Paragliding life insurance, critical illness cover and income protection
The facts about getting Paragliding life insurance
Paragliding is considered a high risk hobby/sport in the world of underwriting, but that doesn’t mean that you shouldn’t be able to obtain cover. Iam Insured can help you apply for Paragliding life insurance (depending on your level of risk), at an affordable rate.
Paragliding is a sport in which a wide canopy/parachute is attached to a person’s body by a harness in order to allow them to glide through the air after jumping from a great height. It is therefore considered quite high risk by insurers. Paragliding activities may impact on your ability to obtain life insurance depending on how often and whether you do the sport professionally.
What does Paragliding life insurance cost?
Underwriters will process your application for Paragliding life insurance based on the following:
- Flight duration and frequency
- Heights and locations you fly to and from
- Your paragliding background
- Years of experience
- The type of aircraft you fly and its value
- Any competitions/world records you have been involved in
Your premiums for Paragliding life insurance will also depend on:
- Sum assured (£’s)
- Term of cover (years)
- Type of policy (e.g. Family, Mortgage, Whole of Life etc.)
Percentage (%) loading for Paragliding life insurance
Rates for any non-standard cover such as Paragliding life insurance will vary from one insurance provider to another depending on their underwriting philosophy. Insurance providers use a risk-based scale to determine the amount you will pay for your cover which uses a ‘percentage loading’ or ‘£’s per mille loading’. All insurance companies have their own underwriting criteria which will also change over time, so can be difficult to predict unless you regularly speak to them.
A percentage loading basically applies a % to your standard premium based on the levels of risk calculated for your own circumstances. Your percentage loading will apply a multiple to your Paragliding life insurance premium, which will be based on your health and activity at the time of your application. You should also know that some insurance providers have different maximum levels to others, so some are prepared to take on higher risks (e.g. 250% or 400%).
Per mille loadings for Paragliding life insurance
You may also find that a ‘per mille loading’ could be applied to your Paragliding life insurance premiums, but this is more rare and only tends to be used for great risks. A ‘per mille loading’ will be an additional amount that is applied to your premiums which is based on the amount of cover you are applying for (e.g. £2 per thousand £’s of cover). The other difference with a ‘per mille loading’ is that it can be applied for the whole term of your Paragliding life insurance policy, or for a period of time from the start of your policy (e.g. 2, 3, 4 or 5 years).
Another potential outcome when applying for a non-standard cover such as Paragliding life insurance, critical illness cover or income protection is for an ‘exclusion’ to be applied to your policy. This means that you may have certain conditions which can be linked to your Paragliding excluded from your policy, as they are linked to risks. You may also find that certain additional benefits could be excluded such as Total and Permanent Disability, Waiver of Premium or Guaranteed Insurability.
If you have a medical condition, it is possible that underwriters will need to see a GP report or for you to undergo medical examinations or tests to confirm your health and the impact this will have your premiums. The costs involved in obtaining such medical information are usually paid for by the underwriter.
It is difficult to say how much cover you need when you are applying for a Paragliding life insurance, critical illness cover or income protection policy. There are however some simple rules that you can follow which will give you a good idea for how much cover you need before you apply.
- You should also be aware that a Paragliding life insurance, critical illness cover or income protection policy could increase after underwriting to reflect any additional risks of claim, so affordability may be a consideration.
- Mortgage amount (£’s)
- Outstanding debt (e.g. Loans, second charge, credit cards and other)
- Spouse or partner
- Income (after tax)
- Assets (e.g. car, house, business etc.)
Talk to us at Iam Insured today, where we can discuss your paragliding activities and find the best and most affordable life insurance provider for your circumstances.