There are many activities that will put you directly into the high risk rates for life insurance, but you may be pleasantly surprised when it comes to scuba diving. Working with an agent that knows your activity and how to work with the best companies when getting life insurance for scuba divers can get you rates as high as preferred. If you are in search of other types of insurance such as Veterans Life Insurance, we have options for you as well.
How does the insurance company do underwriting for life insurance?
Each company is a little different but by having the information they are looking for on hand you can make sure that they rate you properly for your life insurance rates. This is VERY important when getting life insurance for scuba divers because the company will rate you higher the less information they have. The most important factors for companies rating scuba diver life insurance are:
- Certifications – If you are not certified and are scuba diving the insurance company is not going to give you good rates and will probably receive a denial. No matter which national organization you receive your certification from, the higher level of certification you receive the lower your life insurance rates will be. Basically better trained divers are less risky.
- Experience – New divers are a bigger risk. So the more experience you have the better your rates.
- Rate Class – the deeper you dive the greater the risk. Recreational divers who do not go below 50 ft can get preferred rates on life insurance.
- Types of Diving – some diving is more dangerous than others. If you are diving into caves, doing commercial dives, or shipwreck diving you will not get preferred rates. The best rates will be left to scuba divers who stick to the open waters.
- Frequency of dives – If you are underwater almost as much as you are above water the insurance company will rate you for more expensive life insurance. Recreational divers who go only a few times a year will still qualify for preferred rates. Knowing your average number of divers per year will allow you to get the right life insurance policy matched up with the right company.
What allows you to get the best rates on life insurance?
There are a couple other factors that could cause you to be declined for coverage. When you apply for life insurance coverage, the insurance company is going to review dozens and dozens of different factors to determine how much risk that you are for life insurance and how much they are going to charge you every month for that protection. If you want to get the lowest insurance rates, it’s important that you make a few changes.
The first thing that you should do is stop smoking or using any tobacco that you currently use. If you’re listed as a smoker, then you’re going to be considered a much higher risk. They are going to offset that by doubling your premiums. Coupled with some other risk factors, those cigarettes could get you declined for life insurance. Quitting smoking can save you hundreds, or even thousands of dollars every year on your life insurance coverage. If you’re looking for that extra motivation to kick the bad habit, just think of all the money that it will save you.
Another way to increase your chances of getting affordable life insurance as a scuba diver is to improve your health. Before the insurance company gives you life insurance, they are going to require that you take a medical exam, and the results of that test are going to play a direct role in how much you pay. If you want to save money, then you need to get better results, it’s as easy as that. The two best ways that you can do that is to get regular exercise and stick to a healthy diet. Both of these will help you lose weight, lower your blood pressure, and reduce your risk of being diagnosed with any health complications. If you’re overweight, then you could end up paying 50% more for your life insurance protection versus what you would pay otherwise.
The main thing that sets us apart is that we work with high risk life insurance cases on a regular basis. This means we know which life insurance companies have favorable rates for scuba divers and can match you with the company that will rate your personal diving habits and profile with the best possible life insurance rates. If you are ready to get started with a set of quotes use the form on this page and we will contact you to help you get matched up with the best life insurance rates for scuba divers.