November 7, 2019

scuba divers

Life Insurance for Scuba Diving and Divers- Will I have to pay extra?

If, once you’ve read this case study, you’d like to talk through your situation, please call 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

Call me back

Our Client

Mr F, a 40-year-old man had been trying to arrange life insurance online. He had found that all the initial quoted premiums he had obtained, became hugely elevated due to his pastime. Consequently he contacted us for assistance. He needed the cover as he and his wife had arranged a mortgage. He wanted to ensure funds were available to repay this mortgage should he pass away during the mortgage term.

Their mortgage had an outstanding balance of £700,000 over a remaining term of 30 years.

The pastime

Mr F told us that he regularly takes part in many types of diving including Scuba, Cave, Mixed Air and Wreck diving around the UK and Worldwide, in total roughly 60-80 dives per year.

Mr F has years of diving experience and holds BSAC Dive Leader, NACD Cave Diver and PDI Tri Mix qualifications but despite him being in very good health, the risk posed to insurance companies is deemed very high due to his ‘dangerous’ pastime. We know from experience that many insurers would apply a substantial increase to their monthly premiums, which in a lot of cases makes the whole proposition unaffordable.

The outcome

After carrying out extensive research with all of our providers we found that a lot of providers said they would not be willing to offer cover. Or, would increase the price quite considerably in the region of an additional £708 per month.

However, there was one provider which would only apply an additional £115 on top of the monthly premium making the possibility of acquiring protection fall within budget.

Mr F was very pleased that we were able to offer him life cover on a decreasing basis for £700,000 over a 30 years term. The initial monthly premium of £36.40 would be increased to £152.40.

Getting expert advice is essential

We have a wealth of insurance and underwriting knowledge. Once we have a good understanding of your requirements we will start the research process.

This involves us contacting many and in some cases all, of the UK’s leading insurers to discuss your requirements. The purpose of this is to establish how they might treat an application.

Will they add a ‘loading’ to the premium (this is an additional amount on top of the standard monthly premium to reflect their additional risk)?

Would an insurer exclude certain conditions?

Will they decline an application? We want to avoid wasting your time and ours by making applications which might be declined.

Our client would not have been able to obtain this premium without the assistance of a protection adviser, who has the experience and knowledge of the different providers. He could have found premiums via comparison sites but these could have been anything in the region of £495 to £740 per month.

Client ID: 146090834

Next steps

Whilst you are welcome to get a quote online, we would recommend you speak to one of our advisers.

Any quote that your adviser provides you with will take into account your circumstances and medical history, as well as your budget!

An online quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.

Call Freephone 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

Please feel free to read our Independent client reviews, or read about the team at Future Proof

Call me back

Interested in related stories?

Jon’s moving story – being diagnosed with cancer.

The protection industry pays out over £5.7bn in claims in 2019

What questions will an adviser ask me?

Will my claim be paid?

Why you can trust Future Proof.

The benefits of an index-linked insurance policy

Take a look at our handy guides ‘What Cover is Right for me?’

Do you suffer from a medical condition and concerned you can’t secure Life Insurance?  Please view our ‘Medical Guides’ for further information.

Whilst we will make every endeavour to help someone to arrange insurance, there is no guarantee of success.  All applications are subject to underwriting.

Links to third-party websites exist for information only, and we accept no responsibility or liability for the information contained on any such sites.
The existence of a link to another website does not imply or express
endorsement of its provider, products or services by us or St. James’s Place.