Life Insurance Genetic Testing
Genetic testing can have a significant impact on your life insurance policy and how you approach getting or maintaining coverage.
Life insurance genetic testing. Genetic testing could indicate the odds that a person will develop a serious disease in the future. Access to genetic data could allow insurance companies to provide more personalised policies and potentially lower the cost throughout the industry. Recent breakthroughs in genetic testing are helping people pro actively address potential health risks but if you re shopping for life insurance you may want to hold off on genetic testing until after you apply. Some states have laws in place that don t allow life insurance providers to use genetic testing information to deny coverage but you may still have to share the results.
Our other group insurance programs underwritten by sun life follow clhia practices. Bill s201 the genetic non discrimination act gnda received royal assent on may 4 2017 it prevents employers insurance companies and anyone else providing goods and services via a contract from asking people to undergo genetic testing or to disclose genetic test results. The genetic information nondiscrimination act passed in 2008 after more than a decade of being fought for by advocacy groups. Now that genetic testing is a reality in our world it can provide another source of medical data for the life insurance company to use to assess risk.
Updated march 25 2019. Code on genetic testing and insurance. While genetic testing like most forms of medicine revolves around avoiding death life insurance is focused on planning for death. The unfortunate answer is that if the life insurance company discovers that some of your genetic markers are positive for one or more diseases they can use that information to charge higher premiums or decline you for coverage altogether.
The question of genetic testing and how it affects the life insurance industry is one that is becoming increasingly talked about as technology advances. Tailored life insurance policies. Genetic testing and life insurance meet at the realization of mortality and subsequently go in dramatically different directions. Times reported in a recent article that as many as 700 000 americans have done a full genome scan.
How will genetic testing effect life insurance. Within our group life insurance program provided through new york life the underwriting does not include the examination of genetic information under any circumstances. If used for this purpose the genetic testing results would provide a form of discrimination against those people who took part in helping. This means that genetic testing is not required for the purpose of obtaining insurance.
For most of us the idea of knowing how we might die is probably pretty unsettling.
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