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Qualifying for Life Insurance for Skydivers
Skydiving and life insurance do not go hand in hand. That is why jumping out of planes is on our Top Ten Dangerous Hobbies Life Insurance Companies Hate list. However, the good news is some companies take a different stance than others when it comes to offering life insurance to skydivers. If you love parachuting or skydiving and you need life insurance then we can help you achieve your goal. Give us a call today or continue to read our article Life Insurance for Skydivers.
Life Insurance for Skydivers
Any physical activity that makes your heart pump a little (or a lot!) faster, and helps you realize what it means to be alive (because you could very well die doing said activity) could be considered an adventure sport. They wouldn’t be called “adventure sports” if there wasn’t a risk factor attached.
And as you can imagine, flying high into the sky and then jumping out of a plane with nothing more than a backpack that’s supposed to open up and slow down the force of gravity so you can make it back to earth – and land – while still breathing (and preferably with no broken bones) is a little risky, and thus, an adventure sport.
Adventure sports like skydiving may be the thrill of your life and impressive to your friends, but life insurance companies don’t always look kindly on skydivers. In fact, it’s likely your premium will go up because you get a rush by jumping out of planes.
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What Do Life Insurance Companies think about Skydiving?
Whether you're applying for a traditional term life insurance policy or a whole life insurance policy, it’s a life insurance company’s job to assess the risks you take in life, and then set up your life insurance policy (read: charge you more for a riskier lifestyle) accordingly. Skydiving is an activity that can be dangerous, and so life insurance companies sit up and take note. By engaging in an adventure sport like skydiving, you are increasing your chance of fatality, even if by just a little.
The truth is, unless you are a professional skydiver, chances are your premium will raise by a nominal amount, if at all. If you are a professional skydiver, or skydive frequently enough for life insurance companies to worry that you might become a statistic, then you might have to pay a sizeable amount more.
So how frequent is frequent? Well, if you jump twice a year, that’s probably a lot more than your neighbor, but isn’t enough to be considered a lifestyle risk factor. You’ll likely start paying upwards of $5 per every $1000 of coverage only if you skydive more than 50 times a year. That’s a lot of jumping!
How should I deal with my love of skydiving and my insurance policy?
There are really four options here:
- Lie to your life insurance company. Tell them you aren’t a skydiver, or that you jump less than you actually do. Hope that you don’t die while skydiving, and hope that even if you do, your life insurance policy provider won’t be smart enough to investigate your life prior to dolling out the cash. (FYI- this will NEVER happen. An insurance company is definitely going to investigate your lifestyle to determine if you were truthful on your application). NOTE: We at TermLife2Go NEVER recommend lying to an insurance company on your application. This could make your policy null and void in the event that you actually do have an early demise due to skydiving. Ultimately, your family will be the ones you wind up hurting.
- Get a life insurance policy that doesn’t have skydiving coverage. It is called an aviation exclusion. This means that your life insurance policy is not valid in the event that you die while skydiving, flying, parasailing, etc... READ: Your family will be the ones you wind up hurting and they will get nothing out of your life insurance policy if you die while skydiving.
- Get more than one life insurance policy. If the yearly cost for skydiving coverage is too much for you, then you can split the total amount of coverage you want to have into two life insurance policies: one with skydiving coverage, one without. Let’s say you’re an avid skydiver and want to have a total of $500,000 of life insurance coverage. Your insurance provider tells you it will be $5/year per every $1000 for skydiving coverage. Instead of covering the whole amount, why not take out a $200,000 policy with skydiving coverage (costing you an extra $1000 a year). Then, take a $300,000 policy without skydiving coverage. If you take your last breath while falling back to earth, your family will at least receive partial coverage. If you die in another scenario, say from a heart attack not caused form your parachute not opening, they’ll get all 500k.
- Pay the premium and get full coverage. Life insurance is about taking care of your family after you are no longer around. If you really want to do that, they shouldn’t be the ones to be punished by your love for this adventure sport. Getting a life insurance plan that covers you even while skydiving will ultimately benefit your family the best.
How do I find a life insurance company for me?
If you are a skydiver, there are many factors to consider. Not all insurance companies deal with skydiving in the same manner; some may be more flexible and affordable for skydivers than others. Whenever you choose a life insurance provider, you need to consider a combination of factors: what kind of coverage do I want, what is my lifestyle like, who is my policy intended to benefit, and how is my life likely to change in the next few years? Your passion for skydiving is just one part of the equation.