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{{label}}18 June 2019
The FSC has introduced a new mandatory standard for its life insurer members, with the establishment of a moratorium on genetic tests for the life insurance industry.
These changes will apply to any new applications and clients that are creating an alteration that requires underwriting received on or after 1 July 2019.
AIA Australia (AIAA) will only request and use the results of an applicant’s previously taken, planned or considered genetic test to form part of the underwriting consideration, if the amount of cover being applied for across all policies (including group insurance) exceeds one of the following limits:
To comply with the above, the paper application form has been updated and no longer requests the applicant to provide genetic test results. In addition, enhancements will be implemented in eApp to ensure the question relating to genetic tests will only appear if the cover that is being applied for meets the required thresholds.
These changes will further streamline the application process and reinforces AIAA’s commitment to providing the highest standards of service to our clients.
The objective of the moratorium is to ensure a consistent experience across the life insurance industry and promote genetic inclusion by ensuring applicants can access a level of life insurance without being asked about the result of a previously taken genetic test. In addition, AIAA’s position is to only take into account cover held with AIAA and exclude any other life insurance cover for underwriting consideration.
For further information, or to obtain a copy of the Genetic Testing Moratorium and a full list of the insurance companies it covers, visit the FSC website at www.fsc.org.au.