Life Insurance for Skydivers

Life Insurance for Skydivers | The Definitive New Guide for [2022]

Finding the best life insurance for skydivers is not difficult. It is 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 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 several specific conditions for each applicant who applies which we will cover in detail.

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 jumping out of an airplane. 

 

 

Can You Get Life Insurance if You Skydive?

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 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, it should have no problem.

 

Does Skydiving Affect Life Insurance?

Does skydiving affect life insurance? This is a very important 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 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.

 

Is Skydiving Covered by Life Insurance?

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 several sports such as drag racing, scuba diving, rock climbing, and definitely 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.

 

Best Life Insurance Companies for Skydivers

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
• Transamerica
• Prudential
• Protective Life
• Mutual of Omaha
• AIG (American General)
• Principal Life

 

Your Rates Will Not Be Based on Just Flying Alone

It won’t pay to get too involved with choosing a company at this point because 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:

• Age
• Health History
• Occupation
• 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 every time.

The Three Main Types of Life Insurance to Consider

1. Term Life Insurance – Term life insurance is the number one life insurance product sold in the United States. It is by far the most cost-effective plan design and you can buy it for as long as you’re going to need it. You can choose term life insurance products with a term period of 10 to 40 years. The term policies can also be converted into permanent life insurance (universal life) during your term policy period.
2. Universal Life – Universal life insurance is a permanent life insurance product that will last for the rest of your life as long as you keep paying your premiums. Years ago Whole Life was popular but as time passed, it was found to be far too expensive. Universal Life is much more affordable and gives you the same lifetime protection. It does cost over double the price of the term but it will last the rest of your life with no possible gaps in coverage like term product can.
3. No Medical Exam – No medical exam life insurance is also known as Non-Med life insurance. The application is shorter than a fully underwritten conventional plan design and the physical exam is eliminated. The side effect is these plans cost a little more than conventional term life insurance for commercial fishermen. If you want to skip the exam and quickly get approved, these plan designs can work great.
    

Your Experience Level

Your experience in skydiving is no different than flying an airplane or 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. 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.

 

Questions the Life Insurance Companies Ask

• How many skydiving jumps do you make a year
• How much experience do you have in skydiving?
• Do you jump over dangerous terrains or water?
• Do you belong to any jump clubs?
• Do you skydive for recreation or pay?
• Do you use standard-approved equipment or experimental?

 

Additional Fees 

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 of 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 fees 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 skydivers 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.

 

Examples of Flat Extra Fees and How They Work

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 your 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.

 

Join a Skydiving Club!

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

 

Policy “Exclusion Riders” for Skydivers

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 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.

 

Connect With an Independent Agent

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 with high-risk life insurance for skydivers.

The captive agents such as State Farm can only show you one company. The captive agent works for their company directly and has their employer’s best interest in mind. Independent agents do not work for insurance companies. That is why they are known as independent agents. In essence, they work for their clients and have their client’s best interests in mind.

Why Should You Consider Working With Us?

What makes us any different than all the other insurance agencies out there? This is a very good question and I want to give you a good solid answer. First of all, we don’t make promises we can’t keep or tell you just what you want to hear like some other agents. We will only give you the plain facts whatever they may be. We have over 25 years of experience and work hard to get our clients the best policy and the lowest premiums they could ever qualify for.

The best part is you don’t have to listen to any sales-related BS or fluff which can be an insult to anyone’s intelligence. This can be like a broken record with many people in sales today and nobody appreciates it. We simply show you what your options are by researching our list of over 40 companies we work with and letting you take it from there. If you decide to apply, we will provide professional service step-by-step until you are approved with the rates that we both are happy with. There is no sales pressure or any dog and pony shows. Our goal is to make your experience applying for life insurance simple and easy.

 

Apply Over the Telephone Quickly & Easily

Applying for life insurance for skydivers is now faster than ever with telephone applications. All you have to do is listen to the questions and answer the questions over the phone and your application will be completed in about 15 minutes. No more 20-page paper applications or confusing online applications that require the use of a computer along with some computer skills. We use the SnapApp system which makes applying a breeze.

 

In Conclusion

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 every day. 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 within 15 minutes of your time. 

All the best,
Jack Venturi
800-897-5699

 

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