Life Insurance for Skydivers | The Complete Definitive Guide for 
Finding the best life insurance for skydivers is not difficult. It is actually quite easy with today’s streamlined ways of purchasing coverage. If you just think about it for a minute, jumping out of an airplane at a very high altitude sounds very intimidating to say the least. Then having to depend on a parachute to work 100% of the time in order to save your life is another story altogether.
Thankfully the life insurance companies have an open mind to skydiving and you can purchase life insurance at very affordable rates. Getting the best life insurance quotes for skydivers is going to depend on a number a specific conditions for each applicant who applies which we will cover in detail.
Actually we will cover everything you need to know so you can apply, get approved and find the best rates and get you back to doing fun things like being a jumping out of an airplane.
Table of Contents
- Best life insurance companies for skydivers
- Can you get life insurance if you skydive?
- Does skydiving affect life insurance?
- Is skydiving covered by life insurance?
- How your rates will be based and calculated
- Questions the life insurance companies ask
- Your experience level and your application
- Additional fees for skydiving life insurance
- Examples of flat extra fees and how they work
- Join a skydiving club and help reduce your rates
- Policy exclusion riders for skydivers
- Connect with an independent agent
- In Conclusion
Can you get life insurance if you skydive? This is probably one of the most common questions we hear people ask. The answer is yes and you have a lot of good choices in companies and plan designs. This is actually a popular sport nowadays but it is classified as high risk by the life insurance industry.
There are many different types of risky sports and purchasing life insurance is normally not a problem. Just keep in mind that your health plays an even more important role in obtaining coverage than your high risk skydiving sport does. If you are reasonably healthy, if should have no problem.
Does skydiving affect life insurance? This is a very import question that comes up many times in insurance related conversations. People normally get a feeling that their sport is going to either make it difficult to purchase, or else raise the rates of a new life insurance policy. This sport actually makes purchasing a new plan a little more challenging because it does require a few more questions to be answered.
It can also raise the premiums a little due to the additional high risk related costs referred to as flat extra fees. If you have the proper training and equipment you should have before you go jumping out of an airplane, you should be fine. Naturally the more experience the better also.
Skydiving is covered by life insurance policies you already have active and in force. If you are going to apply for new coverage, you must answer the hazardous sports questions on your new application for coverage. The questions will relate to a number of sports such as drag racing, scuba diving, rock climbing and definately skydiving. Don’t ever attempt to conceal your hazardous sports. Omitting them when asked could result in a non-payment of claims if you were killed in a sport that you did not want to disclose.
You have a very good choice in life insurance companies for skydiving. Here is a list of just some of the best carriers that are very liberal towards your sport. We also recommend running our instant quoting system and comparing the companies listed below with their premiums so you can get a first hand view of who has the lowest rates. Here are some of the best insurers:
- Banner Life
- John Hancock
- Lincoln National
- Protective Life
- Mutual of Omaha
- AIG (American General)
- Principal Life
It won’t really pay to get too involved with choosing a company at this point in time due to the fact that more information has to be collected for each applicant. Your acceptance and finding the best life insurance rates for skydivers will depend on other aspects such as:
- Health History
- Sports & Hobbies
- Parents Health & Longevity
- Driving Record
- Medications Used
- Tobacco Use
- Height & Weight
- Credit History
This is all completely normal information that is required by insurance companies and for agents to pre-screen the many life insurance companies so they can choose the best carrier for your specific needs This is how to get the best rates everytime.
Your experience in skydiving is no different that flying an airplane or even a sport like scuba diving. The more experience you have the better when it comes to applying for life insurance. Also the more training you have the better also. Everybody has to start someplace so if you’re new to the sport you should still be able to get affordable rates and be issued a policy. You can even re-apply later for lower rates once you have more time under your belt as a skydiver.
- How many skydiving jumps to you make a year
- How much experience do you have skyding?
- Do you jump over dangerous terrains or water?
- Do you belong to any jump clubs?
- Do you skydive for recreation or for pay?
- Do you use standard approved equipment or experimental?
The additional costs for skydiving are referred to as “Flat Extra” fees. These are commonly used for many different types of potentially hazardous sports. They are simply an extra flat dollar amount that will be added to your existing base rates for your life insurance. Whatever your health classification is, the flat extra is just added on from there. Keep in mind that the flat extra fee is based on every $1,000 in coverage. Here is a breakdown on how these flat extras fees work:
- 50 jumps a year or less – $2.50 per $1,000 of coverage
- Over 50 – 100 jumps per year – $5.00 per $1,000 of coverage
- 100 jumps per year and over – $7.50 to $10.00 per $1,000 of coverage
Keep in mind that these flat extra fee vary between what company you finally choose to apply with. Your agent (hopefully us) can help you with all of this so it is simple and effective. Getting the lowest rates for skydiver is the main goal not to mention a trusted company and plan design. These fees are added on because of the extra risks the insurers take when they insure the life of a skydiver. Check out this fatal skydiving accident article by DropZone.com.
Here is a good example of a flat extra fee in action. For this example we will use a 35 year old male that is purchasing a 30 year term policy with a face amount (death benefit) of $250.00. We will use an example of a premium of $1,200.00 per year as a base premium without a flat extra charge.
- A $2.50 flat extra fee – $2.50 times 250 (which is the face amount). $2.50 x 250 = $625.00. Base premium of $1,200 +$625 = $1,825.00 total. premium.
- A $5.00 flat extra fee – $5.00 times 250 (which is the face amount). $5.00 x 250 = $1,250. Base premium of $1,200 + $1,250 = $2,450 total premium.
- A $7.50 flat extra fee – $7.50 times 250 (which is the face amount). $7.50 x 250 = $1,875. Base premium of $1,200 + $1,875 = $3,125 total premium
The higher or lower the face amount you apply for, will have a greater or lesser effect on you total premium due to the fact the flat extra fee is based on each $1,000.00 of coverage. These fees issued by the companies are not etched in granite. Many times I will see the companies more lenient on the applicants and reduce the fees.
Joining a skydiving club is one way to help get better life insurance rates for skydivers. These clubs will be a wonderful place to learn more about skydiving and to be able to learn more about safety. The life insurance companies feel much more comfortable with a more knowledgeable applicant and in turn promote lower rates because of it. Here are some skydiving jumps clubs and organizations that can help you.
- United States Parachute Association in Virginia
- National Skydiving League in Florida
- Skydive Chicago in Illinois
- Skydive San Diego in California
You have another option when purchasing life insurance for skydivers. This would be requesting a policy that does NOT cover the actual act of skydiving. Not all the companies offer these exclusions. You could normally request an exclusion if you were either declined coverage based on skydiving alone. or to reduce the cost of a life insurance policy. Most people want to be covered when they jump out of that airplane so the choice is definitely up to you. It is something you have to carefully consider.
Anytime your shopping for insurance products, connecting with an independent agent such as ourselves will save you time and money. The independent agents represent the complete insurance market and can place you with the best company that will provide you with the lowest rates. This especially holds true with high risk life insurance for skydivers.
The captive agents such as State Farm can only show you one company. The captive agent work for their company directly and have their employer’s best interest in mind. Independent agent do not work for insurance companies. That is why they are know as independent agents. In essence they work for their clients and have their clients best interest in mind.
What You Should Do Next
Give us a call before you spend a lot of your valuable time and we can show you all your options 7 days a week. The modern application process is very simple and easy to understand. Keep in mind that all life insurance rates are regulated by law. This basically means that nobody can sell you the exact same insurance product for any more or less than another. The life insurance company actuaries generate the rates and the underwriters determine what your specific premium would be based on your application.
If you are planning on purchasing life insurance and the idea of your skydiving has you worried, don’t give it another thought. We work with all forms of risky sports and hobbies everyday. Contact us today and we will answer all your questions and remove all the guesswork you make have. We will provide you with life insurance quotes from all the most competitive companies specifically chosen for you and your budget. You can also conveniently apply over the telephone within 15 minutes of your time.
Check out our let’s get started article for more valuable information.
All the best,
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