Life Insurance for Rock Climbers

A Life Assurance policy is a financial product that provides a payout usually in the form of a lump sum on the death of the insured person. It is designed to offer financial security to the policyholder’s beneficiaries – typically the surviving partner, next of kin or dependents.

The policyholder pays a regular premium, which is monthly in most cases but can also be paid annually. The premiums are determined based on factors such as the policyholder’s age, health, the level of cover required. It is also based on lifestyle including sports and recreation choices as we will find out in this post.

The primary goal of life assurance is to provide financial support to the beneficiaries in the event of the policyholder’s death. This can help cover expenses such as funeral costs, debts, living expenses and future financial needs such as children’s education.

Types of Life Insurance

Term Assurance will provide cover for a specified period (term), such as 10, 20 or 30 years. If the policyholder dies within the term, the death benefit is paid out. If the term expires and the policyholder is still alive, there is no payout. Fixed Term Life Assurance is commonly taken out upon reaching milestones or significant life events. These can include things such as starting a family or taking out a mortgage.

Whole of Life Assurance covers the policy holder for their entire life and pay-out upon the policyholder’s death. Most of these are investment-based products which are typically taken out in conjunction with estate planning. For this reason you must seek regulated advice from a qualified Financial Advisor.

Underwriting life insurance for rock climbers

When conducting research on Life Assurance for rock climbers, we found that insurance companies can have varying stances on what they are willing to include as well as exclude. The three disciplines that there were key differences on were Bouldering, Traditional (Trad) climbing and Sport climbing.

Almost all insurers would cover indoor climbing at their standard rate! However, when it came to climbing outside the differences really started to show. It was evident across insurers that Trad climbing was seen as riskier. Something I would think most climbers would agree with – and would often attract a premium rating or an exclusion. But what about Sport climbing as that is also involving heights?

Surprisingly, some insurers were happy to have this included in their standard rate, others would add a premium rating whereas some would exclude it past a certain height or technical grade. The consensus on bouldering outside was that it was likely to be at standard rate but would be subject to underwriting dependant on height – I suspect they want to add an exclusion for people who often climb highball boulders.

With around 30 deaths per years according to Gitnux it does not seem like a huge number of deaths. However when you compare it to other more popular sports such as football or Rugby. As an average it is clearly a much higher risk.

How can we help you?

I think we can help on 3 fronts:

  • We have access to the whole of the market for insurance.
  • We have brokers with over a decade of experience in and a history of working for Life Insurance providers.
  • Most importantly when it comes to arranging your life insurance, one of our brokers is passionate about climbing, regularly volunteering at youth and senior competitions. Matt is a keen outdoor climber himself. Who better than someone who partakes in the sport to ensure you are getting the right terms to not only ensure the best premiums possible but more importantly that it will pay out?

You can be confident that we are in the best position possible to find you the most suitable insurance provider. That means we will do out best to ensure you are covered and more importantly so is your rock climbing! Its all well and good being able to get life insurance but it is important your hobbies are included where possible especially when enjoying the vast amount of outdoor climbing that the UK has to offer.