28 replies to this topic

[stevenbaus73]

Hi
I will be doing my aff course in jan, however just a quick question. (probably not one that most people like to discuss)

As a single father with 2 kids, i have life insurance but can remember that it doesnt cover parachuting.
Does anyone know of a life insurance policy that covers aff course and future jumps ($1mil cover)

I completed a couple of jumps many years ago but was single with no kids.


cheers

[Winston]

I got life insurance years ago and then I started carrying a gun for work so I rang up the insurance company and they told me not to worry about it as once the policy has already started I didn't need to inform them of any changes after that and the policy will not be effected , where u doing your aff ?

[stevenbaus73]

cool, thanks for the fast reply. Looking @ Maitland, heading over tomorrow to have a chat with them.
I completed a jump years at @ cessnock so it will be at one of these two places.

[Winston]

Stop by elderslie as well and check it out , about 15 minutes from maitland , I think it's a better dz myself , more fun jumpers are usually there and great people and instructors , plus u might see me there .. Not sure if that's a good or bad thing ..

[Yossarian]

What has a gun got to do with anything?

[Gravity7]

When I had life insurance, it covered skydiving, but not travel in a non-RPT aircraft. I would not be covered from the moment of stepping into the plane, until exit. After exit, cover resumed.

So if the plane was going down, and I was going to die anyway, it was better (financially for my family) to get out and bounce, than stay in and crash.

I don't know how much that may have changed.

(note: RPT= Regular Passenger Transport, i.e. a scheduled airline service, not private hire)

[Gravity7]

Yossarian, on 01 December 2011 - 07:36 PM, said:

What has a gun got to do with anything?

Because in most shootings of security people, it is done with their own gun?

[Winston]

What I was meaning was if u took out a policy now before u were a skydiver if the fine print didn't mention skydiving then u may be covered as technically u didn't lie on your original application form. I just thought getting a job with higher risk involved I may have to inform them .

[Mongtrix]

Main thing is that when you're applying for insurance and you get to the question 'Do you know Winston' you'd best answer 'no'.

[stevenbaus73]

cheers, well i am booked in and paid deposit to start on the 27th jan to start my aff course

[Wingit]

Try your superfund. You should be already covered for a certain amount, depending on the fund you can change the amount you wish to be covered for in the event of accidental death or permanant disability.

Blue sky's

[KGB]

I'd take my advice about skydiving from skydiving instructors. And I'd take my advice about insurance from people in insurance, not one guy who had a policy once.
Although, as a general rule, I do believe that insurers are very agreeable about most reasonable things until somebody wants to actually make a claim.

[Don Stevenson]

Hi guys,

Brand new here but I actually work as a claims manager for an income protection insurance company (and I even manage a claim for a skydiver who had an accident in the last couple of years and survived!) so I thought i'd add my .02

1. Don't assume that you are covered for anything! Different policies even from the same company can have slightly different terms and conditions.  For example I was looking at one of our policies today and it specifically excludes all "aerial activities" except being a passenger in a commercial flight. I then checked another policy and the same exclusion wasn't included.  Someone jumping on policy #1 = not covered, Policy #2 = covered.

2. When you sign up for life and IP insurance as an individual you will generally be covered for whatever is declared at the time.  If you don't mention extreme sports the insurer may not ask but may not cover you and can in many cases anything you take up afterwards requires you to inform them to have cover.  Failure to disclose relevant risk info at the start of a policy is also generally grounds for the insurer to decline your claim without any further ado.

3. If you have default life or income protection through your super fund or employer then these policies are generally not underwritten for risky activities and so you will be covered but as per point #1 above some policies might include exclusions.  You also want to check your default level of cover because to keep costs down many super funds limit payout cover to a certain amount like $1000 a week and if you earn much more than that you can't change the level of cover once you are hurt!  

4. CHECK THE WORDING - if you have insurance get the PDS or policy wording and read it with a magnifying glass.  If anything looks dodgy get it clarified, in writing from the insurer.

If anyone has specific questions just ask, i'll do my best to answer.  Most insurers are happy to pay valid claims and there are dispute mechanisms if you get stuck but if you start dicking them around by not disclosing info then they will be hesitant.  The suspicion is always that if one piece of info has been hidden then what else is missing.

Phew!

[Luke Oliver]

Don Stevenson, on 14 December 2011 - 07:19 PM, said:

1. Don't assume that you are covered for anything! Different policies even from the same company can have slightly different terms and conditions.  For example I was looking at one of our policies today and it specifically excludes all "aerial activities" except being a passenger in a commercial flight. I then checked another policy and the same exclusion wasn't included.  Someone jumping on policy #1 = not covered, Policy #2 = covered.

Post details of Policy #2 please!

[Don Stevenson]

Hi Luke,

The IP insurance that our company provides is group cover through super funds and isn't available retail so unfortunately I can;t score brownie points at work by selling you cover .  Let me just say though that if you work as an electrician and can get your super through ENERGY super then the default cover there is about as good as it gets in Australia.

I am going to check out a few retail policies and will see which ones have got the best cover/least hassle for jumping.  As with many things like this your best bet if you want cover is to ask a financial adviser or insurance broker.  I will also ask the GM at work to see if he has any ideas, we cover some pretty specialist areas like underground miners and pilots so there may be a product they can offer through APF (if there was enough interest)

[Gravity7]

Don Stevenson, on 15 December 2011 - 07:15 AM, said:

<snip> so there may be a product they can offer through APF (if there was enough interest)

I'm sure there would be.

[MattyHylander]

Insuranet offer a few insurances that have been organised by the APF for skydivers.

Most people know about the gear insurance that we can take out, but they also offer "Income protection" insurance as well. I know this as I had a claim on it earlier this year due to breaking my fibula on a jump. I can't recommended it highly enough! The cover is not huge - but is enough to keep you afloat, but the price is not huge either.
Mine cost around $200 a year and the cover is $500pw for up to a year and $3k of extra medical bills.

So if you injure yourself on a jump and can't work....... You have something there to keep you going!

[MattyHylander]

http://www.insuranet.com.au/

[stevenbaus73]

Update on this:
I phoned my provider today,
If it is a off once event (ie gift certificate jump) i am covered.
If i am taking it up as a sport, then i would have to redo the policy and parachuting would be excluded.

Anyone know of a provider that would cover parachuting for 1million life cover

cheers

P.S Thanks to Don for some info he sent me.

[chooc]

i rang insuranet the other and asked for a quote on income protection insurance and was told that they didnt do it.
i didnt even mention skydiving yet but she just said strait up that they dont do IP insurance at all.

Who do you use?

the ones ive rang have no problem with me dirtbikes as long as im not in competion/racing but its a no go with skydiving.

im not after life insurance(no point)  just IP.

any ideas????
thanks.