Insurance
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So you wouldn't think insurance would need a catagory hey, but unfortunately it does. This is because we all often get a raw deal. Let's start with the legal jargon facts direct from the Australian Government National Health and Medical Research Council website: Genetic discrimination Could my genetic information affect my health or life insurance? The issue of health insurance and the use of genetic information do not apply to Australia as health insurance is community rated — that is, everyone pays the same premiums regardless of their personal or family health history or genetic test results, a situation similar to the UK and Canada. On the other hand, genetic information can be taken into account in applications for life insurance products like cover for death or income protection because these types of insurance are risk rated. However, any risks calculated by insurer’s that determine premium costs would have to be substantiated actuarially. In Australia, the insurance industry has agreed that it will not require people to have DNA tests before taking out life insurance. But if individuals have had DNA tests, they must report these and the results in the life insurance application. ------------------------------------------- If you're considering a genetic test and in the future might need to apply for life or income protection insurance products, we recommend getting all your insurance squared away before you test. Insurers can't demand you have a genetic test if you take out a new policy or change an existing one but they will ask about your family history or about genetic tests other family members may have had. This information may restrict you getting coverage or make you pay higher premiums. If you don't answer truthfully, you may invalidate your policy. However, once your insurance is in place you don't have to disclose the results of any subsequent tests. This is why we think insurance first, test second, is the best way to fly.
****Great News!!**** Update: March 2011 Virgin Money has just released a Life Insurance product that people who are at risk or pre-symptomatic can get no questions asked, test or no test. It's called their 'quick and easy' option. We wrote to them and they confirmed this in writing. You should make your enquires to make sure you are happy but this a breakthrough in an area of proved discrimination and Virgin is offering a first in the Australian market! Well done Virgin! www.virginmoney.com.au
Back to the story.... There's evidence in Australia and overseas that the insurance industry has not always treated genetic information appropriately. A study in Genetics in Medicine documented 11 cases of proven genetic discrimination in Australia and most of them related to life insurance. In several cases insurance was denied, and in others the exclusions were found to be unreasonably broad given the specific nature of their genetic defects. If you feel you've been treated unfairly, contact the insurance company's internal complaints office. Have a crack at them. Some more reading: www.abc.net.au/lateline/content/2008/s2512622.htm http://www.nature.com/nrneurol/journal/v5/n10/full/nrneurol.2009.153.html The Investment and Financial Services Association Ltd (IFSA), an organisation representing most insurance companies in Australia, has a policy on genetic testing and life, disability and trauma insurance. Under this policy you will not be required to undergo a predictive genetic test in order to obtain insurance or to renew a policy. IFSA's policy is explained in an 8-page fact sheet "Life Insurance and Genetic Testing in Australia". It is available from IFSA through its website (www.ifsa.com.au) or by telephoning (02) 9299 3022. There is a brochure "Genetic Information and Life Insurance Products in Australia" which was produced by The Centre for Genetics Education. Copies of the brochure are available free of charge from: To try to obtain life insurance, disability insurance or income protection insurance when at 50% risk it is best to go through an insurance broker who can try to secure the best policy, rather than contacting separate insurance companies one after another. The broker we recommend is called Special Risk Managers - telephone 1300 665 356.
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