Verona Murphy (Wexford, Independent)
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272. To ask the Minister for Finance what assistance is available to persons experiencing difficulties acquiring life insurance following recovery from a serious illness; and if he will make a statement on the matter. [44438/24]

Jack Chambers (Dublin West, Fianna Fail)
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Firstly, I wish to assure the Deputy that I am aware of the issue of access to certain insurance services for individuals who have recovered from a serious illness. This is a very sensitive matter for many in our community and one that my Department monitors closely.

Officials in my Department engage regularly with Insurance Ireland – the official industry body – on a range of consumer issues, including the question raised by the Deputy. It has stated that insurers are obliged to assess the risk involved as part of any application for insurance, which will be specific to the individual applicant, and that the availability of cover depends on a number of factors. If higher risk is identified as a result of this assessment, Insurance Ireland has advised that the policy will be adjusted accordingly, and that cover may be declined if the applicant is judged to pose a risk beyond the insurer’s threshold.

In addition, Insurance Ireland published a Code of Practice for Underwriting Mortgage Protection Insurance for Cancer Survivors, which came into force on 6 December 2023. Under the Code, insurers will disregard a cancer diagnosis where treatment ended more than 7 years prior to application (or more than 5 years if the applicant was under 18 at the time of diagnosis). The Code will apply to mortgage cover applications of up to €500,000 for a principal private residence.

Separately, as the Deputy may be aware, under existing legislation (Section 126 of the Consumer Credit Act 1995), lenders are permitted to provide a mortgage in situations where a borrower may be unable to obtain life insurance, or where such insurance is unduly costly compared to that payable by borrowers generally. For individuals, including those living with certain medical conditions, and who may experience difficulties acquiring mortgage protection insurance when securing a home loan, this is an important provision to be aware of.

It may interest the Deputy to know that in order to assist clients who have had difficulty acquiring life cover due to a pre-existing illness, Brokers Ireland has published a register containing contact details of Brokers who have experience in advising on life cover in this area. This is available at: brokersireland.ie/life-cover-pre-existing-illnesses/

Additionally, Insurance Ireland operates a free information service for those customers who have queries, complaints or difficulties in relation to obtaining insurance cover, which can be contacted at feedack@insuranceireland.eu.