The insurance industry has recently introduced a new set of guidelines that aim to empower cancer survivors by giving them easier access to mortgage protection. These guidelines, which came into effect earlier this year, require participating insurers to ignore a disclosed cancer diagnosis if treatment ended more than seven years ago, or five years ago for those diagnosed before the age of 18.
As a result, cancer survivors can now obtain mortgage protection insurance, regardless of their previous medical history. These guidelines specifically apply to decreasing mortgage protection policies and have received support from both the government and participating insurers.
The implementation of these guidelines not only simplifies the application process for cancer survivors but also sets an important example for other industries to adopt similar practices for individuals with pre-existing medical conditions. With ongoing efforts to address any remaining obstacles, the future looks promising for improved access to financial services for cancer survivors.
Purpose of the Insurance Code
The purpose of the new insurance code is to provide cancer survivors with easier access to mortgage protection insurance. This code of practice, which was recently introduced, aims to eliminate the difficulties that cancer survivors previously faced in obtaining this type of insurance.
Participating insurers will now disregard a disclosed cancer diagnosis if treatment ended more than seven years prior to the application, or more than five years prior for applicants who were under 18 at the time of diagnosis. The code applies specifically to decreasing mortgage protection policies.
Its implementation is a significant step towards financial inclusivity for cancer survivors, offering them financial security and peace of mind. By streamlining the application process, the code ensures a faster and smoother experience for cancer survivors seeking mortgage protection insurance.
Benefits for Cancer Survivors
Cancer survivors can now experience the benefits of easier access to mortgage protection insurance under the new insurance code. This code of practice, which was recently implemented, allows participating insurers to ignore a disclosed cancer diagnosis if the treatment ended more than seven years prior to the application. For applicants who were under 18 at the time of diagnosis, treatment must have ended more than five years prior to the application.
This means that cancer survivors can now access mortgage protection insurance, providing them with financial security and peace of mind. The code eliminates the difficulties that cancer survivors previously faced in obtaining this type of insurance and leads to a faster and more streamlined application process.
It is a significant development for cancer survivors and their families, ensuring their financial well-being and inclusion in the mortgage protection market.
Insurers’ Pledge to Participate
Participating insurers have demonstrated their commitment to the new insurance code by signing on and implementing its guidelines. Acorn Life, AIB Life, Aviva Life & Pensions, Irish Life, Laya Healthcare, New Ireland Assurance, Royal London Ireland, and Zurich Life Assurance are among the insurers that have become signatories of the code. These insurers have made a pledge to implement the code within six months.
They are pleased to officially introduce the new code, which has been put together by Insurance Ireland in collaboration with stakeholders. The Minister for Finance and the Minister of State for Financial Services, Credit Unions, and Insurance have welcomed the implementation of the code.
This commitment by participating insurers ensures that cancer survivors will have improved access to mortgage protection insurance and financial security.
Government Support and Policy Developments
With the support of the government, ongoing policy developments are being monitored at the EU-level to ensure fair access for cancer survivors to financial services.
The Department of Finance has welcomed the official introduction of the code of practice, recognising its significance for cancer survivors and their families who previously struggled to access mortgage protection insurance.
The government is committed to supporting cancer survivors and ensuring their financial well-being, and as such, it continues to monitor policy developments at the EU-level. Efforts are being made to address any remaining barriers that cancer survivors may face in accessing financial services.
This proactive approach aligns with the government’s commitment to inclusivity and improving the lives of cancer survivors. By monitoring and advocating for fair access, the government aims to create a more equitable financial landscape for cancer survivors.
Future Outlook and Impact
The implementation of the code establishes a precedent, signalling a promising future for financial inclusivity for cancer survivors. By providing a framework for insurers to consider the individual circumstances of cancer survivors, the code ensures that they can access mortgage protection insurance without facing discrimination or excessive premiums.
This development is significant not only for cancer survivors and their families but also for the insurance industry as a whole. It sets an example for other industries to develop similar codes of practice for individuals with pre-existing medical conditions, promoting a more inclusive and fair society.
The impact of this code is expected to be far-reaching, improving access to financial services for cancer survivors in the long term. It demonstrates the commitment of insurance providers to supporting cancer survivors and fostering a more inclusive society.
Summary
In conclusion, the introduction of the new insurance code of practice is a significant step towards empowering cancer survivors and providing them with financial security.
By disregarding a disclosed cancer diagnosis after a certain period of time, this code allows cancer survivors to access mortgage protection insurance regardless of their medical history.
Whilst some may argue that this code may increase insurance premiums for others, the benefits it offers to cancer survivors far outweigh any potential drawbacks.
