Life Insurance and Rock Climbing

Rock climbing is classified as an extreme sport mainly because of the height and associated risk of falling. 

Nevertheless, the risk is not so great as to disqualify you from life insurance. You can get life insurance if you are into rock climbing, but you will likely pay more for coverage than those who stay planted on the ground.

We’ve put together this guide to help you find out everything you need to know about securing affordable life insurance for rock climbing. Let's dive in.

How does rock climbing affect your life insurance?

As a hazardous activity, rock climbing can lead to higher life insurance premiums. But it is not likely to make you ineligible for life insurance. 

If you are a rock climber and apply for life insurance, possible outcomes include: 

1. You are approved with a Standard rating. If you are an indoor climber or climb outdoors rarely and always under supervision, you may qualify for Standard rates. 
2. You are approved with a Table rating. Most outdoor climbers are likely to get a table rating, meaning they will pay a flat fee, which can be in the range of $2.50 - $5.00, for per thousand dollars of coverage.
3. You are approved with exclusions. Life insurance companies are not likely to cover death due to solo free climbing injuries. 

What do insurers ask about when applying?

As part of the risk evaluation process, life insurance companies may ask you a number of questions in relation to your rock climbing habits, such as:

• What forms of rock climbing you participate in? 
• How many times you climb in a year? 
• What altitude do you climb to?
• Have you completed any climbing certifications? Do you have any climbing licenses?
• Are you a recreational or professional climber?
• Are you a member of any climbing club or association? 
• Do you climb solo or with a group? 

Do You Need Life Insurance For Rock Climbing?

Life insurance is not a requirement for rock climbing, but if you have dependents, it can help you secure their future. 

Life insurance pays your beneficiary a lump sum, which they can use to cover daily living expenses, pay off your debts, like the mortgage, and take care of future expenses, like kids’ college fees. 

In short, the life insurance payout can help your family live comfortably after you’re gone. 

Costs of Life Insurance for Rock Climbers

As a climber, how much you will pay for life insurance depends on many factors related to your climbing, as well as personal factors. 

General Pricing Information for Climbers

Before we discuss them, here is some general information that you will find handy: 

• No two climbers are the same, so don’t forget to shop the market to secure the best rate based on your unique situation
• Indoor climbers and those who trek only with a registered group usually receive lower rates than outdoor climbers.
• Outdoor climbers on average pay anywhere between $2.50 and $5.00 above the base rate for each $1000 of life insurance coverage.
• Choosing an exclusion that states that the insurer will not pay out should you die from injuries sustained during rock climbing can help you drop the flat extra fee.
• If you are an outdoor climber, consider buying two life insurance policies, one that covers rock climbing and another that doesn’t. This strategy may save you a considerable sum in the long run. 

Special Factors Influencing a Climbers Life Insurance

Now, let’s look at the specifics of your climbing that will influence your cost of life insurance: 

• Type of climbing: Indoor climbers qualify for better premium rates than outdoor climbers. Among outdoor climbers, free solo climbers (i.e. those who climb alone and without ropes or other safety equipment) are hardest to insure.
• Climbing qualifications: If you have completed any rock climbing or mountaineering qualifications, you have a better chance of securing affordable rates. 
• Climbing gradient: Those who climb on high gradients or difficult terrains will likely pay more for coverage.
• Frequency: Do you climb all year round? If so, your premiums will be more expensive than someone who climbs only a few times a year. 
• Where you climb: Life insurance companies across the board consider climbing abroad riskier. If you frequently take rock climbing holidays, it’s important to talk about it with the insurer as it may cover some rock climbing locations but not others. 

Personal Factors Influencing a Climbers Life Insurance

Apart from climbing-related factors, various personal factors also impact your premium rates including: 

• Age: Generally, taking out coverage at a younger age will lead to cheaper monthly premiums. 
• Health: Pre-existing conditions, such as high blood pressure or diabetes, may result in higher premiums. 
• Smoking status: Because smokers are more prone to a premature death than non-smokers on average, they end up paying higher premiums.
• Type of cover: Some types of life insurance are more affordable than others. For example, premiums for term life insurance are significantly lower than for comparable whole or universal life insurance. 
• Amount of coverage: The greater the death benefit amount, the more expensive the premiums will be, all other things being equal. 

Different types of life insurance for rock climbers

Rock climbing will probably increase your premiums, but it is not likely to limit your options for life insurance. This means you will have access to all the different types of life insurance policies available in the market, such as: 

1. Term Life Insurance 

Referred as the purest form of life insurance, term life insurance has only one goal: To provide financial assistance to your dependents should you die prematurely. Term life insurance plans last a certain period, referred as the policy term. If your policy term runs out, your coverage will terminate, unless you renew it.

Most life insurance plans include a guaranteed renewability clause, which lets policyholders renew their term life plan without undergoing a new medical exam. However, keep in mind that your premium rate will go up, often substantially, at each renewal. Term life insurance premiums are 10 to 15 times more affordable than those of permanent life insurance.

Best For: 

• Young couples, primary breadwinners, and new parents 
• Anybody who wants life insurance to cover temporary financial obligations (for example, the years until you achieve financial independence)
• Applicants who want to keep the cost of life insurance low without compromising on the coverage amount

2. Whole Life Insurance

Whole life insurance, the most popular type of permanent life insurance, is life insurance and an investment product rolled into one. It provides coverage that you can’t outlive, so you can rest easy knowing your beneficiary will eventually receive the payout. Along with lifelong coverage, whole life insurance includes a savings element, called the cash value.

A portion of each of your premium payments is allocated to it, and the funds in this account grow on a tax-deferred basis. Your policy’s cash value grows at a fixed rate every year. 

Once you have built a certain amount of cash value, you can access it any time by taking a policy loan against it or withdrawing it directly. The cash value is for you, the policyholder, to use however you like while you are still alive. Your beneficiary receives only the death benefit when you pass, not any unused cash value that your policy has at that time.  

Best for:

• People with unique circumstances, such as a parent with a special-need child
• High-net-worth individuals who want to use life insurance for accumulating wealth
• People with large, complex estates 
• Business owners who want to use life insurance to fund a buy-sell agreement or as collateral for a business loan

3. Universal life insurance 

Universal life insurance has many of the attributes of whole life insurance, like lifetime coverage and the cash value. However, it doesn’t offer the same types of guarantees as whole life insurance. For one, the cash value grows at a varied rate, based on the market rate or the performance of the investment sub-accounts linked to it. Secondly, the death benefit may not remain level throughout the duration of the policy.

What it lacks in the guarantee department it more than makes up for in flexibility and affordability. Unlike whole life insurance, some universal life plans give you the flexibility to increase or decrease your premium payments, within certain limits.  As far as the price is concerned, universal life insurance costs much less than whole life insurance. 

Best for:

• People who want lifelong coverage
• People who want the cash value feature and the freedom to decide how it is invested
• Applicants who want the flexibility to adjust the premium payments and death benefit as their life insurance needs change

4. Simplified issue life insurance 

Standard life insurance policies require a medical exam, which means you may not always qualify if you have pre-existing conditions. If insurance companies are reluctant to write you a traditional policy, don’t worry. You still have options, one of which is simplified issue life insurance. It lets you forgo the life insurance medical exam and as such is much easier to qualify. But on the downside the coverage amount is limited, usually not more than $500,000, and the premiums are a bit on the higher side. 

Don’t confuse simplified issue life insurance with life insurance policies with accelerated underwriting. While these policies also let you skip the medical exam, they are not costlier than standard life insurance plans. The other difference is that life insurance with accelerated underwriting has no specific dollar limit on how much coverage you can buy. 

Best for:

• People who do not qualify for a medically-underwritten policy

5. Group Life Insurance

Group life insurance coverage is available through work. The employer pays all or most of the premiums, so there’s no reason to not sign up for group life insurance if it’s available. The basic coverage is usually limited to one or two time the annual salary, but in most cases, employees can buy supplemental coverage by paying out-of-pocket.

If supplemental coverage is not available, you should consider buying an individual policy. That’s because the basic group life insurance coverage is not likely to provide adequate protection to your loved ones. 

Best for:

• Everyone who has access to it

Conclusion 

Whether you’re an amateur or professional rock climber, you can get life insurance. The price of life insurance for rock climbing depends on the specific details of your climbing, like the forms of climbing you engage in, how frequently you climb, and your experience and skill level.

Comparing quotes from multiple insurers can increase your odds of securing an affordable rate, as different life insurance companies rate climbers differently.

At Dundas Life, we work with many Canadian life insurers who specialize in covering high-risk applicants and can help you secure the right coverage for a great price. Book a free 15-minute call today and let's go over your options together.

Frequently Asked Questions

Do you need insurance for rock climbing?

Rock climbers need life insurance to secure the financial future of their loved ones, just like anyone else. Whether life insurance is right for you or not depends on your personal situation. Do you have people in your life who will suffer financially if you die? If so, you can benefit from life insurance.

Life insurance can give you peace of mind that comes with knowing that your dependents will be taken care of after you’re gone. Your family can use the life insurance payout to cover daily living expenses, pay down the mortgage and other debts, and meet big expenses like college tuition fees. 

How much does life insurance for rock climbers cost? 

How much you will pay for life insurance cover depends on your personal details (age, gender, health, lifestyle habits, etc.), as well as on various factors related to your rock climbing, such as: 

• Which type of climbing you do?
• How often you do it?
• What is your experience and skill level? 
• Where you climb?
• Do you have any climbing qualifications?
• How high you climb? 

Can I get life insurance coverage if rock climb or mountaineer?

Yes, you can get life insurance cover if you are into rock climbing or mountaineering. Even though rock climbing and mountaineering are high-risk activities, engaging in them is not likely to disqualify you from buying life insurance. However, these activities can influence the premiums you pay and the terms of the policy.

You will likely pay more for coverage than those with safer hobbies and your policy may include exclusions. For example, if you do free solo climbing, the insurer may refuse to cover death due to injuries related to it. 

Will my life insurance policy cover rock climbing accidents that occur outside of my home country?

Whether your policy will pay out if you die abroad while rock climbing or not depends on the specific terms and conditions of your insurance contract. In most cases, life insurance policies issue the death benefit if the insured dies overseas, but there are exceptions.

Some policies may exclude rock climbing accidents that occur outside the insured’s home country. Read the life insurance policy document before signing up to ensure you understand what’s covered and what’s excluded. 

How does my climbing experience and skill level impact my life insurance premiums?

Your climbing experience and skill level may have a positive impact on your premium rates. Since the risks involved with climbing can vary, insurance companies consider many factors when calculating someone’s premium rate. If you have a lot of climbing experience, your premium rates might be cheaper than of those without. However, you will still likely pay more than someone who’s not into rock climbing. 

Does life insurance cost more for climbers?

In most cases, life insurance is more expensive for climbers than non-climbers. Life insurance companies consider most forms of climbing as high risk and usually charge climbers an additional flat rate of $2.50 to $5.00 per $1000 of coverage for a medically-underwritten policy. How much you will exactly pay for life insurance depends on many factors, including type of climbing, climbing altitude, frequency, and your experience. 

Will I pay extra for life insurance for indoor harness rock climbing? 

Probably not. Most life insurance companies are not likely to count indoor rock climbing as an extreme sport, so your odds of securing an affordable rate are good, especially if you are young and in good health.   

Is it possible to get life insurance coverage if I engage in solo or free solo rock climbing?

Yes, you can get life insurance if you do solo or free solo rock climbing, but death resulting from free solo falls is likely to be exempted. That means your beneficiaries will not receive the payout if you pass away because of injuries sustained while free solo climbing. In all other scenarios, they will get the death benefit.