A research team has issued a call to the financial adviser community for its view on what impact the Financial Services Council’s Moratorium on Genetic Tests in Life Insurance is having on the life insurance sector and the Australian community.
Led by the University of Melbourne, the academic team, which is funded under a Federal Government grant, has established a research study called the Australian Genetics and Life Insurance Moratorium – Monitoring the Effectiveness and Response (A-GLIMMER).
The researchers are keen to receive feedback from advisers about their own experience so far – and that of their clients – around the FSC’s current genetic testing moratorium, which came into effect on 1 July 2019, and which enables Australians to access up to $500,000 of life and TPD cover, $200,000 of trauma cover and $4,000 per month IP benefits without disclosing an adverse genetic test result to their life insurer (see: New Data – How the Genetic Test Moratorium for Life Insurance is Working).
The current moratorium is in place until at least 30 June 2024, with the independent work being conducted by the A-GLIMMER research team seeking to determine the effectiveness (or otherwise) of the moratorium to date.
In order to establish progress and to develop a full understanding from all stakeholders, the A-GLIMMER project is seeking direct feedback from advisers.
Click here if you wish to provide your feedback on what is a growing issue for more Australians as advancements in medical and genetic testing technologies continue apace…
