Life Insurance Coverage for Skydiving: What You Need to Know

Life insurance and extreme sports share a tumultuous relationship. It is not uncommon for people who indulge in extreme sports like skydiving to pay more for life insurance coverage. Even if you are healthy and in great shape, extreme sports often involve a higher risk, and insurers are mostly concerned with how much and how often they may have to pay out.

Do Skydivers Qualify for Life Insurance Coverage?

There is no easy answer to this question since it depends mostly on the insurers. Skydivers may be eligible for a traditional term or whole life insurance coverage from some insurers. Permanent life insurance, which includes whole life and universal life options, lasts until one’s demise, in contrast to term life insurance, which lasts for a specified time, typically 10 to 30 years. Some insurers, though, might charge higher premiums for covering skydivers. The policy may also contain exclusions that restrict payouts if a person dies during skydiving or other related activity.

Types of Life Insurance Coverage for Skydivers

Skydivers should consider getting specialized and accidental death insurance which would cover them despite their high-risk hobby

  • Specialized Insurance – When you skydive, you take on more risk, thus insurance providers might be unwilling to insure you under a standard policy. Specialized coverage takes into account your interests and adjusts your premium accordingly.
  • Accidental Death Insurance – This kind of insurance covers some fatal accidents with financial compensation. If you die during a skydiving accident and have accidental death insurance where skydiving is named as a covered event, your beneficiary will get the death benefit.

Cost of Life Insurance Coverage for Skydivers

Even though there aren’t many skydiving-related fatalities each year, the activity is nonetheless regarded as risky. It is rather typical for an insurer to ask if you have ever skydived or have any plans to do so soon. You are then categorized as having a high or low risk based on your answers.

Nonetheless, it is never a good idea to lie on a life insurance application as it would be deemed as insurance fraud, and cause your application to be rejected, attracting fines and criminal charges.

Tips to Lower Premiums

Skydiving will undoubtedly raise your insurance rates. But it doesn’t imply there aren’t other ways to reduce it. Here are some tips for lowering your premiums!

  • Healthy Lifestyle -A healthy lifestyle can significantly lower your premiums. Living healthy includes exercise and proper eating which not only make you feel better but also dramatically lower your insurance costs as your chances of dying prematurely are now deemed lower.
  • Avoiding Bad Habits -Smoking and drinking excessive alcohol can greatly affect your health, thus attracting higher life insurance premiums.
  • Tenure – The length of your coverage has a significant impact on how much you will pay in premiums. Longer coverage attracts lower premiums and vice versa.

Choose Locke Insurance

Are you looking for life insurance coverage that takes your high-risk hobbies into account? Consider speaking to the agents at Locke Insurance today for answers to questions you may have about life insurance. Our goal is to ensure that you get a policy that fits your needs without compromising on benefits.

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