Life Insurance And Critical Illness Insurance. Cancer Tests To Increase Women s Premiums
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Life and Critical Illness Insurance: Impact of Cancer Gene Tests on Women's Premiums
Summary
Starting next year, women with a family history of breast or ovarian cancer may face increased insurance premiums or even be denied coverage. The insurance industry aims to inquire about tests for the BRCA1 or BRCA2 gene mutations, which heighten cancer risks.Article
If you have a family history of breast or ovarian cancer, changes in insurance policies could mean higher premiums or denial of coverage. Insurers plan to ask applicants about tests for the BRCA1 or BRCA2 gene mutations associated with these cancers. However, before adding these questions to application forms, insurers need approval from the Genetics and Insurance Committee, which provides government advisory on such matters.The Association of British Insurers (ABI) is preparing to request permission to include questions about BRCA1 and BRCA2 gene tests. Mutations in these genes are found in 10% of newly diagnosed ovarian cancer cases and 5% of breast cancer cases. In Britain, roughly 1 in 850 women inherit a faulty BRCA1 gene, with 14-18% developing breast cancer.
According to the Genetics and Insurance Committee's website, the ABI intends to submit updated applications for the use of adverse genetic test results in setting premiums for life and critical illness insurance.
Currently, British insurance forms can only request predictive test results for Huntington's disease, applicable only for life insurance over £500,000, critical illness insurance over £300,000, or payment protection insurance above £30,000. This limitation is part of an agreement valid until 2011. Harpal Karlcut, chairman of the ABI's Genetics Working Party, indicated they aim to gain approval for including breast cancer tests by year-end, while noting they are not planning to add further conditions for now.
This development highlights the increasing role of genetic testing in insurance and its potential impact on premiums.
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