Legislation to Give Cancer Survivors Equal Access to Mortgage Protection Approaches Cabinet Approval

Strategic Insights -

Ministers are poised to sign off on a long-awaited law that will grant cancer survivors equal access to mortgage protection insurance. The proposal, originally tabled by Fianna Fail TD Catherine Ardagh in 2022, aims to enshrine the 'right to be forgotten' for survivors when accessing mortgage insurance policies. This means that insurers will no longer be able to discriminate against people who have been in remission from cancer for seven years, or five years for those diagnosed in childhood. The law will effectively prohibit such discrimination, ensuring that survivors have equal access to financial products and services.

Key Takeaways:

  • The proposed legislation will prohibit insurers from discriminating against cancer survivors who have been in remission for seven years or five years for those diagnosed in childhood.
  • The law aims to enshrine the 'right to be forgotten' for survivors when accessing mortgage insurance policies.
  • Over 44,000 people are diagnosed with cancer each year in Ireland, and research shows that 60% will survive beyond five years.
  • Insurance companies have been charging excessive premiums to cancer survivors, with one quarter facing difficulties in obtaining an owner-occupier mortgage and over one in three struggling to get life insurance.
  • **Financial Impact:**

+ One quarter of cancer survivors had difficulty obtaining an owner-occupier mortgage, compared to 11% in the general population.

+ Over one in three cancer survivors faced difficulty getting life insurance, compared to 10% in the general population.

  • **Insurance Industry Response:**

+ In 2023, Insurance Ireland rolled out a code of practice asking insurers to ignore cancer diagnoses if a treatment ended over seven years ago.

+ The insurance industry initially opposed the legislation, warning it could lead to 'detrimental effects' for other customers.

  • **Government Commitment:**

+ The Coalition initially committed to passing the law in the Programme for Government.

+ Cabinet approval is expected to be given, with Minister of State for Insurance Reform Robert Troy hopeful that the legislation can be introduced before summer recess.

Statistics:

  • 44,000: The approximate number of people diagnosed with cancer each year in Ireland (Irish Cancer Society, 2022).
  • 60%: The percentage of people who will survive beyond five years after being diagnosed with cancer (Irish Cancer Society, 2022).
  • 11%: The percentage of people in the general population who face difficulty in obtaining an owner-occupier mortgage (Irish Cancer Society, 2022).
  • 10%: The percentage of people in the general population who face difficulty in getting life insurance (Irish Cancer Society, 2022).
  • 1 in 3: The proportion of cancer survivors who face difficulty in getting life insurance (Irish Cancer Society, 2022).

Sources:

  • Irish Daily Mail
  • news@dailymail.ie
  • Irish Cancer Society (February 2022)
  • Insurance Ireland (2023)