A moratorium from the Financial Services Council will allow consumers to access life insurance without disclosing an adverse genetic test result from 1 July.
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.”
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