Writing life insurance on individuals with high risk hobbies is always an interesting process. There are many moving parts to each activity and without the right information, you are sure to come back with a decline. Ask the right questions ahead of time to ensure you have the best shot at an approval!
So, let’s say you run across a mountain climber. Below are 10 questions you should always ask:
- Have you been formally trained by a climbing instructor?
- Do you participate in rock climbing?
- Do you currently or will you in the future be participating in snow or ice climbing?
- Are there any other types of climbing you participate in?
- How many climbs have you made in your lifetime?
- What is the average altitude you have climbed?
- What is date of your most recent climb?
- When do you anticipate climbing again?
- How many climbs were made in the last 12 months?
- How many climbs do you anticipate making in the next 12 months?
Like any other policy with high risk characteristics, your chances of getting a “yes” are directly tied to the amount of information you provide. In the case of the mountain climber, you should expect the insurance company to make an offer with a flat extra of $3-$4 per thousand. And, don’t be surprised when some turn you down. After a couple of these you’ll begin to see which carriers are willing to take a chance.
To sum this up: you can never have too much information for an underwriter. We have a long list of questionnaires for high risk hobbies available. Using these questionnaires will help you better understand what is needed to place life insurance for high risk clients such as mountain climbers.
If you have any questions or would like to shop for life insurance as a mountain climber, email me directly at email@example.com or call 866-547-8780 ext. 102.