Genetic testing and life insurance

Fri, 04 Jul 2008

New medical technology means that disease screening is much more advanced than in the past. Life insurance companies are currently not allowed to check genetic results and adjust their premiums accordingly.

For health reasons, genetic testing can make all the difference in early diagnosis of a disease. Doctors can spot diseases early, even before symptoms develop. Recently, the Association of British Insurers extended their ban on insurance companies forcing applicants to reveal adverse predictive genetic test results until the year 2014.

The tests can predict cancers and inherited diseases . Consumers currently have to disclose predictive tests if they apply for policies above £500,000 for life insurance and £300,000 critical illness insurance .

The agreement, experts suggest, is very important for consumers, and any wavering on the moratorium should be fought.
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