Are there risks that life insurance simply can’t or won’t cover? The simple answer to that, if you’re talking about traditional life insurance is yes. There is risk that is simply too great for them to cover within their guidelines and pricing, but the good news is that their are a few companies out there that cover high risk occupations and avocations (hobbies). Probably the best know of those companies is Lloyds of London, a 300 plus year old company whose primary focus since inception has been risk profiles that no one else wanted.
Lloyds will cover risk such as climbing Mt Everest, or any other mountain or rock face in the world. That’s an exceptional offering when you consider the number of people who attempt who attempt Mt Everest and a mortality rate close to 2 out of every 100. But that pales in comparison to Annapurna. Since its first ascent in 1950, Annapurna has been climbed by more than 130 people, but 53 of those died. This mortality rate makes Annapurna the most statistically dangerous of all mountain climbs.
Well, that is one side of high risk avocations that will get your attention. There are other professions and avocations that while less risky, do carry the risk of premature death. Some examples that would be considered an extraordinary life insurance risk would be scuba diving in caves and wreck. After this past few weeks, at least until they make dive cages with smaller holes, diving with the sharks could be considered a high risk venture. Car racing and motorcycle racing don’t carry nearly the risk that mountain climbing does, but by its’ very nature people are pushing the limits, especially professionally, of themselves and their equipment for the chance to win and danger is present.
Skydiving and even more base jumping are increasingly popular with base jumping carrying the higher risk, but again, compared to the Mt Everest experience, the mortality rate is more like 1 in 100,000. Lloyds is of course famous for covering risks like people trying to set records for going around the world in balloons, sail boats and airplanes and those attempting shorter records like jumping motorcycles over buses or buildings or canyons.
Whatever the risk we can get quotes for the life insurance needed to cover the unknown problem that ends up in death even when the risk seems ridiculously high to cover. If you have questions or are considering anything from technical rock climbing to rocketing over the Snake river canyon, call or email us directly. We can help.
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