The Department of Finance announced that legislation establishing an enforceable right for qualifying cancer survivors to have their medical history disregarded in mortgage protection insurance applications has passed all stages of the Oireachtas. The measure will replace the insurance industry’s voluntary code with a statutory framework once commenced. The disregard will apply where the applicant completed active cancer treatment and has been in complete remission for five years, the insurance covers a principal private residence and the amount sought does not exceed EUR 650,000. Preventative therapy, including anti-hormonal medication, will not by itself disqualify an applicant who otherwise meets the criteria. Applications above the threshold or outside the scope of the legislation may undergo normal underwriting. Compared with the voluntary code introduced in 2023, the legislation reduces the qualifying period from seven years to five years regardless of age at diagnosis and raises the cover threshold from EUR 500,000 to EUR 650,000. The department will work with the insurance industry on commencement and the transition to the statutory requirements.
Ireland's Department of Finance welcomes Oireachtas passage of statutory five-year cancer history disregard for mortgage cover up to EUR 650,000
Ireland’s Department of Finance announced Oireachtas passage of legislation requiring insurers to disregard qualifying cancer histories in mortgage protection applications. The right will apply after five years of completed active treatment and complete remission for cover on a principal private residence up to EUR 650,000. It will replace the existing voluntary code once commenced.