On 30 October 2018 the Financial Services Council of Australia announced that from 1 July 2019 there will be a moratorium on the use of genetic test results for life insurance policies and income protection policies up to a threshold of $500,000 for life insurance or $4,000 per month for income protection. This moratorium is at least until 2024, and will be reviewed in 2022.

This is very good news for anyone who has had gene testing and is worried the result may make it difficult for other family members to obtain life insurance.  These family members should be able to apply for insurance after the start date, and do not have an obligation to disclose their genetic test result if the policy is for an amount below the threshold.

See more details in the full media release here  https://www.fsc.org.au/_entity/annotation/c5cbac97-9fdc-e811-8165-480fcff12ac1