As a skydiver, you understand the importance of living life to the fullest. In fact, you make a point to live in a way that will leave you with no regrets. As exhilarating as this sport is, it is important to ensure that your family would be taken care of should something happen to you. The only way to do this for sure is with skydiving life insurance.
If you’ve ever searched for life insurance in the past or you’ve gotten quotes, you may assume your life insurance premiums are going to be through the roof. That simply isn’t true. There are several ways you can get affordable insurance.
Prior to beginning your search for life insurance, it is important to know how it works. There are several factors that are used to determine the cost of your skydiving life insurance policy.Here is a breakdown of how it works:
You probably know that life insurance companies associate additional risk with skydiving. As a result, they use a system called a flat method to calculate an additional fee to be charged along with your regular rate. For example, if a 35 year old woman were to get approved for a 10 year term life insurance policy, her rate may be around $20 a month.
In addition to her regular rate, the life insurance company adds an additional fee that will cover her in the event that she dies during a skydiving accident. This fee is called a flat extra and is determined by how many times a year a person skydives. For instance, for a person that skydives less than 50 times in a year, an additional $2.50 may be added to their premium per $1000 in coverage.
How can you lower your skydiving premium?
While skydiving premiums are slightly more expensive, they are the best way to make sure that your family is cared for. An alternative to this would be to select a policy that has a skydiving exclusion, but your family would not receive a benefit if you died while skydiving. This would leave them to cover any funeral expenses or debts you leave behind.
Is there a way to get skydiving coverage and still lower costs?
One way to maintain skydiving insurance while also cutting costs is to maintain two policies. One is your regular life insurance policy and one is a supplemental policy that specifically covers skydiving accidents. This can reduce your overall insurance costs by up to 30% compared to the flat rate option.
What about my existing life insurance policy?
If you have an existing insurance policy before you begin skydiving then your premium may not be affected. On your original life insurance application, you were likely asked if you intended to or had been skydiving over the past few years. If you answered this question honestly at the time, but later decided to pick up the sport; you cannot be penalized and your rate will not increase.
Being a skydiver should not stop you from getting approved for affordable life insurance. With a little research, you can find a policy that meets your needs. Your policy will be influenced by factors like how much coverage you want, how frequently you dive, and your overall health.
Types of Life Insurance for Skydivers
When you’re shopping around for insurance, the biggest decision you need to make is which kind of plan to buy. There are two main types of life insurance you can buy, even as a skydiver. You need to compare both term and whole life insurance coverage.
Getting Lower Insurance Premiums
As an applicant who skydives, you’re going to pay more for your life insurance coverage. There is no way around it. There are a few ways you can lower your insurance rates and keep more money in your pockets. Making a few simple changes can save you thousands of dollars every year.
The first change you should make is cutting out any tobacco. If you’re a smoker, then you’re going to pay a lot more for your life insurance protection. Smokers are going to pay at least twice as much for their insurance coverage. In some cases, you’ll pay three times more. If you want to save thousands of dollars on your life insurance, quit those cigarettes for at least one year before you apply for life insurance.
Another way you can save money is to improve your health. Unless you purchase a no exam plan, the results of the medical exam are going to play a huge role in how much the company charges you every month. To save money, you need to get in shape. If you’re in poor health or you are overweight, you’re going to pay twice as much for your life insurance. Start going to the gym and sticking to a healthy diet. It can save you hundreds of dollars.
The best way to ensure you’re getting the most affordable life insurance is to get several quotes before you pick a company. Each one has different medical underwriting and the rates you get are going to vary wildly. You should get dozens of quotes to make sure you’ve found a company which offers affordable rates to skydivers.
Independent Life Insurance Brokers and Skydivers
There are thousands of insurance companies on the market. All of them are going to give you different quotes. Some insurance companies are going to decline you because you skydive, while other companies will still give you cheap insurance protection. Instead of wasting hours and hours calling agents, let one of our independent agents do the dirty work for you.
Unlike a traditional agent, we are independent brokers and we work with dozens of highly rated companies across the nation. Our agents can learn about you, your skydiving, your health, and your life insurance needs. After we’ve gotten all of the information we need, we can bring a whole set of personalized quotes directly to you. We can save you both time and money on your life insurance coverage.
You never know what curves are going to pop up tomorrow. Because you can’t predict the future, you shouldn’t wait another day to get the insurance protection your family deserves. If something tragic were to happen to you, and you didn’t have life insurance coverage, your family would be stuck with a mountain of debt and other final expenses. Not having life insurance is one of the worst mistakes you could ever make for your loved ones.
If you need help finding affordable skydiving life insurance coverage, use our quote form on this page or give us a call at 888-552-6159. With our exclusive network of 30 highly rated life insurance companies, we can help you find the right match.