Insurance Ireland Code of Practice
The Code officially takes effect from 06 December 2023. You can read the full Code text on the Insurance Ireland website.
We're always here to help, so please get in touch if you have any questions and your Financial Broker can help advise you on your own personal circumstances and explain how this Code may affect you.
The Code explained
We will follow the principles outlined in the Code and disregard any disclosed cancer diagnosis where:
- the application is for Mortgage Protection life cover in connection with a mortgage on a principal private residence,
- the insurance cover sought is for €500,000 or less, and
- treatment for cancer ended more than seven years prior to the application, or more than five years prior if the applicant was under 18 at the time of diagnosis.
It’s important to note that if you qualify to avail of the provisions of this Code, you still need to answer all application questions fully, including those specifically related to cancer. But we will not use this information in relation to a cancer diagnosis to underwrite your policy.
The Code only applies to the first €500,000 of Mortgage Protection life cover per applicant and not to any other product or type of cover.
What is specifically meant by ‘treatment for cancer’?
When we say treatment for cancer has ended,
we mean:
- that the applicant is in complete remission, and
- any active treatment has ended.
A cancer survivor’s treating oncologist determines whether they are in complete remission. 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.
Active treatment means the use of surgery, radiation therapy, chemotherapy, biological agents, immunotherapy, bone marrow transplant or any evidence-based medical approaches to cure a cancer.
Active treatment does not include anti-hormonal medications, or any form of preventative therapy or medicine designed to reduce recurrence risk following complete remission.
What is the purpose of this new Code?
The purpose of the Code is to improve access to Mortgage Protection life cover for cancer survivors. It aims to provide a faster, more streamlined process for impacted cancer survivors and ensure availability and affordability of Mortgage Protection life cover for as many consumers as possible.
Under what circumstances will a cancer diagnosis be disregarded and not used to underwrite a policy?
There are three criteria that need to be met, and once they are a person’s history of cancer will not be used to underwrite their policy.
- The application is for Mortgage Protection life cover in connection with a mortgage on a principal private residence.
- The amount of cover being applied for is €500,000 or less.
- Treatment for cancer ended more than seven years before the application, or more than five years prior if the applicant was under 18 at the time of diagnosis.
Which types of life assurance are included under the Code?
Only Mortgage Protection life cover policies are included.
How much cover is allowable under the Code?
€500,000 is the maximum amount of cover that qualifies under the Code.
However, with Royal London Ireland, you can apply for a single policy for any sum assured and we will apply the terms of the Code to the first €500,000 of cover. Normal underwriting criteria will then apply to any amount above €500,000.
Can I apply for Mortgage Protection and avail of the Code if my treatment was 6 years and 6 months ago?
Yes, but only if you were under 18 at the time of your cancer diagnosis.
The Code covers treatment for cancer that ended more than seven years before your application, or more than five years if you were under 18 at the time of diagnosis. You can only avail of the Code when these timelines have been met.
I would like to apply for a decreasing term assurance policy, for €300,000, as personal life cover. Would I be covered under the Code?
No. The life cover must be for Mortgage Protection for your principal private residence, as specified in the Code. As this policy would be used for personal cover, rather than connected to a mortgage loan, it would not qualify under the Code.
I already have a policy for my principal private residence and I’m taking out a mortgage on an investment property. Is it possible for me to get cover under the Code for my investment property of €500,000?
No. As the mortgage is not for your principal private residence you cannot avail of the Code.
If you have any other questions about this Code or about applying for a policy in general, please get in touch with us, or for tailored advice, please contact your Financial Broker.
If you do not already have a Financial Broker, you can find out more about the benefits of a broker and how to find one here.
Brokers Ireland has a published list of specialised brokers on its website too who can help consumers who have had difficulty acquiring Life Cover due to a pre-existing illness.