Skydivers are risk-takers and life insurance is the best back up for any kind of risk-takers. Well, skydiving is not just a hobby or a sport. Some people have a passion for this thrilling activity. But, we all know that love turning into a passion can cause harm.
If you will go in detail of the statistics, you may find millions of people taking this plunge, and reports of fatalities or injuries are quite less in number.
However, if you are an enthusiast, you might be looking for the right type of life insurance for Skydivers. But, before moving further with your choice. You need to know the policies and standards of the companies.
Can a Skydiver Get Life Insurance?
We understand that you are worried if life insurance will even cover you because of the risky life.
Well, the good news is that they do. Yes, there are some restrictions along with other terms and conditions.
Commonly, there is term life insurance and permanent insurance as an option to choose. And it comes with the options of whole life, universal life, and some other variable options.
Moreover, companies are there offering coverage for the people who are also interested in taking parachute as their hobby.
So, it can be a single jump in a year or you can be a professional. Just get the right company with the best offers for you.
Life Insurance For Skydivers – What an Insurer Think?
Skydiving is just not a painting hobby that involves no risk other than getting your hands full of paints. So, it is dangerous and risky for life. So, engaging yourself in any such activity is equal to increasing your chance of fatality.
Now when it comes to companies for deciding your life insurance premiums, they may consider the regularity a factor.
So, if you are a regular jumper i.e. 50 jumps a year. Then, you are a regular skydiver and your premium cost can be a lot more than you can think. So, while you are at it, you need to figure out your hobby as a regular or just as a time being.
Do You Really Need Life Insurance?
Skydiving may sound thrilling and amazing experience. But, the fact is that it can result in some serious consequences and most importantly the risk of life is always there.
So, you might think that you don’t need life insurance, or companies may not offer any. But you need it. Why because of the following risks you are taking while jumping out of the plane:
- Equipment Malfunction
- Human Error
- Eye Trauma
So, it is better for you to keep your safety first. Invest in your insurance policy because you might not see anything coming, but it is in your way.
What If You Already Have A Policy?
The answer to this question is that you are still eligible for life insurance as a skydiver. It is especially when you are just taking skydiving as a side hobby once for a year. So, in case you have a bad day and while you jumped, your parachute didn’t open. Your family will still be protected under the policy.
So, you may not get thin only under ant different circumstances. But if you are really worried about a family and have some adventurous nature in you. You definitely need this insurance policy for your family protection.
Impact of Skydiving on Life Insurance
Life insurance without any risky hobbies is easy to get, but when activities like skydiving in your hobbies, it can leave an unwanted impact on your policy.
The following are some of the factors that will affect your policy if your hobbies include skydiving in it.
Now, when we are clear about the main essentials of getting life insurance. The next thing you need to know is the premium cost you will be paying for it. Of course, skydiving is going to cost you more than you are thinking of it.
As a skydiver, you will pay base fare along with the flat extra fee. Different carriers have different charges of it and they can be $2 and $5 per $1,000 of coverage. And remember that it goes for everyone with risky activities including sky diving, deep-sea diving, and any other.
So, the frequency of these actions will determine the cost of the flat extra fee. Because the more you take a risk on your life, the more cost you will be paying.
The first thing that can happen in this course is the denial of the policy in the first place. But as we all know that people may lie about their hobbies. And the company has the right to cancel your policy if you die during diving. It can happen because you didn’t tell them about this hobby while signing the policy.
There are two conditions under which it can happen:
- If it happens during the two years of your policy. The company will investigate and if they found any evidence of you lying about your hobby. They are only liable to pay the paid premiums to your beneficiaries and they will cancel the policy right there.
- If this even occurs after five years of your policy. The company still owns the right of investigation. And if they find the lie you have told, they might recalculate the number of premiums and your beneficiaries will the get the amount in a deduction from the death benefit.
So, even if someone is telling you that you can get away with a lie. You may not want to go down that road and ruin the benefits for your family.
How to Keep The Premium Low?
Well, you cannot waive off your flat extra fee, but you can keep your premiums low by focusing on your health.
If you are not indulging yourself in any smoking, drinking, or any other activities, you might just keep your health and budget both in check.
So, just take a healthy diet and any other health precautions to keep a check on your health.
So, find more healthy activities and take your health advisor seriously and keep your premium cost as low as possible.
However, if you are not willing to give up your bad health habits at the side. You may not think about the policy to be in your favor.
Available Life Insurance Options for Skydivers
There are traditional and few specialized options available for skydivers. Let’s see what is offered.
Term Life Insurance
You can always apply for a term policy of 5 to 30 years. However, getting approval depends on lots of thinks. Your health plays a great role here. If you are physically perfect, you can get this with discounts. The insurer may charge a few extra for the risky hobby.
Whole Life Insurance
This type of policy can cover your entire life. It is recommended in your older age. People over 40 years are suggested to get whole life. If you are too young, it is better to stick to term plans which are cheaper.
This is actually a liability coverage including accidents and injuries. The one thing you need to keep in mind is that they will not cover anything outside of it.
Furthermore, it will cover accidental death, disability, or any personal liability too. And if they are taking low premiums, the coverage may not be as high as it is with other life insurance policies.
You can also avail of the travel insurance policy with skydiving coverage. This policy covers financial risk during travel including the risky activities you might like during your travel.
The ideal situation is that you can get two policies and close the gaps you have in both to provide what is best for you and your family. The mixed policy will always save you from getting caught in any other troubles in your way.
Never Lie About Skydiving
It is a crucial factor in every other thing. But the important. Well, if you are a regular person going every now and then for the skydiving, you may not want to lie about it. As it goes any further, the company can cancel the policy because of the falsified information on your application.
However, if you are just a person who is looking for policy and just wants to try skydiving for once in a life. You are not technically lying about it. Because then, the company cannot put it as a lie. You were not regular and it will provide you full coverage.
So, if you do it as a hobby, we recommend you to not lie about it ever. But if you just have a plan in mind that you may or may not execute. You should just buy a simple insurance policy.
But it is better to purchase the life insurance policy before you go any further taking such risk even for one time in life. So, do it for personal accidents or any other reason, you will not regret it.
Ways to Deal With Skydiving Life Insurance
Lie About It (not recommended)
We have talked about it before and you know that once the company gets it investigated and finds your lie, they will cancel the policy. So, people do this and this is one of the easiest yet most risky ways of getting the coverage without telling them about your hobby.
This method means that your policy would not apply to the condition if you die because of the skydiving, parachute, or any other similar activities. The drawback of this option is that if you die because of any risky activity, your family will not get anything out of the policy.
You can get more than one life insurance policy. One with the skydiving coverage and others without it. It is s win-win situation for you. Because under any circumstances your family will receive a fair amount of coverage at the end. You can discuss it with your attorney and insurer in detail. Ask them to explain the policy working and then go for it.
Get Full Coverage (Recommended)
The best option is to pay high premiums. Tell the insurance company truth about your hobbies and also pay the amount they demand. This will save your family from any big trouble. So, if you are in love with skydiving or any similar activities, you must be willing to pay the price to save your family too.
In this case, you wouldn’t have to lie or guess things to work out with more than one policy. In fact, you can just be saving your family from going through the worse after your death.
How To Find The Best Company?
There are plenty of companies opening their doors for people like you. They know you love adventure, risk and you will be willing to go out of the way for your family benefit. Well, you still need to shop around to protect your rights to your policy. Do not just let anyone convince you that they are everything you need.
Find out the best company at Life Insurance Guideline with better interests and then see if they are protecting your interests too. And when you think that your policy is right, you can close the deal on your own terms. Moreover, always read the policy and never slide it pass out of trust n the company or anything. Discuss it with your lawyer and help them read and make you understand every single point.
In the end, you might have a passion for taking risks in life. But life risk can be much more dangerous than it occurs. Still, if you are willing to jump over and over again, you must think about your family in the first place.
No one can tell you to drop your love for skydiving. All you need is to get the insurance policy to ensure that you also love your family enough to provide them even if your life is at risk most of the time.