Mountain and rock climbers need life insurance just like everyone else. However, they may find that providers will charge them a “flat extra” for their policy because of the higher risk involved.
If you are a climber, we can scour rates from more than 30 top life insurance companies to find the best premiums for your situation.
Rates Based on Risk
Life insurance companies use every area when determining premiums. Generally, these factors all gauge the risk posed, meaning the likelihood that the provider will need to pay out claims to your beneficiaries in the future.
Obviously, people with hobbies that can expose them to danger like race car driving, skydiving and parasailing can increase the risks for insurance companies.
Just because you enjoy something they think is “dangerous” doesn’t mean you have to pay massive rates.
Mountain and Rock Climbing is Slightly Risky
Actually, climbing is not that dangerous of a hobby, but it is deadly enough to demand higher rates. For example, the American Alpine Club states that, in the United States, about 25 people on average die each year due to rock climbing. From 1951 to 2006, 1,394 people died in rock climbing accidents in this country.
The death rate is not particularly high when you consider the number of people who regularly climb rocks and mountains, but it is serious enough to create a higher risk for life insurance companies.
Paying a Flat Extra
Because of the dangers of rock and mountain climbing, you can expect to pay a flat extra of between $3.00 to $5.00 for each $1,000 of insurance coverage in your policy.
Therefore, if you have $100,000 of coverage and a $3.00 flat extra, you will pay an additional $300 in premiums. However, the exact rate of the flat extra will depend on the type of climbing that you do.
One way to avoid the flat extra payment is to have an exclusion that states you will not receive coverage if you die while climbing. This exclusion removes the risk from your hobby to the insurance provider.
Getting Lower Premiums
Your rock climbing hobby is only one of the factors that they are going to consider when reviewing your application. There are some areas that you can improve that can drastically trim down your monthly rates.
One obvious thing that you can do is find a safer hobby, one that wouldn’t drastically increase your risk of death. Finding other ways to fill your time will make you a safer applicant for insurance protection, which is going to equal lower premiums.
Another way that you can save money is by improving your overall health. Before the insurance company approves your application, they are going to require that you take a medical exam, and the results of that test determine your premiums.
If you get better results, you get better rates, it’s as simple as that. Getting regular exercise and cutting out all of the junk food is an excellent way to lose the extra weight, lower your blood pressure, and lower your cholesterol.
As a rock climber, you might be in excellent health, but there are probably still a few areas of your health that you can improve to help save you money.
Hopefully, you aren’t a smoker, but if you are, you have to make a decision. Do you want those cigarettes or do you want cheap life insurance? You can’t have both. You can enjoy those cigarettes, but you’ll pay double the premiums of a non-smoker.
Rock climbers are a unique type of high-risk applicants. Not every insurance company has experience working with this type of client. The companies who haven’t worked with rock climbers before are probably going to be scared to give you cheap life insurance.
You need to find a company who not only specialized in high-risk life insurance, but one who has experience with rock climbers. As you can imagine, this isn’t the easiest search.
Finding the Best Policies
By filling out our online form on this page, you can find the best rates from more than 30 of the top life insurance companies in the country. We can provide customized quotes based on your own climbing practices.
Some climbing locations are riskier in the consideration of the life insurance companies and they merit higher rates. In the same way, if you typically climb at higher elevations, you will pose a higher risk and may need to pay higher flat extra payments.
Note again that the rates will depend on the type of policy that you choose. The higher the maximum coverage amount, the more you will pay.
Fill out our form on this page and include any helpful information regarding your climbing hobby. We will contact you with a customized quote based on your specific situation and find the life insurance company that has the best rates for mountain climbers or rock climbers.
Call us today for a quote at 1-888-552-6159.