Rising to 8.848 meters above sea level – the height at which commercial planes fly – Mount Everest is undeniably the ultimate mountaineering challenge.
Located at the borders between Nepal and Tibet, it has been the most aspiring goal for every fearless climber for the past 70 years. Climbing the world’s tallest mountain has been on the top of every mountaineer’s bucket list, especially those attempting to conquer all of the Seven Summits (the highest mountains of each continent).
However, not everyone who takes the challenge manages to make it to the top. Nor everyone who desires to take the challenge gets the opportunity to. Permit, scheduling and price are the biggest restraining factors.
Similarly, any insurance needs are identified, after a thorough risk assessment. The application go an insurance policy must firstly go through the underwriting process, where the insurer will decide whether to accept your risks or not, and if yes, at what cost. If the insurer decides not to cover our risks, it is usually due to our denial to prepare on time, and take action before the worst comes.
Back to Mount Everest, there are 10 things you need to know prior scheduling for your ultimate climb:
- To climb Mount Everest, you need to know how to get to the starting points: first is from Nepal and the second from Tibet. Similarly, young people often start their insurance experience with obtaining their car insurance and then start looking for other insurance products like medical insurance and investment plans.
- There are two main routes to climb the mountain: from the southern face (in Nepal) and the northern face (in Tibet). Likewise, with insurance there are different products that can accommodate the needs of every stage of your life.
- While climbing the mountain, you need to find the right place to camp for the night and rest your body. When thinking about insurance, you need to find the right insurance consultant/agent/broker who will guide and navigate you through the most suitable protection plans for you.
- If you want to reach the top of Mount Everest and be among the few people who manage to conquer the world’s highest mountain, you need to assess the risks involved and take all the necessary measures for your own safety. Likewise, an insurance professional will help you identify the several risks that threat both your life and business, and accordingly, find tailored solutions to mitigate those risks.
- Climbers attempting to conquer Mount Everest should have previous experience in climbing on fixed lines, have previous rock and steep snow climbing experience, and be familiar with crevasse travel techniques. Similarly, when purchasing an insurance policy, you start from covering the basic risks in your life, like purchasing a motor insurance, a medical plan etc. As you grow up and reach different stages in life, new needs appear in your life such as purchasing a mortgage protection, setting up a child’s fund, purchasing a life insurance to ensure your loved ones are financial secured if the worst was to happen to you, etc.
- The most convenient time to climb Mount Everest is in late April and May. This is the window of opportunity when the mountain is most hospitable and accessible to humans. It is after the brutal winter and before the warm summer. The same analogy applies with Life Insurance. The most suitable time to purchase a life insurance policy is yesterday, when you are of good health and have financial stable. Thus, the sooner you get your life insurance, the sooner you can have peace of mind.
- Before starting your journey towards conquering Mount Everest, there is a long list of equipment that you will need in order to successfully complete this journey. Likewise, before getting approved for any type of insurance policy, there are several prerequisites that any insurance provider will take in mind before deciding whether to accept your risks and at what cost. For example, when it comes to life insurance, the insurance provider will take in mind your physical and mental conditions, your financial stability and the and the risks associated with your day-to-day activities.
- While it might be possible to climb Mount Everest without an extra oxygen bottle, it is highly advisable to carry one with you in case of an emergency. Likewise, insuring your life, your assets, your income is not mandatory, however, it is highly advisable. You have to consider carefully what you hold dear in your life and make sure you have the necessary protection plans in place.
- The cost of climbing Mount Everest could sum up to €50.000 per person, depending on whether you hire a guide and on what is included in your trip package. The same applies to insurance; depending on various factors and conditions, such as your age, your income, the amount insured, and the benefits included in a protection plan, the costs will vary. An experienced insurance consultant will help you compare the different protection plans and identify the most suitable for your needs at the best possible costs.
- At several times during your journey towards the top of Mount Everest, you will need to reassess and rethink your next steps, and if necessary, make a whole new plan towards the top. Similarly, when you have an insurance plan in place, you need to review it regularly. Your insurance consultant will help you reassess your current needs and risks and suggest the right alterations to your insurance plans.
So what are you waiting for? Start planning for your “journey to conquer Mount Everest”?
Ellada Palmyri
Qualified Insurance Broker
FLMI, MBA, BA Accounting
Email: [email protected]
Tel.: +35799603199