For many, having life insurance is necessary to elevate the cost of their burial and financially support their family after their passing. Life insurance entails the exchange for premiums (also known as payments) to the insurance company for a sum of money (known as a death benefit) to beneficiaries after the person insured died or reaches age 100 (whichever comes first) (Leslie & Gillen 2013). Life insurance policies are chosen based on the needs and goals of the owner; thus, it comes in many forms, such as term life insurance and permanent life insurance (universal or whole). Term life insurance provides protection for a set period (10 to 20 years) and less costly than permanently insurance. People choose to use this insurance to replace
…show more content…
However, in 1960, 72% of Americans owned individual life insurance according to LIMRA Household Trends in U.S. Life Insurance Ownership 2010. This decrease is concerning because life insurance provides the necessary funds for proper burial and possible financial support for beneficiaries, especially if the death was unexpected. One of the reasons stated by people in the survey for why they did not have life insurance was that they believed life insurance was too expensive (costs nearly 3 times the actual amount) also according to the latest Bankrate Money Pulse survey. Even more concerning are the disparities in life insurance coverage among different ethnic groups. A survey done by The Polling Company, INC in 2005 found that minorities in the U.S. are underserved by life insurance providers since only 39% of African Americans and 40% of Hispanics said they own life insurance (which is under the national average of 47%). It also found 92% of African Americans and 82% of Hispanics said they believe life insurance is essential, as compared to 72% of Whites. Thereby, suggesting minority groups are not against life insurance. One possibility for this difference is due to the increase cost for life insurance when comorbidities exist. For example, we know that certain groups are predisposed to certain health conditions, like African-American are more likely …show more content…
One of the more common reasons for one to undergo genetic testing is to test for genetic disease. Genetic testing helps make critical life decisions, such as removing one’s breasts to reduce the risk of breast cancer since they have an increased risk of developing cancer due to the BRCA gene (a gene liked to breast cancer). However, there is much concern over the possibility that genetic testing could be used to change the cost for insurance. Therefore, on May 21, 2008, legislation was passed (Anti-Discrimination Bill as known as GINA) prevent the use of genetic testing results to discriminate against people for employment, losing their jobs, or health insurance when genetic testing reveals they are susceptible to a costly diseases, like cancer (Hudson et al. 2008). However, it fails to address genetic discrimination in life insurance (Rothstein
However, in 1960, 72% of Americans owned individual life insurance according to LIMRA Household Trends in U.S. Life Insurance Ownership 2010. This decrease is concerning because life insurance provides the necessary funds for proper burial and possible financial support for beneficiaries, especially if the death was unexpected. One of the reasons stated by people in the survey for why they did not have life insurance was that they believed life insurance was too expensive (costs nearly 3 times the actual amount) also according to the latest Bankrate Money Pulse survey. Even more concerning are the disparities in life insurance coverage among different ethnic groups. A survey done by The Polling Company, INC in 2005 found that minorities in the U.S. are underserved by life insurance providers since only 39% of African Americans and 40% of Hispanics said they own life insurance (which is under the national average of 47%). It also found 92% of African Americans and 82% of Hispanics said they believe life insurance is essential, as compared to 72% of Whites. Thereby, suggesting minority groups are not against life insurance. One possibility for this difference is due to the increase cost for life insurance when comorbidities exist. For example, we know that certain groups are predisposed to certain health conditions, like African-American are more likely …show more content…
One of the more common reasons for one to undergo genetic testing is to test for genetic disease. Genetic testing helps make critical life decisions, such as removing one’s breasts to reduce the risk of breast cancer since they have an increased risk of developing cancer due to the BRCA gene (a gene liked to breast cancer). However, there is much concern over the possibility that genetic testing could be used to change the cost for insurance. Therefore, on May 21, 2008, legislation was passed (Anti-Discrimination Bill as known as GINA) prevent the use of genetic testing results to discriminate against people for employment, losing their jobs, or health insurance when genetic testing reveals they are susceptible to a costly diseases, like cancer (Hudson et al. 2008). However, it fails to address genetic discrimination in life insurance (Rothstein