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Life Insurance for Sky Divers
As a sky diver, you know how invigorating it can be to jump out of a plane and glide through the sky. While this is a hobby you have no plans of giving up, when you start to obtain quotes for life insurance, it might be tempting to kiss sky diving goodbye. While sky divers are certainly a riskier group for life insurance companies to cover, it is possible to find an affordable policy that will provide your family with the money they need to survive when you are gone, and the peace of mind you need to live life to the fullest every day. Understanding how sky diving can affect your rates and how to compare these rates is important when you are on the mission to buy the right insurance policy.
Life Insurance is All About Risk
When you purchase life insurance, the company providing coverage must determine what the chances are that you will file a claim. Several different factors can make an applicant more risky than the next. If you have medical conditions or a poor family health history, the insurance company will see that as a sign that you are more likely to file a claim, but your medical history is not the only factor the company will consider.
Your hobbies, your lifestyle, your gender, and your age at the time of application can all affect your rates as well. Individuals who enjoy creating art, pose a lot less risk than individuals who enjoy plunging out of a plane for the thrill. If you are a thrill seeker and sky diving is your hobby of choice, you will be considered a greater risk even if you are in excellent health. While every factor is looked at individually by life insurance underwriters, companies who are willing to insure sky divers will look closely at your lifestyle and your experience to determine whether or not to extend an offer for insurance your way.
Can You Find Life Insurance if You Are a Skydiver?
When you have children or you buy a home, one of the first things you are influenced to do is buy life insurance. If you are worried that you will not find coverage because you are a skydiver, do not fret. There are plenty of leading life insurance companies willing to approve applicants who are recreational skydivers, you just need to know where to look.
Obviously, the insurance company is going to ask you several questions to determine just how serious you are about skydiving and how often you participate. You also need to consider your medical history and even your driving record to determine how these factors can affect your ability to get insurance. If you are considered a good risk in all other aspects, skydiving will not completely disqualify you from finding coverage. You can find term or permanent insurance if you have a broker who can help guide you in the process. You will, however, pay more than the average person for your death benefit.
How Much More Will You Pay for Life Insurance as a Skydiver?
Generally, insurance companies will charge extra for policyholders who participate in dangerous activities like skydiving. This is referred to as a "flat extra premium" and the rate is charged for every $1000 of coverage you purchase. Typically, the flat extra premium is higher when you exceed a specified number of jumps each year. If the extra premium is $3 for 50 jumps, it may be $8 for 100 jumps. This means that a skydiver who does 50 jumps per year will pay $1500 more per year for $500,000 in coverage, and a skydiver who does 100 jumps per year will pay $4000 more per year.
Are There Alternatives?
You can also consider the alternatives when you are buying life insurance. The company will give you the option to exclude skydiving from the policy to avoid paying the flat extra premiums. If you do this, you can pay standard premiums on your life insurance and then purchase a special accident policy that covers skydiving but does not cover other things like disease or illness. Just make sure that the accident policy that you purchase does not have a hidden skydiving exclusion or this alternative will not work.
If you are looking for life insurance as a skydiver, comparing underwriting guidelines and premiums is imperative. By doing business with a brokerage that can provide you with instant quotes and recommendations, you can make the process of shopping for life insurance much easier. Make sure you consider all of your options, understand how your policy will pay in the event of your death, and build a life insurance portfolio that will give you peace of mind every time you are ready to jump out of a plane and glide to the ground.