Climbing And Life Insurance Article - Reviews/Opinions
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Hello, I recently wrote an article regarding the relationship between climbing and life insurance and would like your opinion and take on the subject. |
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I purchased life insurance a little over a year ago from a large insurance company. They gave me the "preferred" rate because I have no medical conditions and the underwriter didn't did not charge extra even though I disclosed my "risky" behavior. If you want to know more, just PM me. |
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I do not pay extra for my Life Insurance either. I think if my company ever tried to incorporate a higher premium I would counter with statistics surrounding heart disease and point out that while on average, 25 people per year die rock climbing hundreds of thousands die each year from cardiovascular disease, a disease that is prevented by things such as rock climbing. In fact, now that I think about it, I should ask my insurance company for a discount. |
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I fully agree with the above post that if you are competent and experienced you are very unlikely to die while climbing. Just be sure to read the fine print in your policy. You would be surprised how many activities are not covered in some plans. |
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I made sure to ask before posting this, I apologize if you feel this is an ad. |
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DesertRat wrote:I do not pay extra for my Life Insurance either. I think if my company ever tried to incorporate a higher premium I would counter with statistics surrounding heart disease and point out that while on average, 25 people per year die rock climbing hundreds of thousands die each year from cardiovascular disease, a disease that is prevented by things such as rock climbing. In fact, now that I think about it, I should ask my insurance company for a discount.Insurance carriers will normally charge higher premiums above the "standard rate" when someone has heart conditions, or if severe enough they will issue a decline. They also do look positively on those who exercise regularly. |
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I took down my prior post. I was prolly being too judgemental. I would say most insurance companies have bigger issues than trying to determine how to risk base price for EXTREME sports. |
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On a related topic, does anyone have experience with being charged more for HEALTH insurance? I agree that climbers are a lot less likely to die from climbing than other, ordinary things. What about the risk for serious injury and prolonged hospitalization? |
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I can't get life insurance because I'm a drug addict. I'll never get insurance because I'm an addict. I've been clean for eight years and still no life insurance. These companies are there to make a profit. Live the life we say is safe or don't die hand to moufh. |
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My largest term policy I started many years ago prior to being engaged in any "risky" activities. Now I do some occasional climbing but on top of that I'm a certified flight instructor which is like the kiss of death for life insurance. If I were to buy or adjust any personal term policy now from general companies it would be cost prohibitive, but since my policy was already in effect the rates stay put as long as I do not change anything (on the policy). |
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Tom Mulholland wrote:On a related topic, does anyone have experience with being charged more for HEALTH insurance? I agree that climbers are a lot less likely to die from climbing than other, ordinary things. What about the risk for serious injury and prolonged hospitalization?That might have been possible prior to the Affordable Care Act (aka Obamacare). Pursuant to the ACA, and as of January 1, 2014, premiums for health insurance sold in the individual and small business markets can be based only on age, location, tobacco use, and family size. |
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Tom, my experience has been that life insurers ask about potentially risky sports (but don't raise the premium table for the climbing I do), while health insurers do not ... but most of my health policies have been large group affairs. |
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I attempted to purchase term life insurance this year. Everything about my application and medical testing (bloodwork, etc) placed me in the lowest-cost "preferred" rate category. Then they asked me if I had done any ice climbing in the past 2 years. My quoted rate went from $340 a year to $1200+ a year. My agent shopped me around to at least 8-10 different companies. Half of them wouldn't touch my application and the other half made $1200 look reasonable. Every company was very clear that the ice climbing was the only thing preventing me from getting the lowest rate. I got a second opinion from an entirely different agent, same results. |
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Check out the American Alpine Club - they have a negotiated program for climbers: |
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Hello all, |
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I'm bumping this thread because I'm trying to get a feel for what's normal. I recently got a quote back from my insurance company (American Family) for 202.38 / month (~2400 annually) for 550K term life. I'm an otherwise fit, 36 yr old male. |
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Ben Circello wrote:I'm bumping this thread because I'm trying to get a feel for what's normal. I recently got a quote back from my insurance company (American Family) for 202.38 / month (~2400 annually) for 550K term life. I'm an otherwise fit, 36 yr old male. This seems really high to me as I exclusively single pitch sport climb (up to 5.13) Anyone have tips on how to get this down to a more reasonable amount (100/month or so) Thanks, BenThat is insanely high. I have a 500K 30 year term life for around $75 a month. I got the policy last year when I was 29 and my health assessment was all excellent. I disclosed my climbing and they asked me a million questions regarding it. From the questions it's obvious the insurance industry doesn't understand this genre of activities at all. Ended up getting the "preferred" rate too. |
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Ben- I sent you an email with some information that I didn't want to post. |
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I've had the se experience with insurance up here in Canada. I'm 37 and a fit non smoker. When I mentioned climbing I got the preferred rate of $230 Can. For a $700000 coverage. Only insight I can give is that I've had mortgage insurance with the same company for over 15yrs and they have no problem with me climbing. Paying $60 with disability for $400000 |
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I couldn't find a more recent thread to bump (I swore there was one last year?) so I'm adding to this one: |
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Hi I recommend Combined for accident Insurance, that Tom Mulhulland was asking about. |