Can genetic screening affect some types of insurance?

In Australia, genetic screening does not affect the ability to buy private health insurance.

However, if you know that you carry a BRCA gene fault, you must declare that when applying for:
- life insurance over the value of $500000
- income protection insurance over the value of $4000
- trauma cover over the value of $20000 
- or if you increase the value of existing policies.

Since July 2019 you do not need to declare any genetic information and family history information, if your life insurance, income protection insurance and trauma cover that you are taking out is not over these values. 

Applications for these life insurance products over the value of $500000 may be refused, deferred, or the premium adjusted. Life insurance companies are obliged to take into account risk modifying strategies, such as preventive surgery, in their assessment.

In some cases, genetic screening may demonstrate a lower risk, and a reduction in premiums that would have been charged on the basis of the family history.

If life insurance is of concern, you are advised to consult a financial advisor before proceeding with genetic screening.

Further information on insurance implications is included below

LIFE INSURANCE PRODUCTS AND GENETIC TESTING IN AUSTRALIA.pdf