In 2019 Australian life insurers introduced a Moratorium on using genetic test results to assess life insurance applications. This was introduced by an industry association known as the “FSC” in the form of a Standard.
The purpose of this Standard was to ensure people can access a level of life insurance without being asked about the result of a previously taken Genetic Test.
The limits that apply are up to :
- $500,000 of lump sum death Cover
- $500,000 of total permanent disability Cover (TPD)
- $200,000 of trauma and/or critical illness Cover
- $4,000 a month in total of any combination of income protection, salary continuance or business expenses Cover.
During 2022, the FSC in consultation with stakeholders will undertake a review of the Moratorium which has a current end date of 30 June 2024
The full details of the standard can be found here.
This is general information that is not specific to any one person. Life insurance and Financial Advice services are provided by Experien Insurance Services Pty Ltd (EIS) ABN 99 128 678 937 and Experien Financial Services Pty Ltd (EFS) ABN 32 631 346 757. EIS and EFS are a Corporate Authorised Representative (No. 320626 and No. 1274354) of Affinia Financial Advisers Limited ABN 13 085 335 397 AFSL No. 237857. See our website for our Financial Services Guide. Always read the Product Disclosure Statement issued by an Insurer before considering insurance
