Cancer Survivors: Mortgage Access Easier After 5-Year Remission

For cancer survivors in Ireland, a significant hurdle to financial stability is easing. New government measures mean individuals no longer have to disclose their cancer history to banks or mortgage lenders if they’ve been in remission for five years. This change, welcomed by the Irish Cancer Society, aims to remove a longstanding barrier to homeownership and financial security for those who have navigated a cancer diagnosis.

A Journey Interrupted, Now Resumed

The impact of a cancer diagnosis often extends far beyond physical health, reaching into everyday aspects of life like securing a mortgage. Lydia Whelan, a breast cancer survivor, shared her experience with the Irish Examiner, describing how her path to homeownership “came to a standstill” after receiving a devastating diagnosis shortly after her offer on a house was accepted. Despite completing the purchase with support from family and friends, she was unable to have her name on the property. Stories like Whelan’s highlight the remarkably real difficulties cancer survivors face when attempting to access fundamental financial services.

The previous uncertainty surrounding disclosure requirements, and the potential for higher premiums or outright refusal of mortgage protection insurance, created a significant source of stress and anxiety for many. The Irish Cancer Society campaigned for a five-year remission period, arguing that a longer seven-year timeframe, initially proposed, would unnecessarily prolong the trauma of a cancer diagnosis and impede recovery. Their advocacy has now resulted in a policy shift that acknowledges the emotional and practical burdens faced by survivors.

What the New Measures Entail

Tánaiste Simon Harris and Minister of State for Financial Services Robert Troy announced the five-year remission period, a commitment that builds on a voluntary code of practice introduced by Insurance Ireland in June 2023. Lion.ie explains that this code allows insurers to ignore a past cancer diagnosis when assessing mortgage protection, provided specific conditions are met. However, the new government initiative goes further by enshrining this principle in policy.

Beyond the reduced disclosure period, the sum-assured threshold for insurance has also been increased, rising from €500,000 to €650,000. Harris emphasized that a cancer diagnosis “should never define somebody’s financial future or inhibit them from owning their own home.” The threshold increase, he added, will be subject to future reviews, suggesting a commitment to ongoing assessment and potential adjustments.

The ‘Right to Be Forgotten’ and Its Scope

This move is often described as a “Right to be Forgotten” for cancer survivors, whereas, as Lion.ie clarifies, it’s more accurately a “right to be ignored” by insurers when assessing mortgage protection if qualifying criteria are met. It’s crucial to understand the scope of this right. Currently, it applies specifically to mortgage protection and does not extend to other types of insurance, such as life insurance outside of mortgage protection, serious illness cover, or income protection. These remain subject to standard underwriting rules.

The Irish Cancer Society has been a driving force behind these changes, commissioning research to understand the challenges faced by cancer patients and survivors in accessing financial products, and services. The Society’s advocacy work included sharing insights with Insurance Ireland and consulting with European cancer leagues to examine legislation in other countries.

From Voluntary Code to Government Commitment

While the Insurance Ireland code of practice was a positive step, the Irish Cancer Society recognized the need for a more robust and legally binding framework. Steve Dempsey, the Society’s director of advocacy and communications, described the government’s commitment as “a significant step forward,” noting that it addresses all previous concerns. He emphasized the importance of enacting legislation quickly to solidify these protections.

The amended legislation is expected to be brought to Cabinet within the coming months, signaling a swift move towards formalizing the new rules. This legislative commitment builds on a private members bill initially introduced by Catherine Ardagh, demonstrating a cross-party consensus on the importance of this issue.

What This Means for Cancer Survivors

For individuals who have successfully completed cancer treatment and achieved remission, this policy change offers a sense of relief and renewed opportunity. It removes a significant administrative and emotional burden, allowing them to focus on rebuilding their lives without the fear of discrimination when seeking financial products. The five-year remission period provides a clear and achievable timeframe for regaining financial independence.

However, it’s vital to remember that disclosure of cancer history will still be required. The key difference is that, if the qualifying criteria are met, insurers are legally obligated to disregard this history when assessing mortgage protection applications. This ensures a fairer and more equitable process for cancer survivors.

Looking Ahead: Legislation and Continued Advocacy

The next crucial step is the swift enactment of the amended legislation. The Irish Cancer Society will continue to advocate for this process, ensuring that the law accurately reflects the needs and rights of cancer survivors. The Society also plans to monitor the implementation of the new rules and address any challenges that may arise.

the Irish Cancer Society will continue its broader advocacy efforts to address disparities in access to other types of insurance, such as life insurance and income protection. The ultimate goal is to ensure that cancer survivors have equal access to all financial products and services, regardless of their medical history.

The annual Daffodil Day fundraiser, taking place on Friday, will support the Irish Cancer Society’s ongoing work in advocacy, research, and patient support.