This edition of “What’s Trending in Life Insurance” is headlined with a story on genetic test results, and asks the question, “Can life insurance companies can access them?”
Can Life Insurance Companies Get Your Genetic Test Results?
Our first article covers genetic tests and protections on data privacy for life insurance policies. While there are HIPAA protections against sharing this data with health insurance companies, the article points out that in 48 states, life insurance isn’t subject to the same level of confidentiality.
At this point, many Americans have taken genetic tests. Whether it’s been to identify your ancestry, or even what diseases you may need to watch out for, these tests can bring up a wealth of generational information. This marks an interesting shift in what constitutes as a health screening, and what applicants should be able to keep private.
Conseco Settles Life Insurance Class Action for $27M
Our second article comes from court reporting publication, The Indiana Lawyer. It’s concerning life insurance provider Conseco, and the settlement of a nationwide class-action suit that had been filed in 2012.
Policyholders allege Conseco and its parent companies, overcharged them with insurance cost hikes that intentionally led their clients to give up their policies or let them lapse. The policyholders lost tens of millions of dollars in benefits. Conseco agreed to settle the suit for $27M.
Washington National Offers New Life Insurance With Monthly Income Protection
Our final article is regarding life insurance company Washington National. They’re offering a different approach to the death benefit. The insured can select a monthly income payout rather than a lump sum.
Structured much like an additional paycheck, their plan promises to help beneficiaries with their expenses for years by providing them with a reliable source of income.
The insurance world can be difficult to navigate. Without a clear understanding of their current plan, it’s difficult to be certain that your clients have the right coverage. If you’d like to take a closer look, you’ve come to the right place. We can answer your life insurance questions and provide the clarity you need to sleep easy. To learn more about our services, visit our site or join our newsletter today. To contact us, click here.