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This focus is taking a similar approach, by showing how someone is a higher risk because of their ethnicity. These views are not considering the lifestyle choices they are engaging in such as: physical activities, their diet, if the person is a smoker or drinks alcohol. (Bombak 2012)
Instead, they will use this category to automatically rate indigenous people higher largely based upon this variable. From an ethical perspective, one could argue that insurance companies are discriminating against this segment of the population without taking into consideration other factors. This makes it difficult for this demographic to locate and obtain affordable life insurance because of these views. When this happens, it means that there is a realistic possibility they will have no protection against uncertainties for their families. Over the course of time, this will increase the overall amounts of financial hardships indigenous people will face because of these challenges. (Bombak 2012)
Recommendations for Addressing these Issues
The best way to deal with these issues is to force insurance companies not to rely so much on mortality rates. Instead, they must show that there are other variables which are considered when determining the premiums they will charge for life insurance. For instance, in the process of underwriting an applicant, who is from an indigenous background; they need to demonstrate alterative factors that influenced their decision (i.e. lifestyle choices and age). This means that...
(Bombak 2012)
Another option is to have the federal and state governments provide some relief to insurance companies. This can take place through a premium assistance reduction program. Under these guidelines, they will help to offset potential losses for this segment by offering firms with some kind of block grant. The way this will be determined, is actuaries can provide information about the average rate they are charging indigenous people. (Bombak 2012)
The various governments can then give the industry additional funds to reduce the premiums to similar level as the non-indigenous population. If this were to occur, the overall levels of risk will decline, which will result in lower premiums for indigenous applicants. Over the long-term, this will increase this segment's insurability and assets. They can forward this on to their families and beneficiaries to improve their quality life. Once this takes place, is the point they will realize an increase in their life expectancy rates. After these levels rise, is when the government can slowly phase out this program. As the risks of insuring indigenous people will have consistently declined and are in line with the median figures for other segments. (Bombak 2012)
References
2012 Indigenous Report, 2012, Productivity Commission. Available from: <http://www.pc.gov.au/gsp/ier/indigenous-expenditure-2012> [30 April 2013].
Genetic Discrimination, 2012, NHMRC. Available from: <http://www.nhmrc.gov.au/your-health/egenetics/ethics-and-legal-issues/genetic-discrimination. [30 April 2013].
Mortality, 2013, Health Info. Available from: <http://www.healthinfonet.ecu.edu.au/health-facts/overviews/mortality> [30 April 2013].
Bombak, a, 2012, 'Self Rated Health and Ethnicity,' International Journal of Circumpolar Health, vol. 71, pp. 568 -- 577.
Harvard Format. http://lgdata.s3-website-us-east-1.amazonaws.com/docs/380/49275/Harvard_LibGuide_-_All_Examples_PDF.pdf
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