Scuba Diving a Hazardous activity?

[redacted]

Maybe off-topic but I'm really curious why anyone that is retiring would want to spend money on life insurance.
I'm coming up to retirement and the days when my demise would have been a financial burden to my family are now past. House is paid off, kids are grown up and launched on their own careers and don't depend on me in any way. My pension pays to the surviving member of the couple so my wife is covered.
Obviously there may be circumstances that you don't wish to discuss on this forum but if it's nothing too personal I'd like to understand the logic behind your thinking.

On a related topic I'm starting to note the age clause in the most common TRAVEL insurance policies - many insurers have a 68 or 69Y age limit on this type of policy and as we're getting closer to this limit I'm starting to investigate. As opposed to life insurance I expect to need travel insurance for some years still.

I fully agree on the life insurance after retirement, except in special cases.

But I do not understand why you would opt to insure against losses you can afford. (If you can't afford a vacation, you should not be taking one.) Again, their might be a few exceptions such as knowing you are a much higher than normal risk or the once in a lifetime trip.

 

[kendallpg]

Just because the insurance company asks about SCUBA diving and you answer yes doesn't mean that the premium will go up. It just triggers a SCUBA questionnaire that asks for more details. The answers on that questionnaire could cause an increase. However, when I wrote my new life insurance last summer my premium wasn't affected by the fact that I am a diver.
The most important thing is that you DON'T lie on the application. If you are a diver, tell them you are a diver.

 

[miketsp]

I fully agree on the life insurance after retirement, except in special cases.

But I do not understand why you would opt to insure against losses you can afford. (If you can't afford a vacation, you should not be taking one.) Again, their might be a few exceptions such as knowing you are a much higher than normal risk or the once in a lifetime trip.

Not sure I understand your second comment. Why would I NOT want to take out a relatively cheap (~100USD) policy to cover me in the case of needing medical care in a foreign country (I've recently seen cases ranging from 10.000USD to 200.000USD) or to fly me home in a private jet air ambulance if I can't fly commercial (10.000 to 20.000USD)? Using your argument why would most people take out car insurance against accidents.

Some recent examples in the press:

All the apparently minor ailments could prove costly abroad with an overnight hospital stay in Spain following an allergic reaction resulting in a £3,000 bill and treatment for a broken leg in America costing as much as £40,000.

One holidaymaker who fell ill in America would have faced a whopping £100,000 debt after treatment had they not taken out insurance.

An average medical claim now costs over £900, rising to just under £1,000 for travellers aged 65 and older, but can shoot up if a hospital stay is necessary.

The highest medical pay out over the last year was for over £1.5 million. This was for a woman who received treatment after suffering a brain injury in California and was flown home by air ambulance.


'Please get me out of here': Badly injured Aussie bike crash victim trapped in Bali because he can't pay his $10,000 hospital bill | Daily Mail Online

 

[redacted]

Not sure I understand your second comment. Why would I NOT want to take out a relatively cheap (~100USD) policy to cover me in the case of needing medical care in a foreign country (I've recently seen cases ranging from 10.000USD to 200.000USD) or to fly me home in a private jet air ambulance if I can't fly commercial (10.000 to 20.000USD)? Using your argument why would most people take out car insurance against accidents.

Some recent examples in the press:

All the apparently minor ailments could prove costly abroad with an overnight hospital stay in Spain following an allergic reaction resulting in a £3,000 bill and treatment for a broken leg in America costing as much as £40,000.

One holidaymaker who fell ill in America would have faced a whopping £100,000 debt after treatment had they not taken out insurance.

An average medical claim now costs over £900, rising to just under £1,000 for travellers aged 65 and older, but can shoot up if a hospital stay is necessary.

The highest medical pay out over the last year was for over £1.5 million. This was for a woman who received treatment after suffering a brain injury in California and was flown home by air ambulance.


'Please get me out of here': Badly injured Aussie bike crash victim trapped in Bali because he can't pay his $10,000 hospital bill | Daily Mail Online

If that is the most cost effective way you can get medical coverage, then that is an option. I was thinking more in terms of insuring the cost of the trip against loss. In any case, the overhead associated with "travel insurance" is quite high.

 

[h20_kat]

The need for life insurance varies depending on a person's circumstances and can change throughout life. Travel insurance which includes emergency evacuation is a necessity if you are going to travel overseas. I had a pneumothorax in Indonesia 2 weeks ago. They did an emergency chest tube there and either removed it too soon or incorrectly so I had a re-occurrence. The doctor said I needed a thorocotomy. Yikes! My insurance company evacuated me by air ambulance to Singapore. They were concerned about the care I was receiving as well as the cleanliness of the hospital. I had another chest tube put in when I arrived in Singapore and everything seems okay now. I am still waiting to be able to go home so am staying in a hotel. So far the bills for this including the two chest tube procedures, both hospital stays, air ambulance, hotel/meals are about $32,000 USD. At the moment the insurance company is deciding whether they will send me home with a medical escort and oxygen or leave me here another week when the airlines will allow me to fly independently (must be 14 days after fully inflated lung). I would not want to be on the hook for whatever this total bill ends up being!