Which Family Insurance Products Should We Have in Place?
Question asked by James Laverty
I’m looking to replace my existing Life Insurance cover as i’m moving jobs and it’s not include in my new employee benefits. I’ve recently started diving as a new hobby. Is this something I could be covered for?
Generally speaking yes, most insurers will allow ‘recreational’ diving down to 30 to 40m without any restrictions.
If, however you participate in anything that deviates from this (e.g. competitive diving, free diving, pothole/cave diving, internal wreck diving etc.), and beyond 40m – there is likely to be a ‘rating’ (i.e. an increase in premium) per thousand pounds of cover you’re looking to secure.
This rating will vary considerably across insurers depending on their underwriting approach.
To determine how much they will load by depends on various factors e.g. how often you are doing this type of activity – if it is too frequent, then this may result in an exclusion instead.
Premiums can also be higher the more qualifications you have, as it assumes the more technical and higher frequency, the higher risk.
If you were at instructor level the premium increase would be much higher. Often, the insurer will want to have a telephone interview with you to get an idea as to the capacity in which the diving is undertaken to determine the level of the increase in premium if it does deviate from normal, recreational diving.
If you dive and you’re looking for Life Insurance then please get in touch and one of our advisers will be able to take down the details of your diving and liaise with each insurer to find out which providers are offering the best options.