By Bethan Moorcraft | Insurance Business Canada
Thrill seeking gets more and more adventurous and imaginative every year – and new risks are creeping into the life insurance market.
Canada has always been extremely popular for outdoor pursuits. In the winter months, tourists flock to Alberta and British Columbia to enjoy extreme skiing. When the weather turns, the biggest thrill seekers ditch the slopes and take to the air and the water, parachuting, base jumping and scuba diving.
The risks associated with extreme pursuits are high. One mistake or accident can lead to serious injury or worse, so the need for appropriate extreme sports coverage in a life insurance policy is vital. Michael Aziz, senior vice president of sales at Canada Protection Plan, told Insurance Business of a few interesting trends in the extreme sports market.
In May, D-Day veteran Verdun Hayes became the world’s oldest skydiver at the age of 101 and 38 days. He jumped 15,000ft from a plane in Devon, UK, to take the world record from Canadian Armand Gendreau, who skydived in June 2013 aged 101 and three days.
So, age is no longer a factor when it comes to extreme activities. However, age and health will play their parts in life insurance premiums, so brokers must encourage transparency from their clients in this regard, according to Aziz.
Another trend potentially seen across various insurance markets is “people looking for a more simplistic approach” to buying insurance. These days, more people are doing research online before approaching brokers and many people are buying policies online without any personal contact whatsoever.
By Bethan Moorcraft | Insurance Business Canada | Published on July 17 2017
NB: This article may have been edited and/or condensed. The information contained is as of date of publication and may be subject to change. These articles are intended as general information only.