Australian Genomics’ Post

🔬 The government is banning discrimination based on genetic test results in life insurance. Find out how this will affect future policies and premiums. Read more: https://hubs.la/Q02TWzs50 #lifeinsurance #genetictesting #insuranceban

🔍 𝐀 𝐅𝐚𝐢𝐫 𝐀𝐩𝐩𝐫𝐨𝐚𝐜𝐡 𝐭𝐨 𝐋𝐢𝐟𝐞 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐔𝐧𝐝𝐞𝐫𝐰𝐫𝐢𝐭𝐢𝐧𝐠 🔍 As a wealth manager with extensive experience, I'm compelled to speak on the recent discourse regarding life insurance and the use of genetic tests in policy applications, as highlighted by The Guardian. The principles of fairness and non-discrimination should be pillars of the insurance industry. The focus of underwriting should lie squarely on an applicant's current health status—not their genetic predisposition to certain conditions, something beyond one's control. If there's a need for clarity on an applicant's health, a medical review can provide a current snapshot, serving as a fair basis for underwriting decisions. Life insurance is a cornerstone of financial planning, offering peace of mind and security. To prejudge an individual's insurance risk based on genetics is not only unjust but discriminates against factors they cannot influence. Let us advocate for a life insurance landscape where every individual has the opportunity to be insured, and where the metrics used to assess their applications are within the realm of their influence. #LifeInsurance #GeneticTesting #FairUnderwriting #FinancialPlanning #WealthManagement #Inclusivity Eric Tan Wealth Management Specialist IBF Advanced (Level 3) Source: https://lnkd.in/gp9H-Rm3

The rules around genetic testing and life insurance applications have changed a few times over the years. From 1 July 2019 to 30 June 2024, life insurers agreed on a moratorium on the use of genetic test results through to 2024. In October 2022, the Life Insurance Code of Practice (a code that tells almost all life insurers how they must behave when dealing with peoples’ life insurance products) was amended to make the existing restrictions on when genetic testing can be requested in response to an application for insurance ongoing. https://bit.ly/3oyw3rh #insurancelawyers #genetictesting #lifeinsuranceclaims

Is this enough information to present to your insurer? 🧐 "37-year-old man has been seeing a psychiatrist for two years over his anxiety disorder. He has a body mass index of 23, does not smoke and has not taken any medication to manage his condition for a year." If you answered yes, think again! The Straits Times' latest article offers a guide with detailed exploration of medical underwriting for life insurance in Singapore. Equip yourself with the understanding needed to navigate the nuances of life insurance by reading on below. https://lnkd.in/dWDKfQ9Q

So pleased to share our qualitative paper exploring the views and experiences of patients re the use of genetic results in life insurance underwriting, published today. Yet more published evidence of consumer fears of genetic discrimination, and the need for policy reform to ban genetic discrimination in life insurance, to allow people to make genetic testing decisions based on health, not financial, fears. https://lnkd.in/gpTCYwQK

The federal government has announced that genetic test results will no longer be used to affect life insurance applications. This is major news for all Australian citizens, especially for those grappling with health issues and the dilemma of whether or not to undergo genetic testing. We may get privacy Christmas after all! The reform, to be announced today by Assistant Treasurer Stephen Jones, aims to protect privacy and ensure that individuals can make informed health decisions without facing potential discrimination or financial consequences from their insurance providers. Under this change, you will be able to access genetic testing without fearing negative impacts on your life insurance policies. It is pleasing that the life insurance industry has welcomed the government’s intervention, having operated for years without certainty. This is a matter near and dear to my heart, just as it probably is to all of us. I want to extract maximum insights from data without the fear of discrimination to myself or my family. It is a crazy world where we fear science because it may be used against us. https://lnkd.in/gi6HNbMQ

The use of genetic information in life insurance underwriting has been a hotly debated topic recently. If you're interested in learning more about this issue, check out this article by John Hilton of InsuranceNewsNet. The piece provides a great summary of the latest developments and includes insights from Curt Leonard of ACLI. Stay informed and read on! InsuranceNewsNet John Hilton Curt Leonard American Council of Life Insurers - ACLI #lifeinsurance #underwriting #genetictesting #fintech #insuretech https://lnkd.in/ebHXkzue

Is this enough information to present to your insurer? 🧐 "37-year-old man has been seeing a psychiatrist for two years over his anxiety disorder. He has a body mass index of 23, does not smoke and has not taken any medication to manage his condition for a year." If you answered yes, think again! The Straits Times' latest article offers a guide with detailed exploration of medical underwriting for life insurance in Singapore. Equip yourself with the understanding needed to navigate the nuances of life insurance by reading on below.

Mis-selling of life insurance policies at alarming level, says Irdai The Insurance Regulatory and Development Authority of India (Irdai’s) Member Satyajit Tripathy on Tuesday said that complaints about product mis-selling in life insurance has increased to an alarming level so much so that it has grabbed the attention of the policy makers. He further added that grievances vary between life and non-life insurance sector. Life insurance grievances are often related to the product, while non-life grievances usually concern claim payments and exclusions and in order to increase the penetration, the industry must address these grievances. https://lnkd.in/gFY5rzSR

LexisNexis Risk Solutions' 2024 study on mortality risk in life insurance suggests combining medical and non-medical data can streamline applicant assessments, leading to quicker and more accurate underwriting decisions. The research, which analyzed 50 million people over five years, found some traditionally high-risk groups like type 2 diabetics or asthmatics may have lower than expected mortality risks, implying they could qualify for faster underwriting procedures skipping extensive health checks. https://buff.ly/3zzZS57 #insuranceindustry #underwriting