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 before or you’ve gotten quotes, you may assume your life insurance premiums are going to be sky-high. 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.
Getting Lower Insurance Premiums
As an applicant who skydives, you’re going to pay higher premiums. You are considered high-risk, but there are still some ways you can earn lower premiums.
To start, toss those smokers out the window (not really, don’t litter). Smokers, we hate to tell you, but you should put aside twice as much for your life insurance. You have to choose between those beloved cigarettes or cheaper premiums.
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
How do you know which of the thousands of insurance companies is the ideal choice for you? 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. We can help.
If you’re wondering how we stand apart from the other agents, we are independent brokers. 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 will give you more than 30 quotes.
You never know what curves are going to pop up tomorrow. A lot of people have been meaning to buy life insurance, but haven’t actually gotten around to getting quotes. Getting quotes through an independent insurance agency won’t cost you anything other than a few minutes.
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. Don’t wait another day to finally give us a call and give protection.