/ Can anyone recommend life insurance for climbers?
1. Income Protection,
2. Family Income Benefit, and
3. Decreasing life protection to cover paying off mortgage.
We have done searches on;
Compare the Market,
Money Supermarket, and
None seem to identify early on an option to get a quote including climbing.
Have gone through nail-pulling procedure with LV= with the result that by including climbing our quotes were generally doubled but the Better-Half's quote on FIB was increased by 600%.
The insurance quote now surpasses what we pay per month for food, coffees, meals out and council tax all put together.
Ageas look to be the same as LV=.
Have you tried Saga? ;-)
I'd find a broker mate, It's far more complex than home/car insurance and I don't think I'd want to buy something so important based soley on price...
Unfortunately, the manuals used in the assessment of life / critical illness are not very helpful when it comes to climbing. It's also very hard to make accurate rating judgements as there are so few stats available.
I end up underwriting most of our climbing applications. What sort of stuff are you climbing? If it's just mid-level trad in the UK, I think you could argue for standard rates. If it's Alpine stuff or Scottish winter you'll probably get rated by any mainstream provider in the UK.
Summit Financial Services are meant to be good - Not sure what their base rates are like, however. Rather than rating people, they may just charge everyone a shed load more to begin with!
Always worth querying the rating with LV. Just try to put things in simple to understand terms, as you're often going to be dealing with someone who doesn't climb for a hobby and is likely to have a relatively poor understanding of the risk you present.
Hope that's some help.
Critical illness and IP would usually just be dealt with by excluding any claim related to climbing.
Summit Financial Services. They saved me a ton of money on my life insurance, and I'm a lot more confident that I'm actually covered for the various outdoor activities I participate in.
I know at least one Underwriting manual which wouldn't lead to you being charged an extra premium.
Well worth writing to them and asking that they seek a second opinion.
Or as others have said, give Summit Financial Services a try.
> I'd find a broker mate, It's far more complex than home/car insurance and I don't think I'd want to buy something so important based soley on price...
we sourced via websites and then organised via a broker but ended up in the above situation.
Many thanks all - will check out summit
There was an article about this a while ago which I still haven't got round to watching:
We actually have a series of articles on UKC about this subject:
Jan 2010 - Life Insurance for Climbers - http://www.ukclimbing.com/articles/page.php?id=2436
Apr 2010 - Protecting your Finances as a Climber - http://www.ukclimbing.com/articles/page.php?id=2681
Oct 10 - Does climbing affect your life insurance policy? - http://www.ukclimbing.com/articles/page.php?id=3144
Jul 2011 - Financial Protection for Climbers - http://www.ukclimbing.com/articles/page.php?id=3890
and an OI News item here:
Oct 2011 - 6 Top Tips to Ensure you are Covered for Climbing or Hillwalking - http://www.ukclimbing.com/gear/news.php?id=4175
Thanks for this Alan,
A few things to note regarding Summit Financial Services and what we offer.
We have access to the same base premium as any whole of market IFA.
We can offer Income Protection & Critical Illness Cover to include your climbing and most other sports.
We can tell you whether you will be charged extra for your climbing or not on the initial phone call or email correspondence (85% of our clients are not charged extra and are fully covered).
Even if you’re already covered we can save you money and improve your cover.
If you have any further questions please call or submit an enquiry online as we cannot discuss personal protection in a public forum.
Summit Financial Services
www.summit-fs.co.uk 0844 579 1008
I took a policy out with these guys after being quoted a quarter of what my bank wanted to charge.
Dead simple changeover, not a headache like I thought it was going to be.
Couldn't ask for better really!
Another vote for summit, great price and really good to deal with.
Yeah Summit mate.
FWIW I managed to persuade Standard life to unload my premium for climbing. It helps when the person on the phone has at least some idea of what you're talking about.
Unlike the other attempts which felt like pulling the ears off a gundark whilst balanced on the horns of a half dead tauntaun - Simon and Summit Financial Services were great. Simon came through like Han Solo saving Luke (although if Simon tries kissing MY sister then we will have words!).
I'm really pleased with the customer service and management of my requirements and all within budget to boot!
Simon and the team are very friendly, knowledgeable and helpful and I'd wholeheartedly recommend using them.
Big thumbs up!
Thanks to all that helped in the thread and apologies for the Star Wars references!
I went with Aviva - option to be covered for climbing which does increase your premium but bot dramatically unless you are planning 1st ascents or trips above 6000m.
i'd second a broker. online is as less personal as a toilet attendant really wanting to know how your night is going.
a broker will find the best one and will talk to the underwriter on how serious your climbing is and work out a premium accordingly.
we pay £9.15 per month for both me and the wife with aviva on a decreasing covering the mortgage
It rather depends on how much they're going to hammer you for being a climber. Get some quotes, talk to Summit etc, see what they say...
Take care when going with a broker. Their commission may rely on you sticking with that policy for a number of years and they make you responsible for that, we are still paying over the odds as we said we would be climbing in the US for two weeks in the year that we took the policy which got loaded for it.
So think hard if you are going to be climbing in non-European countries - also the brokers face when we told him our climbing grade was Very Severe was a picture.
I would also recommend Summit. Having been quoted £75 a month by Norwich Union, I went to Summit FS who got me a deal for £12.99 a month. Ironically the Summit FS insurance was underwritten by Norwich Union.
Got to second that, I am now saving a fortune with Summit on mortgage life protection insurance. Arranged again ironically with Aviva who were one of the most expensive when approached direct.
In our opinion, clients only cancel a policy early if they have a) found better cover, b) no longer need the cover or c) cannot afford.
None of these situations should result in the client having to repay broker's commission - which is normally reclaimable from the broker, by the insurer, if a policy is stopped in the first 2 to 4 years.
So if a broker asks you to sign a form about a "clawback period" - don't. It is not common practise and alarm bells should ring!
I have decreasing life insurance with Co-op Bank - I told them I'm a climber, and it didn't affect the price. So might be worth giving them a try.
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