Minlak
custom titis
Volume servicing is the key to a success
Life and TPD insurance
- Thread starter zeroth1000
- Start date
Squidfayce
Eats Squid
wait till you try to claim.
another, albeit longterm option, is to self insure. The premium on a 1.5-2M policy is quite hefty. You can use these funds to invest and reinvest any earnings. Its not ideal in the short term, but long-term, especially if you never disable/kill yourself, its a waaay better outcome.,
The benefit of this approach is it actually builds an asset base that you can call on for other purposes too rather than having nothing in the end if you remain healthy and in one piece. The downside is, if you break your neck a couple weeks after starting this, it wont be enough. Just a thought.
northvanguy
Likes Dirt
Going to keep bumping this thread as think it’s useful for everyone to
A) check their insurance
B) help me and others find TPD and IP cover
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A) check their insurance
B) help me and others find TPD and IP cover
Sent from my iPhone using Tapatalk
Did you ever have any luck on this? I've just been around the same merry-go-round with a policy underwritten by TAL and excluding IP and TPD for MTBing.
northvanguy
Likes Dirt
Nope - i must have contacted a couple major providers (the usuals) plus a couple smaller boutique and the second you mention mountain biking they list it as an exclusion.
So finding death cover is possible but not TPD and Income Protection which are really key.
I wrote Aus Cycling asking them and got a nothing response other than to renew my MTBA license which essentially covers you for sweet FA.
The search continues I really encourage people who think they have coverage to go read the T&Cs of their policy.
This all came about as not have a 20 month old and I ride 2-3 times a week and accidents happen regularly. At the moment I'm just running the risk or I'll need a mate to drag me out to the street and leave me on the bitumen to be found.
So finding death cover is possible but not TPD and Income Protection which are really key.
I wrote Aus Cycling asking them and got a nothing response other than to renew my MTBA license which essentially covers you for sweet FA.
The search continues I really encourage people who think they have coverage to go read the T&Cs of their policy.
This all came about as not have a 20 month old and I ride 2-3 times a week and accidents happen regularly. At the moment I'm just running the risk or I'll need a mate to drag me out to the street and leave me on the bitumen to be found.
teK--
Eats Squid
I have IP, Death and TPD cover even after disclosing mountain biking.
There was an earlier exclusion for mountain biking when I was racing frequently, but I was able to get this removed after declaring that I hadn't entered in a race in the prior 12 months. I have however disclosed that I might want to enter the occasional race no more than 2-3 a year, and ride socially all year round.
The most important thing is go through a full assessment via a financial advisor. The whole process takes many forms, several interviews, may or may not require a medical assessment depending on your circumstances. However you will get a tailored policy that is actually worth paying for.
Off the shelf products will be filled with broad T&C that could lexclude you from cover for the things you want.
There was an earlier exclusion for mountain biking when I was racing frequently, but I was able to get this removed after declaring that I hadn't entered in a race in the prior 12 months. I have however disclosed that I might want to enter the occasional race no more than 2-3 a year, and ride socially all year round.
The most important thing is go through a full assessment via a financial advisor. The whole process takes many forms, several interviews, may or may not require a medical assessment depending on your circumstances. However you will get a tailored policy that is actually worth paying for.
Off the shelf products will be filled with broad T&C that could lexclude you from cover for the things you want.
@northvanguy your circumstances sounds exactly the same as where I find myself (even have been through the same provider, TAL). And also looked at AusCycling to fill the gap, but the coverage amounts are fairly small, as you've mentioned.
@teK-- who is the underwriter of your policy? I do have a financial advisor who is looking into this for me. In a perfect world I'd be hands off and he'd find the right policy. But trying to do a bit leg work myself as the advisor is definitely struggling with the finer details of MTBing description in policies. The TAL policy even starts referencing IMBA trail ratings..... and I don't expect my financial advisor to be able to make sense of that, so hoping that be able to point him to some providers who cover MTB.
@teK-- who is the underwriter of your policy? I do have a financial advisor who is looking into this for me. In a perfect world I'd be hands off and he'd find the right policy. But trying to do a bit leg work myself as the advisor is definitely struggling with the finer details of MTBing description in policies. The TAL policy even starts referencing IMBA trail ratings..... and I don't expect my financial advisor to be able to make sense of that, so hoping that be able to point him to some providers who cover MTB.
teK--
Eats Squid
Cover is through AIA for IP, and Clearview for Death and TPD.
northvanguy
Likes Dirt
Thanks for sharing. Going to send them an email today.
teK--
Eats Squid
Just be wary if they are willing to deal direct with you, then this might be for an off the shelf product.
The full assessments are usually done by the reseller/adviser who you would pay a fee for the service.
northvanguy
Likes Dirt
Noted and thanks.
I can't even see how you get a policy directly with them which would support your recommendation that I'll have to find a reseller/adviser anyways.
Thanks, I will follow those up with my Adviser. Are they the actual underwriters? Or the retailers?
teK--
Eats Squid
Not 100% sure. As I understand everyone is underwritten by someone else higher up the chain until you get to only a small handful of companies who undewrite globally.
Yes.... it's an opaque world in insurance! Normally the company that sends the "welcome to your new insurance policy" letter is not the underwriter though. The underwriter never communicates with you directly (unless you're making a claim). Are AIA and Clearview the customer facing companies for your policies?
FatMuz
Likes Dirt
I’ve been with QSuper for Decades…. I have a Defined Benefit Super account with all these insurance thingys built in…or so I thought. At 57 years of age I’ve been diagnosed with Parkinson’s Disease which makes teaching teenagers pretty bloody humiliating. When I checked on my TPD INsurance I found out that from age 55 to 60 the policy is worth a big fat $0. If I was 54 I’d be fine but 55 and over Noooooooooooo.
rockmoose
his flabber is totally gastered
What a total crock of shit. Scummy scammy bastards
teK--
Eats Squid
AIA and Clearview are the front facing companies. No doubt underwritten by others up the chain!
I just went through this. TPD after 60 is either unavailable, heinously expensive or unclaimable. So let it go. I changed providers to drop the premiums to something realistic. So many things not covered though, sky diving, motor racing etc though I did not ask about mountain biking. #2 and partner have just bought a house and are in the process of making sure they have coverage. It is very important.
northvanguy
Likes Dirt
I agree re pinning to top.
I'm 42 - and really want to ensure until family is at point we dont really need this I get it sorted and am comfortable that I actually have coverage for mtn biking.
I've invested quite a bit of time looking it's been a nightmare.
Appreciate the help from @teK-- and hoping i'm finally making progress.