a faster, easier, and more streamlined process when applying for your mortgage protection policy. Additionally, existing mortgage protection policyholders will now have the opportunity to shop around and search the marketplace for better pricing, where their premiums should now be significantly cheaper.

 

It is important to note that in order to secure mortgage approval for a home purchase, it is compulsory to take out mortgage protection (decreasing life cover) to cover the value of the mortgage (loan) on your home.

 

 

Am I eligible for the new Code of Practice for Cancer Survivors?

 

Under the new code, Irish Life Insurer’s will disregard a cancer diagnosis if you are in complete remission and treatment for your cancer ended more than seven years before any application for cover. Where the cancer had been diagnosed under the age of 18, the time limit falls to five years.

 

As a cancer survivor, you will be able to get mortgage protection cover up to a value of €500,000 for your primary residence (main family home), however, the code does not apply to mortgages on second homes or investment properties.

 

Regarding the underwriting process, you still have to disclose your history of cancer but the insurer will ignore it when underwriting your application if it satisfies the required conditions.

 

 

How will this benefit me | Mortgage Protection After Cancer in Ireland

 

 

 

Can I switch my existing policy?

Yes, if you hold an existing mortgage protection policy and are paying a high premium, you will now have the opportunity to shop around for better pricing. Fill out the form below, and our team will search the marketplace to find you a significantly cheaper premium.

 

Complete the form below for a Mortgage Protection quote | Mortgage Protection After Cancer in Ireland

 

 

 

Who are the available Life Insurer’s?

 

The insurers agreeing to operate the voluntary code are: Irish Life, Royal London, Zurich Life Assurance, Aviva Life and Pensions, New Ireland Assurance, Acorn Life, and Laya Healthcare. 

 

 

Which Life Insurer's are available | Mortgage Protection After Cancer in Ireland

 

 

 

Where to from here?

As a cancer survivor, your chance of obtaining affordable insurance coverage can now become a reality, without unnecessary barriers towards home ownership or stigmatisation associated with your previous medical condition.

 

 

Contact us for a quote:

Fill out your details and inquiry below, and one of our Qualified Financial Advisors will get back to you shortly.

Please enable JavaScript in your browser to complete this form.
Name
DD/MM/YYYY
Select 'Smoker' if you have smoked tobacco products in the last 12 months.
You need to cover the amount you are borrowing. Input the current amount outstanding on your loan.
Selected Years: 10
Select the amount of years you need the cover for.

 

Leave a Reply

Your email address will not be published. Required fields are marked *

*

Recent News

We're here to help

View all

  • Latest Irish Life weekly markets update

  • Markets boosted by Cooler US Inflation – Zurich Life Weekly Investment News

  • Latest Irish Life weekly markets update

  • UK labour party wins landslide – Zurich Life Weekly Investment News

  • Latest Irish Life weekly markets update

  • What will French Election results mean for markets? – Zurich Life Weekly Investment News

  • How has the latest UK inflation report affected UK markets? – Zurich Life Weekly Investment News

  • Latest Irish Life weekly markets update

  • What does political uncertainty in France mean for European Markets? – Zurich Life Weekly Investment News

  • Latest Irish Life weekly markets update

Got any questions?

Get in touch today

Phone