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How genetic testing is impacting life insurance

Will life insurance policies become more expensive due to genetic testing? This was the question by the PERSONAL FINANCE journalist.
How genetic testing is impacting life insurance

The genetic testing standard only assesses a small subset of genetic markers to make observations about diet, exercise, and sleep of buyers of insurance policies. “We will not request an applicant to undergo a genetic test to support an application for insurance,” said Janet Brodie-Thompson, the chief underwriting officer for product development at Momentum.

DNA tests are being reduced in price, which makes them more accessible to both people and commercial structures. Avi Lasarow, founder and chief executive of UK-based DNAfit, reveals a staggering growth in the number of genetic tests sold online.

“We are always looking for ways to improve our traditional life insurance experience,” said Michael Goemans, the chief executive of Investec Life. – The modern tests connect our clients with the latest innovations in health and enable them to fine-tune their approach to maintaining their well-being.”

So far, insurers seem content with the current underwriting, and they are not including the genetic testing results in the cost of policies. “We are not introducing compulsory genetic testing now, but clients can voluntarily participate in specific genetic tests,” Brody-Thompson said.

Source: https://www.iol.co.za/personal-finance/how-genetic-testing-is-impacting-life-insurance-34344209

Photos are from open sources.  

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