 Poster: A snowHead
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Hi guys,
Just thought I would share a piece of research I have just done for a client, seems a waste not to share it. I’m a financial planner and have just set up a life and critical illness policy for one of my clients who Skis off piste with no guide. This required some leg work to sift through providers who will or will not cover such activities. I spoke to the underwriters at 7 different life companies and the responses I got were very mixed, with only 3 of the 7 able to cover the client as standard with no loadings or exclusions. I can’t for the life of me work out how to post a text box on here to show the results in detail…….. admin?!
The summary is that the three providers that were good were LV, AIG & L&G, for life and critical illness AIG are outstanding but are not cheap in my experience.
The other providers I investigated were Zurich, Aegon, Aviva and Scottish Widows who came back with various loadings and exclusions.
Disclaimer, this is information only, and by no means constitutes tailored advice.
If anyone needs to have a chat, PM me.
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Obviously A snowHead isn't a real person
Obviously A snowHead isn't a real person
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@LDP816, how often does this client ski off-piste with no guide? For a one-week-a-year skier I would be surprised if the increased risk is significant enough for a loading. For someone living in the mountains for a season, or full-time, things could be different.
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Well, the person's real but it's just a made up name, see?
Well, the person's real but it's just a made up name, see?
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| ecureuil wrote: |
| @LDP816, how often does this client ski off-piste with no guide? For a one-week-a-year skier I would be surprised if the increased risk is significant enough for a loading. For someone living in the mountains for a season, or full-time, things could be different. |
This was a recreational, a few times a year skier, so I anticipated the same as you. But after talking with the underwriters they all viewed it slightly differently, with the worst applying a loading/exclusion, and the best taking it at standard rates.
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You need to Login to know who's really who.
You need to Login to know who's really who.
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My guess is that the underwriters will take a different view at different companies of the significance of the risk. Those with competitive premiums have to load for unusual risks. Those with less competitive premiums can allow such risks to sit within the profit margins.
Underwriting is less to do with scientific analysis and study, and more to do with whether or not the company wants that risk and what view the company takes.
Consequently, underwriting can seem at times to be biased and unfair. That is why there is competition. Heavy loadings mean "we do not want this type of risk", no loadings mean "we do not see this risk as significant". They are not obliged to share the same opinion on something there is no statistics on which can be used.
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Anyway, snowHeads is much more fun if you do.
Anyway, snowHeads is much more fun if you do.
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Thanks @LDP816, will go and check the terms of my policies...
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