Believe it or not, life insurance does tend to differ when it comes to scuba divers. This is due to that fact that extreme sports such as scuba diving do carry risk. Life insurance for scuba divers varies incredibly depending on many factors, and if you don’t use the right life insurance company based on your specific diving habits, the result can be unnecessary higher premiums. The key is finding an insurance company that works well with scuba divers to get a better premium and policy.
Because life insurance will ensure your family will have the money they need, you should ensure you have the perfect plan for your loved ones. If you’re a scuba diver, don’t assume you have to pay a fortune every month for your life insurance coverage. This article is going to look at ways you can get lower insurance rates and keep more money in your pockets every month.
The Differences in Risk
One of the reasons that finding life insurance for scuba divers is so complicated is due to the fact that there are so many variables that can affect policies, premiums and fees. Medical conditions can easily be sorted out and classified by severity, treatment, whether or not the condition has been diagnosed as terminal and more. High-risk activities such as scuba diving are harder to classify because it depends mostly on how the diver intends to do the activity. Though it is a complicated matter, there are certain ways to gauge the risk.
How Deep Do You Dive?
Depth is one of the main concerns with insurance companies. The deeper that you dive into the water, the less chance that you have of surviving if anything goes wrong. This is why many insurance companies have a limit on how deep you can dive in open water. For example, ING (now known an Voya) limits dives to 100 feet underwater while staying in open water. If you intend on going any further than that, you will have to pay additional fees for every extra 100 feet that is traveled.
How Often Do You Dive?
Frequency is also a matter of note because the risk increases with an increased amount of frequency. If scuba diving is a hobby that you do whenever you have vacation days, your risk is less than that of someone who dives every weekend.
Purpose of the Dives
Your insurance plan can differ depending on whether you go diving as a hobby or if you do it for commercial matters. It’s important to offer this information to get the best plan for your needs.
Scuba diving certification shows that you have proven to a professional diving instructor that you are a responsible and knowledgeable diver who does everything in their power to stay safe while diving. Certification can sometimes allow you to get better rates and fewer extra fees because it shows that you are safer and more responsible than the usual diver without certification.
Types of Scuba Dives
The type of diving that you usually do, intend on doing or have done in the past also have bearing on your insurance policy. Open water diving is the most common type of diving and is seen as the safest because there are few obstacles to get in your way in the event of a problem. However, it’s also common for divers to explore caves and shipwrecks and to dive into icy waters. These types of diving are seen as riskier due to the amount of obstacles and dangers that a diver can run into while underwater. However, showing that you have done those types of dives safely in the past can also show that you are fairly safe and experienced in the water.
Guaranteed Acceptance Life Insurance
If you’ve been declined in the past for life insurance, for whatever reason, don’t assume you can’t get insurance protection or you will have to quit scuba diving to be approved for coverage. There are several options for getting a quality insurance plan. One of those is a guaranteed acceptance policy.
As you can probably guess from the name, nobody is declined for a guaranteed acceptance policy. There are no health questions and no medical exam. You can get life insurance protection regardless of any high-risk hobbies or health complications you may have.
There are several pitfalls of these plans which can make them a less-than-ideal choice for a lot of applicants. One of the most significant problems with these plans is they are going to be much more expensive than a traditional plan. Without all of the health information, the insurance company is taking a greater risk, they offset the risk by charging higher premiums. If you want the most affordable policy, you need to apply for a traditional plan.
The other major problem with these policies is the limit on how much you can buy. Most companies will only sell you around $25,000 worth of insurance, which is nowhere near enough for most families.
Saving Money on your Life Insurance
As a scuba diver, you’re going to pay higher rates. It’s as simple as that, but that doesn’t mean you have to pay premiums which are through the roof. There are several ways you can get more affordable rates for your insurance protection.
The first thing you should do to get lower premiums is improving your health. Unless you purchase a no exam plan (which is going to be more expensive), the insurance company will require you take a medical exam. The results of this exam are going to determine how much you pay out each month. The medical exam is one of the biggest factors the company uses to calculate your rates.
Before you apply for life insurance, improve your health through diet and exercise. Losing weight, lowering your cholesterol, and lowering your blood pressure can save you hundreds of dollars every year. Exercise will keep more money in your pocket, and your doctor will thank you.
If you use any type of tobacco, you should quit those habits at least one year before you apply for life insurance coverage. If you’re a smoker or you use chewing tobacco, then you’re going to be facing much higher premiums. If you use any kind of tobacco, you have a much higher risk of being diagnosed with health problems. The insurance company knows the risks and they are going to offset it by charging you at least twice as much for the plan.
All insurance companies are different, and they all have various medical underwriting/rating systems they are going to use, which means they will all view scuba divers differently. Some companies have more experience with scuba divers and will offer them lower rates. Finding one of those companies can save you hundreds or thousands of dollars every year in insurance premiums.
How do I get the Best Policy?
The best course of action for scuba divers looking for life insurance is to get a quote from a reputable independent agency (like ours) who can find the best policy for your needs at an affordable price. Once we personally learn of your diving experience, types of dives, how deep you dive, certification, and how many times a year you go scuba diving, we can tell you exactly which company and which policy would be best suited for you. With so many companies and policies out there with differing premiums and rules, the benefits of getting a custom-made quote from an independent agent are immense.
In many cases you can get Preferred Plus rates (the best possible rates) as a scuba diver. You can compare life insurance rates using the online quote tool on this page, call us at 888-552-6159, or fill out the form on this page for a customized quote.