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just who are the Financial Services Council?
If what is reported is factual and adopted, life insurance (as a product) will cease to exist. At best it will be replaced with term "accident insurance" because if the insurers can confidently predict who will make a claim due to a terminal illness or other genetically predicable event, these people will be priced out of the market -- and the only legitimate payout will be accidental loss of life.
As a community, we need to ask if this is the sort of future we want -- because after life insurance, the next target will be to price health care on a genetic predisposition basis.