The Australian Federal Government has taken a major step forward by banning life insurers from discriminating against consumers based on genetic test results. No longer will the fear of insurance repercussions hold people back from discovering their genetic predispositions, which could lead to earlier detection, intervention and even prevention of inherited diseases.
At myDNA, we believe this policy change will give Australians the confidence to take control of their health by embracing potentially life-saving genetic testing.
ABC NEWS – September 10, 2024 – Life insurers banned from using genetic tests to deny cover or hike premiums.
In short:
Life insurers will be banned from using genetic testing to refuse cover.
Researchers say Australians were being discouraged from having potentially life-saving testing due to concerns over their eligibility for life insurance.
What’s next?
The changes will have to be enacted through legislation and include a five-year review.
Life insurers and those offering income protection and permanent disability insurance will be banned from using genetic testing to refuse cover, or hike up charges, for a range of insurance products.
The federal government announced on Tuesday it would ban the practice that saw consumers discriminated against if they disclosed the results of genetic tests that predict their likelihood of an inherited disease.
It comes after consultation to address genetic discrimination in life insurance earlier this year. More than 1,000 submissions were received with 97 per cent supporting a total ban.
“This change will give Australians the confidence to undertake genetic testing without fear it will impact their ability to access financial security through life insurance,” Minister for Financial Services Stephen Jones said.
Australians are increasingly accessing genetic testing to identify their risk of genetic conditions, such as a BRCA breast cancer gene, but there were growing reports of resistance due to how it might affect life insurance eligibility.
The announcement covers all risk-rated insurance including life insurance, income protection and total and permanent disability insurance.
Read more from the article here: https://www.abc.net.au/news/2024-09-10/life-insurers-banned-from-using-genetic-tests-to-deny-cover/104333828