Saturday, June 30, 2018

Delaware Business Insurance Update "Insurance Companies Want Your Genetic Test Results" 6-30-18

The direct- to- consumer genetic testing market is expected to expand rapidly over the next decade.  More and more people are using genetic services to test their propensity for diseases and cancer, all in an effort to live healthier and longer lives.
In comes the insurance industry, who wants to use the results of these genetic tests to set rates and improve profitability. Life, long term care, disability, work comp, and health insurers all want in on the results. Now you may say,  "wait a minute , this is private info", right?. However did you know, that every state in the US allows Life insurance companies to use genetic testing results for underwriting, so the genie is out of the bottle already.
Over the next few years, every insurance company will be requesting and using genetic testing for underwriting. Now this opens up some ethical business issues that will have to be dealt with. I am sure the legislatures will being getting more involved.  Keep an eye on this one folks. Until next time be careful out there and know your risks.

G. Kevin Nemith- CEO CNC Insurance Associates /Hilb Group
1-877-262-3276 toll free