Climbing + life insurance?!

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JanoSA
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Climbing + life insurance?!

Post by JanoSA » Wed Feb 07, 2018 10:35 pm

I recently purchased a house and to go along with that we are looking into life insurance. My significant other is also my climbing partner.

Discovery quoted us a very reasonable amount for life and disability cover, but during the health checks etc we obviously had to declare that we are both climbers. They subsequently nearly doubled the monthly premium. We scored exceedingly well on the health stuff, so the only other factor was climbing.

Now, I realise climbing is an inherently dangerous sport, but come on! We don't even Trad? (Yeah, they assess risk according to your style of climbing, at least they are informed) I'd hate to know how much they would jack up the price if we did play in the more adventurous end of the pool.

How do people afford to climb and pay life insurance? Any advice or suggestions for not losing a giant chunk of money and still being insurerd and able to climb? Am I just being unreasonable and this is normal?

Thanks

rocklooney
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Re: Climbing + life insurance?!

Post by rocklooney » Wed Feb 07, 2018 10:43 pm

That's interesting. I've been a Discovery medical aid member for years and never had an issue like this. I'm on classic core, 55 years old and pay around R 2700 per month. I know I'm covered because my last claim was for a leg broken whilst climbing. My life insurance is through Liberty and the increase to cover climbing was small - around 15% I think. They do differentiate between trad and sport and if you're mainly doing sport they seem not to load premiums by very much. Different Insurers chase different markets and view risk differently. Shop around a few more insurers and see what else you can find.

Brussel
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Re: Climbing + life insurance?!

Post by Brussel » Thu Feb 08, 2018 6:52 am

I've looked into this becuase I trad and volunteer with MCSA mountain rescue

On the HEALTH insurance side Discovery don't load anything regardless. However amost all LIFE insurance policies will load you. I had a life insurance go from R500/m to R2800/m because of 'lifestyle adjustments' needless to say I no longer have that company on my portfolio. if you can I know PPS does life insurance that is not loaded

illona
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Re: Climbing + life insurance?!

Post by illona » Thu Feb 08, 2018 7:25 am

I'm surprised there have been so many loadings. I have recently done some quotes for climbers and, at worse, there has been an exclusion for climbing outside SA borders but the rates have stayed the same. I'll PM you Jano and see if I can help.

JanoSA
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Re: Climbing + life insurance?!

Post by JanoSA » Thu Feb 08, 2018 8:54 am

For clarity's sake I did a bit of quick math. The difference between initial life insurance quote and after the adjustment for "enhanced risk" is 101.6%. We specified we participate in sport climbing 4 times a month, only within SA borders, plus indoor climbing 3 times a week. I just find the perceived risk to life in such a controlled environment and the subsequent markup astounding.

This is also just for life insurance cover. Not for medical aid. Our medical aid is currently with another provider, which had no qualms about our climbing.

Old Smelly
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Re: Climbing + life insurance?!

Post by Old Smelly » Thu Feb 08, 2018 10:04 am

Hmmm

I think you should push harder for an answer from Discovery. I do know that there was an actuary who did studies on the kind of stuff that life insurers care about and came up with the fact that rock climbers (not Mountaineers) are very low risk -worldwide - and particularly in SA.

We should actually sort this out once and for all - any insurance linked climbers out there?

I also think this has been discussed on the forum previously...
Really, its not that bad...I think it's my shoes...

wesleywt
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Re: Climbing + life insurance?!

Post by wesleywt » Thu Feb 08, 2018 10:46 am

You are making the assumption that the ripoff artists that are Discovery are same as other insurances. I don't understand why people love that company though. My insurance premiums did not double when I said I am climber with Liberty (got it through Ilona).

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Justin
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Re: Climbing + life insurance?!

Post by Justin » Thu Feb 08, 2018 10:47 am

Climb ZA - Administrator
justin@climbing.co.za

Hector
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Re: Climbing + life insurance?!

Post by Hector » Thu Feb 08, 2018 11:00 am

I had a similar experience with disability insurance with PPS. They wanted to jack the premiums because of climbing. Its very hard to find an insurer who won't. In my experience they view life cover in a similar way to disability insurance. My impression is that they actively seek out reasons to charge more. I'd be curious to know if they take the same view on sports like rugby or cross fit or even yoga where there is similar or greater risk of injury compared to sport climbing.

JanoSA
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Re: Climbing + life insurance?!

Post by JanoSA » Thu Feb 08, 2018 12:20 pm

Thanks

Glad to see that this isn't the norm, but common. I'll get in touch with Discovery and inquire whether there was a miscommunication regarding risk.

Thanks Ilona, Ill be in touch if need be.

Ray
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Re: Climbing + life insurance?!

Post by Ray » Fri Feb 09, 2018 3:20 pm

I had the same problem with liberty. We were forced to take a policy for a home loan, and I filled in the questionnaire stating that we had done 'alpine' type climbing before (and may do it again). Policy quote doubled. Fortunately the bank waived the requirement at the last minute when I pulled some strings from a contact. Not sure what they would have quoted if I'd said trad or sport only.

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