/ Life Insurance

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DreadyCraig - on 19 Aug 2013
Since the birth of my first child I have been thinking I should get some life insurance just in case something should happen to me (I do like dangerous things such as motorbikes and climbing)
I don't know what I should and shouldn't be looking for. Any help???
ByEek on 20 Aug 2013
In reply to DreadyCraig: Be prepared to be uninsurable. I tried a few years ago and on top of having asthma, couldn't get any decent insurance based on the fact that I climb. You may well manage to find a company that doesn't ask and is therefore very cheap, but should you come a cropper in't them there hills, the chances they would pay out are quite slim.
sleavesley on 20 Aug 2013
In reply to DreadyCraig: erm well the BMC do life insurance so shouldn't see why you are uninsurable?

https://www.thebmc.co.uk/life-insurance-from-summit-financial-services
The New NickB - on 20 Aug 2013
In reply to DreadyCraig:

Summit Financial Services got me a good level of cover for what I thought was reasonable money.
Rob Naylor - on 20 Aug 2013
In reply to ByEek: I've never had a problem getting life insurance due to climbing. I usually had to fill in some daft form asking whether I used ropes or how high I climbed. Often where and v occasionally grades. I've had a bit of premium loading. Ten quid last time on a ninety quid a month premium, but never a refusal to isure.
Rob Naylor - on 20 Aug 2013
In reply to Rob Naylor: These were normal life policies btw, not specialist jobbies.
rubisco - on 20 Aug 2013
In reply to DreadyCraig:

The other thing to consider is whether it's life insurance you're after or whether it's critical illness or income protection cover you really need. At your age, you're much more likely to be unable to provide for your family because of illness or accident than you are through death.
Rob Exile Ward on 20 Aug 2013
In reply to Rob Naylor: It's worth being careful though. I was sold some life insurance by someone who I though of as a friend, and when I said I went climbing, he said 'let's not mention that shall we, it might put the premium up.' I pointed out that I would rather pay an increased premium and have climbing covered that pay standard and not. Haven't done much with him since, surprisingly.
ByEek on 20 Aug 2013
In reply to Rob Naylor: I am insurable, but not at a cost that seems worth it. Given my age and life expectancy, I would probably be better off sticking the > £100 a month in a bank account. At least I would be guaranteed that my dependants would get the full amount. I have been advised that the payout rate on some policies is significantly less than you might expect as the Ts+Cs come into their own once you make a claim.

Fortunately for me, I have death on service at work.
gavster2405 - on 20 Aug 2013
In reply to ByEek: I used summit for life insurance this year. Aviva quoted less than £20 to cover my mortgage, until I mentioned climbing, then uninsureable.

Completed the climbing questionaire for summit and hey presto, an Aviva policy for 50p more than my original quote, so still less than £20 per month for £118K.

Seems to me summit know something the general insurers dont, eg were are not suicidal!

Gavin
ByEek on 20 Aug 2013
In reply to gavster2405: True, but the proof will be in the pudding if you come to make a claim. Insurance companies love taking your money. They suddenly become a bit reluctant when it comes to paying out and if there is anything in the small print they can use against you, they will. Fingers crossed.
rubisco - on 20 Aug 2013
In reply to Rob Exile Ward:
> (In reply to Rob Naylor) It's worth being careful though. I was sold some life insurance by someone who I though of as a friend, and when I said I went climbing, he said 'let's not mention that shall we, it might put the premium up.' I pointed out that I would rather pay an increased premium and have climbing covered that pay standard and not. Haven't done much with him since, surprisingly.

I work for a life insurer and that's what commonly called fraud!
DaveN - on 20 Aug 2013
In reply to ByEek:
> (In reply to gavster2405) True, but the proof will be in the pudding if you come to make a claim. Insurance companies love taking your money. They suddenly become a bit reluctant when it comes to paying out and if there is anything in the small print they can use against you, they will. Fingers crossed.

Summit were good with us too. Karl (I think), took time to go through stuff with us, send out various quotes etc and climbing is on all the docs. they're a specialist broker and understand the needs of the niche market they are in.
Rob Exile Ward on 20 Aug 2013
In reply to rubisco: Yes, well I was well aware that if my family needed to claim I wouldn't be around to argue what we had and hadn't discussed.


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