Since, 6 December 2023, a code of practice on mortgage protection insurance for cancer survivors has come into effect. This means that as a cancer survivor, you can now apply for Mortgage Protection and insurance company which offers this type of cover will ignore cancer diagnosis if:
- Application is for Life Cover – Mortgage Protection only.
- The maximum level of life cover per person must be their mortgage amount and must not exceed €500,000.
- It is in connection with a mortgage on a primary private residence only. This includes first time buyers, home movers and re-mortgages.
- Treatment has ended and cancer is in remission for more than seven years prior to the application or more than five years prior to the application if the applicant was under 18 at the time of diagnosis.
How is ‘end of treatment’ defined?
End of Treatment means the applicant is in complete remission and active treatment ended more than seven years prior to the date of the application, or more than 5 years prior to the date of application if the life assured was under age 18 at the time of diagnosis.
Complete remission is determined by a cancer survivor’s treating oncologist. This includes the absence of signs and symptoms related to a cancer diagnosis which may be determined by, but not limited to, physical examination, radiological investigation, and serum biomarkers.
The term “active treatment” represents the use of surgery, radiation therapy, chemotherapy, biological agents, immunotherapy, bone marrow transplant or any evidence-based medical approaches to cure a cancer. These therapies may have been employed in both the primary (adjuvant and neoadjuvant) settings and secondary setting. The term “active treatment” excludes anti-hormonal medications, or any form of preventative therapy or medicine designed to reduce recurrence risk following complete remission.
How does it work?
You must complete an application form and disclose all required medical history including cancer diagnosis. The additional information might be required regarding initial diagnosis, treatment, and remission. It is very important to provide all information and answer questions carefully to make sure that all dates are provided correctly. Not disclosing required information can result in claim being declined if same occurs during the term of the policy. If the necessary criteria are met, the insurance company will underwrite the policy as if the cancer never happened.
All other medical history will be reviewed by the insurance company as per standard process/terms.
All other protection products are excluded, and normal underwriting criteria will apply.
If you are wondering if above applies to your circumstances or have any questions or would like to discuss, please contact us today.
