That's a great question! Most insurance companies are going to frown upon "riskier" hobbies and occupations. Some will just charge you a lot more, others will not insure you at all. That said, there are also companies out there that make a living off of insuring higher risk clients. They are typically more expensive, and as a whole will have a period of time where your payout should your chute not open will be only premiums paid + a little interest. ( it's called a 'graded' or 'modified' policy.)If you'd like a little more information, please drop me a note via the 'contact me' link, I'd be happy to help you with more details. Thanks for asking!
Some life insurance policies will cover skydivers (and death caused by skydiving) with a flat extra. This is an premium added onto the policy to cover the added risk incurred by being a skydiver.
If you do not care if your policy covers skydiving (most people die from illness, anyway), you can get an exclusion for skydiving, with some companies. This will bring your rates down to what others with similar health will pay.
Some accidental death policies cover death by skydiving. And there are some simplified issue life insurance policies that do not ask about dangerous hobbies at all. A broker who offers all these options can help you find affordable coverage.
Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Yes - you can secure life insurance even if you skydive. However, every policy will ask you if you participate in any extreme or hazardous activities - this includes skydiving. When this is answered yes, they will likely ask you to complete a questionnaire to provide details.
Some carriers will offer full coverage, but will charge a flat extra (an additional amount per $1,000 of coverage). Some life insurance policies will cover skydivers (and death caused by skydiving) with a flat extra. This is an premium added onto the policy to cover the added risk incurred by being a skydiver.
Some carriers will offer coverage, but require an exclusion rider (stating that if you die under this condition, the policy will not pay out the death benefit amount).
It may cost more for a program that will protect against death as a result of a skydiving incident, but it can be worth it - the choice is ultimately yours. Adjusting the face amount and/or term length are ways of reducing the premiums as well.
When you're no longer skydiving, you may want to look into re-writing your coverage to secure a more favorable premium structure - keep in mind, most carriers will generally look-back 2 years on these activities though. There are some simplified issue, non-medical, life insurance policies that do not ask about about extreme activities, but these programs will generally feature a substantially higher premium and the amount you can secure under a single policy will be limited.
I would recommend consulting with an independent broker who can review options from multiple carriers because each company looks at skydiving in a different manner.
If you have any other life insurance questions or would like help with your coverage, send me a message by clicking on the "contact me" button or call me at 703-665-9133.
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If you do not care if your policy covers skydiving (most people die from illness, anyway), you can get an exclusion for skydiving, with some companies. This will bring your rates down to what others with similar health will pay.
Some accidental death policies cover death by skydiving. And there are some simplified issue life insurance policies that do not ask about dangerous hobbies at all. A broker who offers all these options can help you find affordable coverage.
Some carriers will offer full coverage, but will charge a flat extra (an additional amount per $1,000 of coverage). Some life insurance policies will cover skydivers (and death caused by skydiving) with a flat extra. This is an premium added onto the policy to cover the added risk incurred by being a skydiver.
Some carriers will offer coverage, but require an exclusion rider (stating that if you die under this condition, the policy will not pay out the death benefit amount).
It may cost more for a program that will protect against death as a result of a skydiving incident, but it can be worth it - the choice is ultimately yours. Adjusting the face amount and/or term length are ways of reducing the premiums as well.
When you're no longer skydiving, you may want to look into re-writing your coverage to secure a more favorable premium structure - keep in mind, most carriers will generally look-back 2 years on these activities though. There are some simplified issue, non-medical, life insurance policies that do not ask about about extreme activities, but these programs will generally feature a substantially higher premium and the amount you can secure under a single policy will be limited.
I would recommend consulting with an independent broker who can review options from multiple carriers because each company looks at skydiving in a different manner.
If you have any other life insurance questions or would like help with your coverage, send me a message by clicking on the "contact me" button or call me at 703-665-9133.