When it comes to securing life insurance, most people focus on traditional factors like age, health, and occupation. However, hobbies, especially adventurous ones like scuba diving and skydiving, can also affect your coverage options and premiums. These thrilling activities come with their own set of risks, but that doesn’t mean you can’t find affordable life insurance. In fact, it’s entirely possible to get coverage that fits your lifestyle, even if you’re a dedicated diver or skydiver.
In this blog post, we’ll walk you through everything you need to know about life insurance for those who participate in these extreme sports, covering risk factors, insurance options, and tips for keeping your premiums manageable.
Can You Get Life Insurance If You Skydive or Scuba Dive?
Absolutely! Whether you’re a recreational diver enjoying vacations or a regular skydiver, you can still get life insurance. While insurers do consider your hobbies when assessing risk, it’s possible to find a policy that meets your needs. The key is knowing what questions to ask and which insurers offer coverage for high-risk activities.
Most insurance companies will not deny life insurance to someone who participates in activities like scuba diving or skydiving, but there may be additional requirements or slightly higher premiums, depending on the frequency and intensity of the activity.
How Insurance Companies Assess Risks for Scuba Divers and Skydivers
When applying for life insurance, insurers will ask about your scuba diving or skydiving habits to gauge the level of risk they’re covering. Here are a few factors they’ll consider:
- Frequency: How often do you engage in these activities? If you dive or skydive regularly, your premiums could be higher than someone who only participates occasionally.
- Level of Expertise: Insurers differentiate between recreational and professional divers or skydivers. Professionals, or those who dive to extreme depths or jump from higher altitudes, may face higher premiums.
- Location: Some locations, especially those known for being more dangerous or extreme, can increase your risk level.
- Certifications: If you’re a certified diver (e.g., PADI), this can help lower your risk assessment. Certification shows that you follow safety guidelines and understand the risks involved.
Does Life Insurance Cover Accidents Related to Scuba Diving or Skydiving?
The short answer is: it depends on your policy. If you’re planning to engage in scuba diving or skydiving, make sure to review your existing life insurance policy to check for any exclusions. Some policies may automatically cover these activities, while others may have specific clauses or exclusions related to extreme sports.
If you’re applying for life insurance, make sure to work with an insurer who explicitly covers these high-risk activities. Some insurers may require additional paperwork or a questionnaire about your diving or skydiving habits, but once that’s cleared, your activities will typically be covered.
What Is the Cost of Life Insurance for Scuba Divers and Skydivers?
The cost of life insurance will depend on how often and intensely you participate in scuba diving or skydiving. For casual hobbyists who only dive or skydive on occasion, your premiums may not be significantly higher than standard rates, especially if you’re otherwise in good health.
However, professional divers or skydivers who engage in these activities frequently, or at more extreme levels, may face higher premiums. Factors like the depth of dives or altitude of jumps, as well as any underlying health conditions, will affect your rates. In some cases, an additional flat fee may be added to your premium to account for the increased risk.
Can You Avoid Extra Fees for Scuba Diving and Skydiving Coverage?
Yes, it is possible to avoid extra fees by adding an exclusion rider to your life insurance policy. This rider specifies that the insurer will not cover certain risks—like those associated with scuba diving or skydiving—while still providing coverage for other causes of death. However, be mindful that with this rider, your beneficiaries would not receive a payout if you pass away during one of these activities.
Additionally, if you’re only planning to scuba dive or skydive on rare occasions, some insurers may offer coverage without charging extra fees, especially if you can prove that your participation is low-risk or one-time.
Why Is Life Insurance Particularly Important for Scuba Divers and Skydivers?
Both scuba diving and skydiving come with inherent risks, despite safety improvements over the years. The majority of accidents in these sports are due to human error rather than equipment failure. While the odds of a fatality are low—about 1 in 500,000 for skydiving and 1 in 211,864 for scuba diving—the possibility of serious injury remains.
Skydivers are most likely to suffer broken bones, spinal injuries, or whiplash in the event of an accident, while divers may face pressure-related injuries or complications from cold water. Having life insurance ensures that if something goes wrong, your family will be taken care of financially.
Types of Life Insurance Policies for Scuba Divers and Skydivers
When choosing life insurance as a diver or skydiver, you’ll find a few options:
- Term Life Insurance: This is the most affordable option for people who engage in these activities occasionally. It provides coverage for a specific term, such as 10, 20, or 30 years, and is generally easier to qualify for.
- Simplified Life Insurance: For those who may not qualify for traditional life insurance, simplified life insurance offers coverage without a medical exam, though you may need to answer a few health-related questions. It’s typically more expensive than standard life insurance but still offers a higher coverage limit than guaranteed issue policies.
- Guaranteed Issue Life Insurance: This policy does not require a medical exam or health questions, making it an option for those with pre-existing conditions or older individuals. However, it comes with a much higher premium and lower coverage limits.
Final Thoughts: Getting the Right Life Insurance for Your Extreme Sport
Whether you’re skydiving over breathtaking landscapes or exploring the ocean depths, life insurance is an important part of ensuring your loved ones are financially protected. While these activities come with risks, there are many options available for life insurance that can fit your specific needs. By working with an experienced broker, you can find a policy that provides peace of mind without breaking the bank.
In the end, it’s all about balancing the thrill of adventure with the safety of knowing your family is taken care of, no matter what happens.