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post #31 of (permalink) Old 10-27-2010, 02:33 PM Thread Starter
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That's what I currently have, the mortgage insurance. There are two downsides for me though

1: What you already mentioned is that the balance declines so also the pay-out but the cost of the insurance stays the same during the amortization period. (It's also more expensive than regular life insurance if you're young)

2: The beneficiary is the bank and not you or your beneficiary. In case of regular life insurance you can make your wife (or husband) beneficiary and then they don't have to pay off the mortgage but can do with it whatever they want.

From a life insurance perspective I'll take regular insurance without a climbing rider and take out the same amount in AD&D (40/mnth/family per 500K in my case…instead of the 200/mnth)…still looking for an affordable option for disability…any thoughts anyone
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post #32 of (permalink) Old 10-27-2010, 02:59 PM
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Quote:
quote:Originally posted by wbylsma
still looking for an affordable option for disability…any thoughts anyone
If we're climbing together and you get hurt I'll just kill you...

I also figure that because of all my online activities (posting pictures and trip reports), if I die in the mountains it'll be pretty easy for an insurance agent to Google my name and determine that I'm 'high risk'.
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post #33 of (permalink) Old 10-27-2010, 03:04 PM
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Quote:
quote:Originally posted by wbylsma
From a life insurance perspective I'll take regular insurance without a climbing rider and take out the same amount in AD&D (40/mnth/family per 500K in my case…instead of the 200/mnth)…still looking for an affordable option for disability…any thoughts anyone
From this article (http://en.wikipedia.org/wiki/Life_in...cidental_Death) you'd better make sure the AD&D covers climbing - it certainly doesn't seem to be a common type of AD&D if it does...
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post #34 of (permalink) Old 10-27-2010, 03:31 PM Thread Starter
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Thanks...I'll let my broker know since he was the one suggesting it.
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post #35 of (permalink) Old 10-27-2010, 04:08 PM
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The accidental death coverage that my broker investigated would carry exclusions, especially after my positive responses to climbing questions on the primary coverage. He said it could not be used to circumvent the insurance companies desire to penalize me for my activities. He also said insurance companies fight paying out like mad, trying to deny that anything was truly an accident.

Years ago backcountry skiing wasn't even on their radar, today you might as well tell them you're suicidal. However, I found waterfall ice climbing still carried the largest hit in terms of increase in premium.
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post #36 of (permalink) Old 10-28-2010, 09:54 PM Thread Starter
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Quote:
quote:Originally posted by johngenx

The accidental death coverage that my broker investigated would carry exclusions, especially after my positive responses to climbing questions on the primary coverage. He said it could not be used to circumvent the insurance companies desire to penalize me for my activities. He also said insurance companies fight paying out like mad, trying to deny that anything was truly an accident.
I went back to my broker to ask him about the exclusion and he send me the policy which contains the following:

EXCLUSIONS
This policy does not cover loss caused by or resulting from any one or more of the following:
A. Intentionally self-inflicted injuries, suicide or any attempt thereat, while sane or insane;
B. For sickness or disease either as a cause or effect;
C. Participating in the commission or attempted commission of a criminal of felonious act;
D. Expenses incurred by an insured person who is not covered under any Federal or Provincial Hospital Plan;
E. Injury or loss sustained while the Insured Person is under the influence of alcohol and operating any vehicle while his or her blood alcohol is over eighty (80) milligrams in one hundred millilitres of blood;
F. Experimental medical treatments;
G. For the purchase, repair or replacement of eyeglasses or contact lenses or prescriptions thereof;
H. Experimental drugs not approved by Drugs Directorate, Health Protection Branch of Health and Welfare Canada of patent medicines;
I. Injury or Loss sustained while the Insured Person is under the influence of a controlled substance as specified under the Controlled Drug and Substances Act (Canada) unless taken pursuant to the advice of an in strict accordance with the instructions of a duly licensed Physician;
J. Expenses covered under any governmental health insurance plan in the insured's province of residence;
K. Declared or undeclared war or any act thereof;
L. Accident occurring while the Insured Person is serving on full-time active duty in the Armed Forces of any country or international authority (any premium paid to be returned by the Company pro-rata for any such period of full-time active duty);
M. Such insurance includes such injury while the Insured Person is riding as a passenger (but not as a pilot, operator or member of the crew) in or on, boarding or alighting from any aircraft and exclude while flying in any aircraft owned or operated by the Policyholder and/or Administrator.

With respect to air travel, the insurance afforded shall apply to loss caused by or resulting from travel or flight in any aircraft, or any other device for aerial navigation, including boarding or alighting therefrom,
except:
(a) while being used for any test or experimental purpose; or
(b) while the Insured Person is operating, learning to operate or serving as a member of the crew thereof; or
(c) while being operated by or for or under the direction of any military authority, other than transport type aircraft operated by the Canadian Armed Forces Air Transport Command or the similar air transport service of any other country; or
(d) any such aircraft or device which is owned or leased by or on behalf of the Policyholder or any subsidiary or affiliate of such Policyholder, or by an Insured Person or any member of his/her household; or
(e) while being used for fire fighting, pipeline inspection, power line inspection, aerial photography or exploration.

So climbing, skiing or other extreme sports are covered by this company (The Edge/RBC)

If anyone wants a copy of the policy send me a PM
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post #37 of (permalink) Old 10-29-2010, 08:38 AM
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Vern, I guess you could try the companies that provide insurance to outdoor recreation clubs. They are in the business of insuring so-called risky activities. I'm not sure who insures the ACC (you could ask them). Ours (KMC) used to be through Capri, but I think it has changed to someone else. If you want I can find out who the new insurer is. It's isn't the same kind of insurance, but they might be able to help.
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post #38 of (permalink) Old 10-29-2010, 08:56 AM
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Quote:
quote:Originally posted by sandy
If you want I can find out who the new insurer is. It's isn't the same kind of insurance, but they might be able to help.
That would be great Sandra! Thanks!
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post #39 of (permalink) Old 10-29-2010, 10:57 AM
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My life insurance covers all forms of death, however, I had to be clear about everything that I did (it's an invasive process). They asked about climbing, but because I haven't climbed in 2 yrs and don't plan to soon it wasn't an issue, otherwise it just goes to the size of your premiums.

If I'm not making sense or you want to know more feel free to PM me and I'll explain it, it actually works well as a tax defered retirement plan too.

After posting I contacted my insurer to confirm and this was the response:

"Thanks for your email and inquiry. Once your coverage is approved and in force the insurance company is bound to pay a death claim regardless of any activity that you decide to undertake in the future that may cause death. In fact, once the coverage is enforce, the insured is able to change occupations, start smoking or go ski diving, climbing, etc, if they wish.

The only 2 circumstance where insurance coverage may not be paid out is (1) if there was a fraudulent lie on the application and (2) if someone were to commit suicide within the first 2 years."

Sean
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post #40 of (permalink) Old 10-30-2010, 09:00 AM
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Vern, Capri Insurance. Obviously, in BC.
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post #41 of (permalink) Old 10-30-2010, 03:22 PM
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Quote:
quote:Originally posted by knowsam

otherwise it just goes to the size of your premiums.
Yes, and those are $200/month...
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post #42 of (permalink) Old 11-06-2010, 11:27 AM
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Quote:
quote:Originally posted by wbylsma

Does anyone know an insurance company (in Canada) that provides life and disability insurance for climbers at a decent rate?

Have this type of insurance currently through my employer but if I decide to go independant again I want to make sure I get proper insurance (which will put my wife at ease...)

Thanks!
Hey wbylsma,
If you can get new November issue of Climbing magazine, you will be able to see some valuable information how climbing insurance is managed in USA and Europe. I know we are Canadians but this article will give you an insight how others are covered. In case you going to talk to your insurance company.
See you in the mountains. Be safe.
Zoran
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post #43 of (permalink) Old 03-13-2012, 01:37 PM Thread Starter
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Quick update on my original question

Good news for me - my broker found me life insurance that covers climbing with only a small increase in the rate (few hundred dollars a year extra for 500K)

Bad news for me - It does not cover skiing and specifically states that in the policy

Bad news for a lot of others - My broker told me that my policy is underwritten at the time when you sign-up but that a lot of other policies are not (mainly group plans). That means it might not state that a policy exludes climbing or skiing but in case you do die doing such a thing they might still exlude it after the fact...that sucks...a lot of mortgage life insurance plans are often like that.

If you need the name and contat info for my broker send me an email/PM

Still haven't found any dissability insurance that includes climbing or skiing :-(
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post #44 of (permalink) Old 03-13-2012, 04:28 PM
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Which insurance company?
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post #45 of (permalink) Old 11-21-2016, 02:23 AM
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Couldn't find a more current thread on life insurance..so I've resurrected this one.

My wife and I are buying life insurance, additional to what work provides. We've gone through nearly all the hoops with TD Insurance however, I was just informed TD can insure me, but with a 'no backcountry skiing' clause (I figured saying I splitboard wouldn't change anything hah).

Have any of you been able to secure a decent life insurance policy to cover you for backcountry skiing, scambling, mountaineering etc? Initially $500k was going to be $24/mo for 10 years (age 29-39).

Any help is MUCH appreciated.
Joel
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