teK--
Eats Squid
Just dig deeper on their definitions of mountain biking, and also be honest about what type of riding you actually do and how frequently. Now's not the time to make things sound gnarlier than they actually areThis is a very informative thread.
I cancelled my life insurance about 10 years ago and didn't have anything, saving about $18k in premiums in doing so, but my wife wanted to go to a financial advisor now that we have paid off our mortgage and look at investment options and find the best super arrangement while we were at it. The topic of TPD and life insurance came up and that we should look into this as well. After filling out all the paperwork and doing an over the phone interview I got the offer yesterday and mountain biking is definitely not covered in any way.
NEOS are able to provide cover, but with the following amendments:
A premium loading of 50% has been applied to Life, TPD and Income Protection cover. This increases the yearly premium paid from super for Life and TPD to $1,769.50 (or $1,504.07 after rebate), and the amount paid from your bank account to $164.21 per month.
NEOS have also applied exclusions to the TPD and Income Protection cover:
Mountain biking: No claim shall be payable under the insured benefits which results from the practice or participation in any form of mountain biking activity/ies
Lumbar spine: No claim shall be payable under the insured benefits where the condition or event giving rise to the claim results from any disease, condition or disorder of the lumbar spine its intervertebral discs, joints, nerve roots, spinal cord or supportive musculature and ligaments, or any treatment/surgery/complications thereof.
Tinnitus: No claim shall be payable under the insured benefits where the condition or event giving rise to the claim results from tinnitus, or any disease or disorder of either ear including deafness or any treatment/surgery/complications thereof.
For the exclusions, the insurer has basically taken on board what was in the application and raised a flag. Its important to consider if any of those things might cause you to be off work for an extended period of time (between 60 days and "never return to work"). Some things yes, some maybe.
I'm not sure how I feel about this. Makes me want to say fuck it all and tell all the insurance companies to get fucked.
I'm surprised also that the financial advisor wasn't able to find you an insurer who provides cover for MTB. Mine did, with the exclusion of racing more than once or twice a year on an amateur level.
