Most Aussies open to genetic testing in life insurance, says FSC

In research undertaken by Pollinate on behalf of the FSC, within the 63 per cent of people who support genetic testing, it found an overwhelming majority would take a test through the established medical system (e.g. Medicare).

On the other hand, only a few would prefer to pay $200 to take the test anonymously.

The research also found half of the community (51 per cent) are in favour of setting insurance premiums based on the likelihood of making a claim in the future.

Meanwhile, one in five Australians (22 per cent) oppose individually set premiums, and one in three are unsure.

“Our consumer research shows many Australians are open to taking a genetic test to predict the likelihood of becoming ill in future, but also support the principle of setting insurance premiums individually based on the likelihood of making a claim,” said FSC senior policy manager Nick Kirwan.

“Just over 60 per cent of Australians are against subsidising life insurance premiums for people who are at higher risk of getting ill in the future based on an adverse genetic test result.

“Life insurers need to balance the interests of all Australians, and not just act in the interests of those who have had an adverse genetic test result. The moratorium is designed to help get this balance right.”

The FSC said the research will be used to help inform the design of a moratorium it announced in October on the use of genetic test results in life insurance.

The moratorium forms part of its new proposed Life Insurance Code of Practice.

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].