Are you looking at getting life insurance? Chances are good that as the economy gets more and more uncertain you’re at least having this conversation with your family. This is something that’s going to help your family be able to thrive even after you’re gone. Think of it as the ultimate gift that you could give your family even after you have passed away. This is a chunk of cash that will let them handle just about anything financially coming their way. When a loved one dies, we’re collectively not known for being able to really process much else. Grief settles down and doesn’t let go. Wouldn’t it be better to give your family every possible protection around? That’s what we thought as well.
Yet the tests that you take to protect your health could end up pushing you out of life cover. There’s a new test out that can indeed allow your primary care physician to determine how likely you may be to develop cancer. Genetic testing isn’t new, but there have been some massive changes done — including the cost being lowered for a larger amount of people to access this possibly life changing data.
Yet insurance is all about risk, so the increased presence of cancer could change things for you when it’s time to look for either life insurance or critical illness insurance.
The test involves a saliva sample that could give you a risk profile for specific diseases, as well as how likely it is to really affect your life.
Personalized data helps companies give you better services, but it can also push you out of services that you need and desire.
Currently, you can get a preventative screening in order to make sure that you aren’t at risk for developing certain diseases. There is also a Concordat & Moratorium on Genetics & Insurance. This basically means that insurers can’t just grab all of your data. They can get some of it that’s relevant to their risk pricing.
This means that if you have a test on genetics and it doesn’t come back as anything specific, then you don’t have to disclose the results. However, if you already have symptoms of a genetic disorder and you are prompted to take a test to rule out other issues, this test would be considered diagnostic. This means that you have to disclose it to the insurer before you can get the policy.
If you were to try to fly under the radar, the policy could be cancelled and you punished for fraud. This is the last thing that you want, so you need to make sure that you’re walking the line very carefully.
So, the bottom line here is that you need to think carefully about the information that you have to provide to the insurer. You might have to provide a lot less than you think. Good luck!