Great question! Insurance is designed to hedge against risk, and the more risk, the more expensive the insurance. Skydiving is one of those things that insurance companies consider risky, and so they tend to be a lot less cost friendly when it becomes something you choose to do. If you already have a policy, before your jump, ask your agent to find out exactly what would happen with your policy if , God forbid, something bad were to happen. If you are looking to get a policy, and skydiving is something that you enjoy doing, there are policies that you can get but most will have higher premiums, and more importantly, a period of years where your death benefit is reduced. I wholeheartedly suggest that you find out before the jump, as opposed to finding out after. If you want to discuss this further, please feel free to contact me, I'm happy to help. Thanks for asking!
Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
There are hobbies or professions that can indeed affect the pricing of Life Insurance and if you happen to be a skydiver, recreational or otherwise, you can at the very least expect to pay more than say, the bank employee who lives next door who plays golf on the weekends. Premium is a reflection of the risk that the insurance company is assuming when they offer coverage. Thus, the greater the risk that their could be a claim filed, the greater the premium charged.
If you have an existing life insurance policy, and years later decide to take up skydiving as a hobby or part of a job, skydiving will not affect your life insurance at all.
If you have skydived in the past and plan to skydive again, or have definite plans to skydive in the future, you will need to pay a flat extra to cover your skydiving, or else attach a rider that will exclude skydiving as a cause of death for your policy coverage.
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If you have skydived in the past and plan to skydive again, or have definite plans to skydive in the future, you will need to pay a flat extra to cover your skydiving, or else attach a rider that will exclude skydiving as a cause of death for your policy coverage.