Consumers feel pinch in the genes

GENETIC research has the ability to improve millions of lives and even save people from an early death, but now it also has the ability to harm us – financially.

The long-term value of genetic testing is huge. It can have major implications for the quality and the length of our lives, including the potential to reduce the impact of many diseases or avoid them completely.

But the barriers to more people undertaking genetic testing is not just about the cost and deciding if you want to know the results.

The life insurance industry has unfortunately got its greedy hooks into genetic testing and is using the information against consumers and to boost profits.

Insurance companies have the right to see the results of any genetic test and the ability to refuse life-insurance cover based on that information. Or if they don’t refuse cover, they can cherrypick which diseases they will cover and increase your premium.

Is this the type of world we want to live in? To make people afraid of having potentially lifesaving tests?

Take the woman who discovered she carried a gene linked to breast cancer. Although she made the decision to have both breasts removed and therefore removed the risk, her insurance company still excluded any future claims for death by cancer and doubled her premiums.

Unfortunately, the government allows insurance companies to govern themselves through their lobby group, the Financial Services Council.

Consumers must disclose the results of a genetic test to an insurance company, along with any other medical information or test results they may have.

The heavy-handed attitude of Australian insurance companies means that people are being deterred from having a genetic test.

It’s a test that could ultimately let them live happier, healthier and longer lives, but can be used by short-term-profit-driven insurance companies to punish them financially.

It seems we are damned if we do and damned if we don’t. Every piece of financial wisdom tells us that we need life insurance.

Given the importance of this product and widespread recommendations to have it, why does the government allow these companies to discriminate against people who have genetic tests?

The answer is because the government is weak and the finance and insurance companies can do whatever they like.

Genetic testing can now readily predict the likelihood of someone getting a disease, such as diabetes or coronary artery disease, as well as predict the heritability of several cancers and syndromes.

It is outrageous that people are discouraged from learning this information.

Australia is well behind other countries such as Canada, France, Ireland, Austria, Singapore, Portugal and Denmark that have an outright ban on using this information.

It’s time for the government to stop feeding the finance sector with loopholes and to legislate against this practice.