Summary
This article applies specifically to women whose female relatives have suffered from breast or ovarian cancer. The life insurance industry is proposing that women with these kinds of cancer in the family should have to provide extra information when applying for life insurance.
Life Insurance and Critical Illness Insurance - women may pay a penalty for having cancer in the family. Page 2
Author: Anna Richardson
The Genetics and Insurance Committee have posted the
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"The Committee expects that the Association of British Insurers will submit in late 2006/2007 four revised and updated applications for the use of adverse results from the ( cheap home insurance ) predictive genetic tests of the BRCA1 and BRCA2 genes (breast/ovarian cancer) in helping to determine insurance premiums for life and critical illness insurance."
At the moment, the only illness that the life insurance industry is allowed to request the results of predictive tests for is Huntington's disease. There are tough rules relating to ( life insurance quotes ) this issue too. They can only ask the question if cover of over £500,000 for life insurance, over £300,000 for critical illness or over £30,000 for payment protection insurance is required.
That rule is set to expire in 2011, so until then the insurance industry will have to abide by it. We hope that a similar rule is applied to the breast ( life insurance quotes ) cancer test if it approved, but there can be no guarantees. Harpal Karlcut, Chairman of the ABI's Genetics Working Party, was quoted in the trade insurance publication "Cover", as stating:
"We are looking to get approval for the breast cancer test by the end of the year." He continued: "The two breast cancers are the next conditions that we will ( mortgage quotes ) look at but after that we don't see the need to look at other conditions. We do keep an eye out for what diseases may come up in the future but there is nothing else on the horizon".
We sincerely hope that the insurance industry does not receive ( remortgages ) open licence to penalise women with breast or ovarian cancer in the family. Watch this space for more information.