UKC

Morning all
I'm after a bit of advice.
I'm applying for a mortgage and so need life insurance. Being the honest sort I've mentioned that i do a spot of rock climbing on the application form.
I've now been sent an additional life insurance questionnair asking more detailed questions about my climbing.

Anybody else had to do one of these?

What I need to know is - how can i 'spin' the facts so that i get the most favourable outcome and don't get a horrendously expensive insurance policy [or is at already too late....]

In reply to Albie:

Hi, try phoning Summit Financial Services on 01539 564200, they specialise in life assurance and mortgage protection for climbers (recommended from BMC). Had same problem myself recently and was pleased with the premiums they were able to quote without having to lie about climbing!!

In reply to Albie:

I wouldn't spin the facts - could get you into a lot of bother if you ever need the life insurance. ie, they could refuse to pay out on the grounds you lied to them.

But you could probably save loads of money by shopping around for the best deals, both on your mortgage and on life insurance.

See www.charcol.co.uk to find cheap deals.

Also try London & Country, a mortgage broker that doesn't charge a commission.

In reply to Albie:

I had to do this.

The odd thing is that my wife at the time was a smoker, and even though I filled out the extended questionaire, my premium is EXACTLY the same as hers!!

so they either didnt' give a stuff, and instead thought of a standard figure for anybody who does anything more dangerous than tiddlywinks, or they consider climbing to be as likely to need a payout as smoking.

In reply to Albie:

Just fill it in honestly.

After all your less of a risk than a smoker!

In reply to FH:

It's here;

http://www.thebmc.co.uk/services/more/life.htm

In reply to Albie:

I disagree. Don't just fill it in but instead shop around.

Financial services companies make their money because people don't spend even 30 minutes hunting for the best deal. This is because they're either a) scared of numbers and firms blind them with science, or b) feel it's a lot of work.

But - particularly with your mortgage - shopping around and re-mortgaging regularly could save you THOUSANDS of pounds PER YEAR.

And if someone offered you thousands of pounds for 30 minutes work, you'd doubtless take it.

The point above about smokers makes my point. Of course smokers, on average and all else being equal, have shorter life expectancies. But even this disadvantage when hunting for a policy can be offset by the huge saving of hunting for a good deal. The same doubtless applies to climbers.

See if www.moneysupermarket.com allows you to search for the best life insurance policy ( i think it does). Remember it doesn't get quotes from every life insurance company, but it should definitely get you a competitve deal. And the difference between the very best deal and a very good one is peanuts compared to the rip-offs provided by some big-name financial services companies.

In reply to Albie: Just completed one for, i think, scottish provident. Thought about what i could say to end up with the lowest premium, but the questions were so bland as to make the whole thing useless as an information gathering exercise, "tick all grades you have climbed at" - I've seconded E3, led E2, but no where near that at the moment.

Does it make me a higher or lower risk to them if I'm climbing long mountain V Diffs, or well protected gritstone E2's? Does my 10+ years of safe climbing mean I'm a low risk or an accident about to happen?

My guess, as said above, is you'll be clobbered whatever you say, i think I'm paying about £15 more than i was before I admitted my "pastime". Strangly rugby isn't considered a risky sport.

In reply to Mark Morris: Could you get your solicitor to create an amended polivy where dangerous sports like footbal, cricket and rugby were excluded and reap the rewards of the discount

In reply to Albie:

Same advice as most:

- shop around
- fill in the extra questions about climbing, it cost me about £1.10 /month more
- make sure you tell them if you stop climbing, or start climbing a lower grade, as you'll save money then!

Enjoy the ludicrously out of date questions, such as what is your average lead grade?
Answers were: Easy, Moderate, Difficult etc. At this point I didn't quite catch on, but the list went on. I think the guy was quite worried when he had to scroll down the whole lot through Very difficult, Severe etc and select 'Extreme' - must have thought I was a total nutball.

Alternatively, you could just lie and assume climbing will never hurt you....

In reply to Jon Greengrass:

Not a bad idea What about linking it to your driving skills and no claims bonus? Those who have accidents are more likely to slot themselves under a lorry than someone who's never even scraped a number plate, hence lower premiums.

Thinking about it, there is probably some horrible system that already does that ;-(

In reply to Albie: I'd be interested to hear how you get on with this. I know it seems stupid but insurance is one of those things I never seem to get round to. I think I really should. Any chance of an update when you're sorted out?

B_o_B

In reply to Albie: I once had to do this and the insurance company wanted to know if I used ropes. If I did it was considered more dangerous! So presumably if I'd gone round soloing everything instead of stitching it up with half the stock of the local outdoor shop (religion; devout coward) my premium would be lower.