If you are a rock climber and are looking to obtain affordable life insurance there are some important factors which you must consider. Once you decide you are looking for rock climbing life insurance it is imperative you understand how the life insurance industry views the risk which rock climbing poses to humans.
Any risky hobby such as flying a plane, riding a motorcycle, or skydiving will cause a life insurance company to take a step back and possibly charge a higher premium. As someone who participates in hazardous activities you must know what life insurance options you have, and which companies are the best to issue rock climbing life insurance.
When a life insurance company issues a insurance policy rating they take into account many different factors. Most people realize life insurance companies will take into accounts medical records and any medical issues the insured may have.
Some of the other factors life insurance companies consider is driving history, criminal history, and even any risky hobbies you may participate in.
When filling out a life insurance application you will be asked many different questions, and if you rock climb will be one of them.
Many rock climbers have not suffered any scary incidents, so they do not consider the risk to the insurance carrier. As equipment and technology has developed rock climbing has become more safer, but as with any dangerous activity there are still deaths.
According to the American Alpine Club, on average 25 people die each year in the United States due to rock climbing. This number fluctuates due to growing popularity of rock climbing. The American Alpine Club also reports between 1951 and 2006, 1394 people lost their lives to rock climbing in the United States.
Although rock climbing does not have a high fatality rate, it is still considered a risk for life insurance companies.
Life insurance companies will ask a variety of questions regarding your rock climbing which will in turn help determine the life insurance premium you will pay. Some of the questions life insurance companies will ask regarding rock climbing life insurance are:
Just like all questions on the life insurance application it is important to answer them truthfully. The life insurance will take your answers to these questions and combine them with all of your other information to issue a life insurance rating. Many life insurance companies will base your premiums on the elevation which you climb at, and will issue an affordable policy as long as you don’t climb over a specific elevation.
The first three questions is for the insurance company the gauge how much climbing experience you have. In most cases, the more experience you have, and the more training you have the better rate you can obtain. As with most high risk sports, your risk of having an accident normally decreases with experience. Experience also includes any medical training or survival courses you may have completed. Keeping track the amount of hours you have climbed will also be helpful as it shows your experience level.
One of the primary factors which goes into determining your risk as a climber is what height you climb to. As you may have guessed, the higher you climb the more risk you pose for life insurance. If you climb in a gym or climbing facility your life insurance rates most likely will not be any higher than a non-climber.
It is important to note if you are part of any climbing clubs or association as well.
As I stated earlier in the article, rock climbing is considered a high risk activity for life insurance. Like many other high risk activities, many different variables exist and should be considered on a case by case basis.
No two climbers are the same, so purchasing a life insurance policy which does not consider this will cause you to pay more for coverage in many cases.
If you are an avid climber you can expect to pay a “flat extra” between $3.00 to $5.00 per thousand of coverage. For example if you are purchasing $250,000 in life insurance coverage you would pay $750 more in premiums.
However, if you participate occasionally as a hobby, and only in a supervised gym, then you may not pay any additional amounts over someone who does not climb.
If you participate in any risky activity such as rock climbing it is important to do your life insurance shopping through an experienced independent life insurance agent. We will be able to match you with a company who will not penalize you for being a rock climber, or will look more positively on the hobby.
There are some companies who will not give you a higher rating for being a climber.
Through some fact finding we will be able to find you a life insurance policy which will protect your loved ones, and will also be affordable. The first step is getting a personalized quote which considers your specifics.