A life insurance application can be a long and confusing process. There are dozens of different insurance companies in the United States to choose from and several different life policies types that you can consider when you’re trying to get insurance protection.
There are many different factors that you can consider when you’re looking to get the perfect policy for you and your family.
When you apply for a life insurance policy, the insurer’s underwriters will review a variety of different factors to determine your life insurance rates.
This is because they want to determine just how much of a risk you will be to the insurance carrier in terms of having to pay out a life insurance claim.
Some of the most obvious criteria will include any health conditions that you have – especially those that may have an effect on your life expectancy. This could be anything from a heart condition to what your heart rate and cholesterol is.
What many people may not realize, however, is that other criteria such as the hobbies, such as skydiving, that you participate in can also make you more of a risk to a life insurance company.
Can I Qualify For Life Insurance Coverage as a Skydiver?
Although skydiving is considered to be a dangerous hobby, those who perform this hobby can typically qualify for life insurance coverage – provided that they meet the other qualifying guidelines.
The types of coverage that are generally available to skydivers include both term life insurance policies and permanent policies – and there are some life insurance companies that will even offer special types of life insurance for those who skydive. In addition, some insurers may also provide specialized coverage for individuals who skydive as a profession.
For example, skydivers insurance is a special type of insurance that specifically meets the needs of skydivers, as well as the specific risks that are faced when a person jumps.
Such policies can include a mandatory third party policy that offers liability coverage for injuries and accidents, or a personal accident skydiver’s insurance policy that provides a death benefit to loved ones for death – or accidents – that are the result of a skydiving accident.
Regardless of whether you participate in skydiving professionally or as just a hobby, it is essential that you inform the life insurance company that you do so when you apply for coverage.
Otherwise, should the insurer find out that you omitted this information for a period of time, usually the first two years of your coverage, the company could deny your beneficiary the benefits due to falsified information on your application.
This is called the contestability period. This is one of the worst things that could happen to you and your family. If you were to pass away, for whatever reason, your family wouldn’t get the payout or cash value from the life insurance premium.
The Premium Cost of Life Insurance For Skydivers
Just as with most other types of high-risk life insurance, the premium cost of life insurance for skydivers will vary from one insurer to another. One reason for this is because the type of policy that you purchase will determine the amount of your premium. Term life insurance, for instance, is oftentimes less expensive than permanent life insurance – especially for those who are young.
In addition, the insurance company will also be factoring in other criteria in order to determine your overall premium rate. For example, the rate of your life insurance policy will also be based upon factors such as your:
- Health conditions
- Medications you take
- Recent surgery / surgeries
- Smoking Habits
- Family health history – such as a history of Diabetes
- Occupation / income
- Other life insurance that you have in force
- Face amount
In most cases, you will pay a standard amount of premium for your policy that is based on how you are rated, such as Standard (average), Substandard (below average in terms of health), or Preferred (above average in terms of health).
In addition to this rate, you will typically also pay an additional cost that is referred to as a “flat extra fee.” This charge is for what life insurers call a dangerous hobby. Skydiving falls into the dangerous hobby category.
The amount of this flat extra fee will be determined based on the number of jumps that you make on an annual basis. A recreational skydiver, for instance, is usually someone who performs 50 or fewer skydives per year. If you perform more jumps than that, the flat extra fee will generally increase. It is possible, however, to obtain a discount on the flat extra fee if you are a member of a skydiving club.
As you can see, there are dozens of different factors that are going to be used to calculate your insurance premiums, and skydiving is only one of those aspects. The better your health, the higher the likelihood of landing the best rate available.
How To Apply For Life Insurance
So it’s time to take that next step! Don’t be timid by fast-talking life insurance agents who just want to hurry you into a policy without looking at your full profile. Our insurance agency works for you, and not one single company. Because of this, we can save you time throughout the application process by ruling out the companies that do not accept skydivers, and by focusing on only the insurers that do.
Because each insurance company is different, all of them are going to look at skydivers differently, which means you could get drastically different rates from two separate companies. You could spend weeks and weeks calling different insurance companies to find great rates for skydivers. Your time is valuable, don’t waste it calling companies and trying to find affordable life insurance quotes, let our agents do that for you.
Look over the form to the left and complete that first so you can get an idea of what the premiums might be for your desired policy.
If there are any further questions or concerns regarding premiums, the application process, or life insurance coverage in general, we’re here to help.