Mortgage Payments up because of power kites

[Munky Boy]

We are due to move house in the next month or so:mad: Our new mortgage lender now requires me to fill out a risk assesment form because I do what is called an extreme sport !!! and because of the deal we are going through their life insurance. Don't get me wrong they are the cheapest on the market but it is going to cost me around £8-12 a month extra on top of a £550 plus payment.

Arse and shafted is coming to mind.

Has anyone eles come across this.?

They are saying it is quite new because of the increase in injury and death in the sport!!!

Our adviser also said that scubba divers are being hit hard aswell up to £30-40 a month.

HAS THE WORLD GONE MAD

[raptor]

they are just covering their losses and pre-empting a loss

[Kiteboyza]

powerkiting is not even recognised as a sport yet!

[spooky]

Unfortunatly, put the word "extreme" in front of almost anything and it is it allows peopel to charge extra for anything

 

What does not help is when people promote kiting as "extreme" to make they appear cooler/better becuase doing an extreme sport.

 

Yes we should highlight the risks involved, as like any activity there are risks, but NOT to the extent that people only want to do it becuase it is "extreme"?

To me that is arracting the right people who can help develope the sport?

 

And hence more and more places/businesses/people will be charging more as anything that is "extreme" is a greater risk??

 

BUT is it?

I have two friends who both Skydive, how many deaths in the uk in last 5yrs? 2/3?

Seriouse injuries 1 (normally cause it is all or nothing when it goes wrong).

 

Minor injuries, yes a lot but we are talking twisted ankles and the like, not sufficent for payouts on mortages.

 

So IMHO nothing to do with whether it is more dangerous/risky, just an excuse

 

Jon

[RB]

I used to sell life insurance, mortgage payment protection, income protection etc etc and they are fully justified. At the end of the day by doing this sportwe are at more risk than those who do not kite, of having an accident. Its not just about death but if you are unable to work as well!

 

Example: my mate mountain bikes, he fell off this year and broke his pelvis, elbow and wrist. He was off work for 4 months……. His employer had every right to stop his pay or just pay him SSP or even dismiss him due to not being able to work through his fault, but at the end of the day it was his fault! So your ins co is only making sure if you partake in an increased risk activity and have an accident THEIR house will be protected and paid for. Just remember a mortgage means it belongs to the Mortgage co until you pay it off!

 

So to put this into reality… imagine you own a house and then decide to sell it to someone. They pay you each month, they have an accident playing extreme skittles, they are off work and cannot pay anything to you for 8 months…. Would you be happy? no

 

I know paying out more cash is naff, I know very well I have just had to increase my life ins, critical illness, mpp etc due to having a kid and doing this sport, but I am happy to do so as I know that myself, my family and my livelihood are covered if a minor or major accident occurs!

 

Sucks but a small price to pay for piece of mind!

 

Ps. I have also had and seen clients in the past who refused cover, then had accidents, got ill etc and had no money paid to them, mortgages not paid off, income not protected! Its not nice to see anyone in that situation!

 

Ok… slaes pitch over, drop me a PM and I will sign you up and get loads of commission LOL

[RB]

just a quick Q

 

People seem generally happy to pay for the likes of BBC insurance to protect 3rd parties! but Not to pay more insurance costs to cover themselves, their home, their income and family???? that seems very backwards to me!

[RB]

Sorry k

 

I do mean the insurance part…. Its all there to protect you, your family and the insurance company.

 

If you die your life insurance will pay the mortgage off

If you become ill or cannot work ever again the Critical illness will pay the mortgage off

If you cannot work for any length of time you need Income Protection & mortgage payment protection

 

Without the above if you have an accident, die, get ill etc your mortgage will not get paid off, you will have no income and still have to pay the mortgage. So getting the above for an extra £??? Per month is a bargain as far as I am concerned!

 

However if and god forbid you ever need to claim, your ins co will not pay up if they don’t know you do kiting! So let them know…..

 

I know many on here and not being ageist, older people with familes will prob have this covered, but when your young this all means less £££ in the back pocket! But I think the % of people who will have let their ins co know about their sport will be low….. So your insurance cover will be invalid if you have a kiting accident………….. Pls just think about it

[The Geoff]

Presumably they charge people who drive a lot more?

 

[RB]

errrrrrrm yes they do charge less for non drivers

 

but technically your covered if your hit by someone else by their insurance.

 

but back on line..... yes its cheaper to get any type of mortgage related insurance if you do not drive as its one less risk!

 

Just on Spooky's note…. twisted ankes may be the extent of many peoples injuries on here, there have been a few broken ankles, arms etc which can put you out of work for a month or 2, some employers could be evil and just give you ssp during that time! I don’t know about you but I need my full wage each month! But I rest easy knowing I have insurance in place (income protection) should I mess up during a flying session, we also had a death on here a couple of years ago? It may be 1 in a 1000 but the risk is there…… extreme or not the risk is real and insurance companes recognise that………

 

Anyway… your lives, your homes, your families………….. Your choice

 

Im just trying to help

[Sparhawk]

I declared I did it and it cost me no extra ?