Mortgage protection exclusion period for cancer survivors reduced to five years

New legislation coming into effect on 15 October will reduce the mortgage protection exclusion period for cancer survivors from seven years to five years.

Under current Irish law, insurers can choose not to offer mortgage protection insurance to individuals who have been cancer-free for less than seven years. Because mortgage protection is a form of life insurance typically required by lenders to secure a home loan, this rule has historically acted as a significant barrier for survivors trying to buy a property.

In August, legislation was agreed to shorten this period to five years from the time a person is declared medically cancer-free. The incoming changes will also increase the coverage threshold for this protection from €500,000 to €650,000.

The legislative update follows years of campaigning from advocacy groups, including the Irish Cancer Society, which argued the previous rules created unfair obstacles for individuals recovering from the illness. The new regulations will officially apply from 15 October.