As Congress continues to study privacy issues, the life insurance industry hopes legislators will take an approach that balances consumers' legitimate privacy concerns with business's legitimate need to collect and share information. Consumers have a strong desire to protect their privacy, but they have an equally strong demand for the kind of convenience, speedy service and new and affordable financial and insurance products that are only made possible by the efficiencies of responsible information-sharing. The challenge for lawmakers will be to reconcile these seemingly contradictory demands. But it is clear that the vast majority of businesses want to do the right thing regarding privacy - and that it is very much in the best interests of both consumers and businesses to be part of a responsible, workable solution.
Life insurers have a long history of dealing with highly sensitive personal information.
Our industry is proud of its record of protecting the confidentiality of that information. Life insurers also recognize that consumers have special concerns regarding medical information. Medical Information Confidentiality A requirement that medical information not be collected without an individual's authorization in connection with an application for life, long-term care and disability income insurance. A prohibition on the sharing of medical information by an insurer with an unrelated third party for marketing purposes. A prohibition on the sharing of medical information by an insurer with a financial company for determining eligibility for a loan or other credit - even if the insurance company and the financial company are commonly owned.