Not all insurance companies are created equal. While one company may approve divers for life insurance, another may not. At TermLife2Go, we work with dozens of the top rated, best life insurance companies. We focus on the niche filled by each company so we can place you with the most diver friendly life insurance company available. So whether your applying for a $50, 000 dollar term life insurance policy or a 10 million dollar whole life insurance policy we here at TermLife2Go should be able to help you out!
Life Insurance for Scuba Divers
So you like to dive a hundred feet under the water and look at colorful fish and coral, does that mean you have a high risk lifestyle? Well, in life insurance terms, it may. Scuba diving is considered an adventure sport, and while you probably know a lot of people who have engaged in the sport and not many – if any – who have ever died while under water, life insurance companies may charge scuba divers an additional premium if you are placed in the high risk life insurance category. That is why scuba diving is ranked as one of the top dangerous hobbies life insurance companies hate.
Finding life insurance for scuba divers can be, but does not have to be, a difficult task. You may even qualify for life insurance with no medical exam. It all comes down to choosing the right company.
Scuba Diving Life Insurance
Is scuba diving really risky?
The truth is, scuba diving really isn’t that dangerous. In fact, estimates say that only 1 in every 211,000 dives results in a fatality. A woman is more likely to die during childbirth than scuba diving, and anyone is more likely to die while at a dance party – an activity life insurance companies rarely ask you about.
While it’s not likely that someone will die while scuba diving, there are certain factors that can increase the risk. Chances are that a life insurance company will ask you whether or not you’re a scuba diver before they issue a policy. But who actually constitutes as “a scuba diver”? Does strapping on the oxygen tank and diving in once a year during the family vacation make you “a scuba diver”? Most insurance companies recognize that there are variables, and will use some discernment before hiking up the cost of your policy.
What do life insurance companies ask scuba divers before issuing a policy?
In order to assess how risky your scuba diving actually is, an insurance company will likely ask you some basic questions. This will help them to determine what kind, if any, premium should be added. You may be asked any or all of the following:
- Are you a professional or semi-professional diver?
- How many times a year do you dive?
- What is the average depth that you dive? What is your deepest dive?
- What kind of environment do you dive in? Do you dive in typical touristy diving locations, or do you seek out adventures like cave and salvage diving?
- What kind of certifications do you possess?
Using these metrics, an insurance company will classify your risk level. If you only dive in open water while on vacation, your risks are extremely low, and thus your premium will probably only raise a nominal amount, if at all. If you are a professional diver looking for the long lost MH370, then your life insurance expenses are probably going up by a few hundred dollars a year, depending on your coverage plan.
Can I withhold information from my insurance company?
It’s a (mostly) free world, and you can do what you want, but is it recommended to lie? No, definitely not. In fact, lying on your life insurance application about whether or not you are a scuba diver could be considered fraud. And if you’re the unlucky 1 in 211,000 that bites the dust during a dive, then there is a good chance your life insurance company is going to do enough poking around to find out you were a regular diver and lied about it on your application.
And when that happens, you can bet your insurer is going to refuse to pay out your policy, and your loved ones will be left with nothing, making your entire life insurance policy worthless. If you’re concerned enough about your loved ones to take out a life insurance policy, then you’re probably concerned enough to make sure they get what their due, even if it does mean paying a few extra dollars a month. Sacrifice a cup a coffee, why don’t you?
If you feel like the Scuba Gods are on your side, and you’re not going to become a scuba fatality statistic, you can always buy a policy without diving coverage. This essentially means you don’t pay extra because you’re a diver, but your policy is only good so long as you don’t die during a dive.
Are Some Life Insurance Companies Better For Scuba Divers Than Others?
Not all insurance companies are created equal, and that even applies to how they insure (or don’t insure) scuba divers. Some insurance companies may refuse to insure a diver who isn’t certified, while others may have more flexible options for professional divers. When you are shopping for a life insurance policy, it is important to keep your profession, lifestyle, and risk factors in mind so that you can get the best possible life insurance policy for the best possible rate. What’s good for your friend may not be good for you.
If you would like to learn more about the best types of life insurance policies and which is ideally suited for your life as a leisure or professional scuba diver, then contact us at TermLife2Go. We will help you compare various life insurance companies and policies so that you can find the policy that best suits your needs as an individual to ensure your family receives the best possible protection when they need it the most.
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