In a landmark move for cancer survivors in Ireland, the ‘Right to be Forgotten’ rule for Mortgage Protection insurance was implemented on December 6, 2023. This revolutionary step not only grants cancer survivors the opportunity to secure insurance coverage but also addresses the financial challenges they face when seeking mortgage approval.
The catalyst behind this progressive change is Professor Mark Lawlor of Queen University, Belfast. Professor Lawlor joined forces with the Irish Cancer Society, initiating discussions with Insurance Ireland. After years of dialogue and collaboration, the ‘Right to be Forgotten’ rule became a reality, offering a fresh start for cancer survivors seeking mortgage protection.
Tom Grant, Managing Director of OneLife Insure
Senator Erin McGreehan
Minister of Finance, Michael McGrath
Senator Catherine Ardagh
OneLife Insure, led by our Managing Director Mr. Tom Grant, played a pivotal role in implementing this rule and made history by being the first in the market to apply it for a cancer survivor. Mr Grant shared the success story of an anonymous applicant who battled stage three bowel cancer over seven years ago. Traditional insurers indicated exorbitant premiums, exceeding €200 per month, making it impossible for the individual to afford coverage and consequently hindering his mortgage application.
Under the new code, Mr. Grant successfully secured coverage for the applicant with a significantly reduced premium of €40 per month. This breakthrough allowed the client to obtain mortgage protection cover, paving the way for him to purchase his own home.
Mr. Grant’s dedication to the cause extends beyond individual success stories. He has actively engaged with the Minister of Finance, Michael McGrath, and Senator Catherine Ardagh, sharing insights into the implementation of the ‘Right to be Forgotten’ rule. The Minister has sought feedback from Mr. Grant’s experiences, emphasising the importance of a comprehensive understanding of how the rule is being applied and its impact on the community.
The ‘Right to be Forgotten’ is more than just a rule; it is a New Code of Practice for Cancer Survivors Seeking Mortgage Protection Insurance. OneLife Insure proudly supports and is fully committed to complying with the Code, being actively involved in its creation. The Code aims to ensure fair treatment for cancer survivors, specifically addressing access to and affordability of Mortgage Protection life cover.
Key criteria under the Code include:
1. Policy Type: The Code applies to Mortgage Protection policies for decreasing life cover, with no other cover types added.
2. Sum Assured: The policy must have a sum assured of €500,000 or less, equal to or less than the mortgage amount.
3. Property Type: The cover must be for a mortgage related to the principal private residence of the applicant.
4. Application Date: Applications will be assessed based on the date the application was submitted.
For clients with a history of cancer, the following criteria apply:
1. Remission: The individual must be in complete remission from cancer.
2. Treatment Completion: Treatment for cancer must have concluded.
3. Age at Diagnosis: If diagnosed before turning 18, treatment must have ended at least five years before the application. If diagnosed after turning 18, treatment must have concluded at least seven years before the application.
The implementation of the ‘Right to be Forgotten’ rule is a significant leap forward in ensuring that cancer survivors are not unfairly penalised in their pursuit of mortgage protection insurance. It represents a collaborative effort between advocacy groups and the insurance industry, spearheaded by leaders like Professor Mark Lawlor, NECRET, the Irish Cancer Society and Insurance Ireland. As this pioneering initiative continues to unfold, it holds the promise of a more inclusive and supportive future for cancer survivors seeking financial stability and homeownership.
For readers seeking further advice or information on the ‘Right to be Forgotten’ rule and mortgage protection insurance for cancer survivors, don’t hesitate to reach out to Mr. Tom Grant, the Managing Director of OneLife Insure. You can contact him via email at email@example.com or by phone at +353-1-5390410. Tom and our dedicated team at OneLife Insure are committed to assisting individuals in navigating these transformative changes, ensuring that everyone can secure the protection they need for a brighter and more secure future. Your journey to financial stability and homeownership begins with the right guidance, and we are here to help.