Life Insurance if you rock climb
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Can anyone help, I am getting refused for life insurance because I rock climb. |
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I carry term insurance with Northwestern Mutual which has a rider excluding coverage during "roped mountaineering". I guess soloing is covered?!? |
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I just went through this process about 6 months ago and the policies that covered climbing were absurdly expensive ($200+/month for $500,000 30 year term life). I eventually went with a plan Met Life that, like the previous reply, excludes death while climbing. I think I'm at about $60/month for a $500K/30year term. The very frustrating thing about the process is that the questionnaire that you fill out for the insurance folks to get a handle on your climbing is clearly written by someone with no climbing experience...ugh! Also, be sure to take a break from any recreational supplements as there is a physical that covers things like drug use, blood pressure, cholesterol, family medial history...once you get accepted to a policy the rate is then determined on a scale relative to your health. Hope this helps...cheers! |
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I got a 100K term life policy through State Farm for a mere $20 a month that includes rock climbing and mountaineering peaks under 15K feet more or less. The actuary that called me quizzed me on what I climbed, for how long, and so on and so forth. Did a physical at home. |
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Kevin Coopman wrote:Can anyone help, I am getting refused for life insurance because I rock climb. If anyone has a suggestion, please let me know. KevinI second State Farm. I just got a whole life policy for $100,000 death benefit. I also have a term life for $500K. I went through the whole application with them about climbing. The rates were the best that I could find. They also gave me a good rate for the whole life. |
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I know a guy who has a $250K term-life policy through American General for $26/month, which includes a mountain climbing rider ($6/month). I don't remember the specifics, but the rate is for a 26 year-old, male, non-smoker. |
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I never head up on a climb without wearing my light fall underwear |
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Tom Hanson wrote:I never head up on a climb without wearing my light fall underwearGood for you...now go back to the corner. haha |
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I think there are two aspects to it: don't say you climb hard and find a good agent who will work with the company. I have a $1 m. 20 yr. term with Northwest Mutual for about $130/mo. I had orginally tried with TIAA-CREF and gave them an accurate resume of what I had done in the past, even though my future plans (with family and all) are far less ambitious. They shot me down in no time flat. |
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Fat Dad wrote:Another wrinkle, depending on your policy, if you do die participating in that activity more than two years after you obtained the insurance, they claim they'll cover you. After all, they want to know what you've done before. They can't prevent you from, say, taking up scuba diving after you've obtained your policy. Having said that, good luck obtaining coverage just before that big trip to climb Denali or Cho Oyu.I believe it's 3 yrs and it's an IRS thing. The IRS will get most of the $$$ as the amount must be included in your gross taxes. There is something you can do if your concerned about decking but it must be done exactly in this order. 1. Open a Life Insurance Trust 2. Have the Trust purchase the policy as the Owner, then declare yourself as the Insured This is completely legal and if you do it in this order, the 3 year (or 2 year) rule will not apply if anything should happen because 'you' never owned the policy. Your family or benificiaries will then be able to be receive the $$$ tax free. Your Insurance Agent should be able to explain this in detail, if not, get another Agent or speak to a Estate Tax specialist or attorney who apecializes in such matters before you purchase. Best o' luck, Cheers ~ |