We know that life isn’t just about work – you’ve got to have fun too!
Whether it’s climbing mountains, diving deep into the ocean, or taking to the skies, providers are
becoming more flexible when it comes to insuring your hobbies.
When you apply for life insurance, the provider considers the hobbies you take part in, and the level of risk involved. They may also look at when you want payments to start if you become too unwell to work and how long you want your insurance to last. Depending on this information, the provider will make one of three decisions:
Standard insurance – if your hobby is included, and there’s no change to the price.
Extra cost – the risk is a bit higher, so the price will go up. You can choose to exclude your hobby
from your insurance to avoid the extra cost.
Exclusion – some hobbies are too risky for some providers to insure at all. In some very rare cases
an application may be declined if your hobby is too high risk.
To get to the right decision, providers ask a few simple questions:
- What’s your hobby or do you have plans to take up a new hobby in the next 12 months? (or hobbies!)
- Have you had any injuries in the last five years?
- How often do you do it? (once a year or every weekend?)
- Are you competing?
(fun or full-on competition?) - Where do you do it?
- (UK, abroad, in the air, under the sea?)
- For diving, what’s the max depth and type of diving?
- For climbing, what’s the max height?
- For skiing, do you regularly go off-piste?