In a statement, the FSC said it approved Standard No. 11: Moratorium on Genetic Tests in Life Insurance following extensive consultation with the life insurance industry and genomics community.
The moratorium will be in place until at least 30 June 2024, with a review in 2022 looking to extend the end date, the financial limits and any other required changes, and will allow consumers to choose to disclose a favourable genetic test result.
Further, the FSC said the moratorium will be included in the Life Insurance Code of Practice, which is currently under review.
The cover limits under the moratorium include $500,000 of lump sum death cover, $500,000 of total permanent disability cover, $200,000 of trauma/critical illness cover and $4,000 a month in total of any combination of income protection, salary continuance or business expenses cover.
“We know the community benefits from genomic research and the moratorium is key to giving Australians the reassurance they need and the flexibility to evolve as the science does,” said FSC chief executive Sally Loane.
“Genomic research has already led to better treatments for a number of illnesses, such as breast cancer, and has led to new ways for people to understand and better manage their health risks.”
Watch this space How Dare this great debater from the royal commission even mention this Genetic testing or even consider adding it to the (life insurance code of practice) the word is INSURANCE not we only back surethings as FSC want the insurers to get another freeride from the consumers now. Can anyone believe this is happening right under our noses and they are trying to slide this in gently without anyone noticing while they bombard us with FASEA bullshit and all the rest.
The generosity of the FSC has no bounds. After increasing the cost of advice by driving orchestrated changes via the LIF legislation, the small token limits you have given under the moratorium, would not even repay the average mortgage in Australia, much less the monthly benefit required to feed a small family.
FSC, your only agenda is delivering profits to Life companies, not addressing the real issue in your industry, which is under insurance.