Not all life insurance companies look at scuba diving as a dangerous sport! Using the right carrier is critical and the application process is actually very simple and straightforward.
If you are planning on purchasing life insurance and you are a scuba diver, we will show you how to easily receive the best rates
Scuba diving is without question a fantastic sport and I know that from first hand experience. Over 1.3 million people in the United States are active in the sport. I am a NAUI certified diver myself and have been active in the sport for over 30 years. Applying for life insurance for scuba divers is similar to other sports such as sky diving, rock climbing or drag racing for that matter. The life insurance companies are now more liberal with scuba diving than they ever were before. There are many hazardous sports that are underwritten by the companies similar to scuba diving.
How you scuba dive is very important
Here is a list of various forms of scuba diving that the carriers are the most concerned with. These types of diving impose the highest risks.
- Cave diving
- Ice diving
- Wreck diving
- Deep water diving (over 200 feet)
- Commercial diving
- Rescue diving
- Salvage diving
If you simply dive in lakes, rivers, and rock quarries for pleasure, your risks are seen as minimal and normally their is never any extra costs associated with you buying life insurance.
Do I have to declare the fact that I dive on my application?
As with any insurance application not just for life insurance, you should always be 100% truthful. The last mistake you want to make is not truthfully answering each and every question. Failing to inform your insurance company you dive could result in a death claim being rejected and your beneficiary would be SOL.
The more classroom and open water training you have the better
The first important factor is the training and certification of the diver. Remember the simple fact that just to get your tank refilled with compressed air, you must be PADI or NAUI certified. Classroom instruction with written exams and open water testing is mandatory to be a certified scuba diver. Your safety underwater depends on your knowledge of the sport.
This is exactly what the life insurance companies are looking for. Just like the first rules of thumb in your diving classes. Always make sure you always dive with an experienced buddy. Never go into the water if you do not feel good or are under the influence of alcohol or drugs. Just a simple sinus problem can cause a major issue equalizing the pressure in your ears when you are underwater.
Do you scuba dive for recreational purposes or for a fee?
There is a big difference in the risk between a recreational diver and an individual that dives for money. The commercial divers will normally dive on a regular basis unlike the recreational diver that goes diving periodically on weekends. Commercial divers usually dive a lot deeper and also stay down longer. Many of the commercial divers breathe mixed gases instead of just air due to Nitrogen Narcosis. If you dive commercially make sure you inform your agent right up front because this is a very important rating factor. We find that most people just dive in local lakes and rivers on a periodic basis. This greatly reduces the risk of having an underwater accident.
How do you find the best life insurance rates for scuba divers?
Finding the best rates is very simple and it won’t involve any work on your part at all. The only job you will have is connecting with and experienced independent insurance agent. Especially one that specializes in life insurance just as we do. Your agent will ask you a few simple questions and then will begin shopping the market for the best rates. This is part of their job and the good part is there is no cost or obligation for their service.
If you have any health conditions, you agent can run a simple medical pre-screen to make sure there will be no surprises later after you begin your application. The actual application process is also very simple and your agent will walk you through it every step of the way.
Types of life insurance for scuba divers
Low cost term life insurance is the most commonly purchased life insurance in the United States. Term life insurance covers only a specific period of time before it terminates on the anniversary of the policy. We can call this a temporary form of life insurance. It can vary from 5, 10, 15, 20, 25 or 30 year intervals of time. Once these time periods have occurred, the policy is no longer active. Due to the limited time periods on these types of policies, they are the least expensive life insurance option. Since nobody knows what the future has in store for us. It is a good idea to apply for the longest term period available. Term life insurance has the best life insurance rates of all plan designs. Banner Life has recently introduced a 35 and a new 40 year term product.
Universal life insurance has a premium that remains the same for the lifetime of the policy. As long as payments are made the premium never changes. The insured will still be covered under the terms of the policy. Universal Life has taken over as the go to policy design for people that want permanent coverage. Having life insurance designed to last the rest of your life gives you total peace of mind and protection. Universal Life insurance is a product you should consider because it never leaves any gaps in coverage like term insurance can. You can actually combine term along with universal life.
Whole Life insurance is very similar to Universal Life insurance only in the way it is a permanent plan design. There is also a cash value attached to whole life insurance based on an interest rate. Whole life is much more expensive than low cost Term insurance. Many companies no longer offer Whole Life insurance because of the very high cost. We no longer recommend whole life insurance as an option. It is totally cost prohibitive and for the most part, obsolete.
No Medical Exam
Quite a few people do not like to take a physical exam when applying for life insurance. Also, some folks need their insurance as fast as possible for whatever reason. In these cases, no medical exam life insurance might be just the answer. This type of insurance does not require a medical exam and some companies will approve an application in under 24 hours. These plan designs usually cost a little more than the plans that have full underwriting requirements. In some cases it might actually cost less to have a non-med policy than a conventional plan. Your agent can make this judgement call and recommend the best route to take.
The best rates can depend on the answers to these questions
Here are important factors that the carriers take into consideration when underwriting processes an application for a Scuba Diver. Here are lists of these important questions the underwriters will want answered.
• Are you a certified scuba diver (this will be mandatory)?
• How many dives per year do you complete?
• How deep do you normally dive?
• Do you cave dive, wreck dive, ice or salvage dive?
• Do you perform any rescue dives or dive for hire?
Some companies will not charge any extra fees for scuba divers
Naturally Scuba Divers are going to be looking for the lowest life insurance rates possible. That is where the agent comes into play to shop the market for their perspective client. Here are just some of the companies with the best rates for scuba divers:
- Lincoln Financial
- Banner Life
- Mutual of Omaha
- AIG American General
- John Hancock
- Protective Life
If you only dive on occasion and in shallow waters, you should find best and most affordable life insurance rates. This is because the risk fact is greatly reduced in comparison to a professional scuba diver. The professional dives to earn an income which would definitely place this person in a higher risk class. A professional diver that dives everyday will have a better chance to be injured or killed underwater. A certification as an “Instructor” or “Advanced” diver will help lower your premiums with many of the companies.
See for yourself who has the lowest rates
Feel free to use our websites quoting system on the right side of this page. You can see the many choices you have and get a general idea how much your life insurance would cost. We work with over 40 of the best life insurance companies. One important point to remember is, all of the carriers underwrite their applications differently from one another. This means your agent will recommend a company that would be the best choice for your specific situation. This will take into consideration your health history, height and weight, tobacco use or not, age and a number of other specific pieces of information.
How can I guarantee I get the lowest rates possible?
Getting the very lowest rates will depend quite a bit on who your agent is and how much effort is put into shopping the market. Choosing the most applicable company for your specific needs and underwriting information will make all the difference in the world. You can’t just choose a carrier at random. Every application will have that one company that will come back with the best rates. We shop the market extensively for each and every applicant because our reputation depends on it.
A valuable tip to remember
If there is one good tip I could give you, it would be life insurance rates are regulated by law! This means that all life insurance rates are the same no matter who you buy it from. This is in reference to the life insurance products from the exact same insurance company and the exact same plan design. Many people bounce from website to website shopping for the lowest rates only to be looking at the exact same rates on multiple website quote engines. Click on the link above in this paragraph for more information or call your states Department of Insurance for verification.
There you have it!
As I mentioned in the beginning of this blog post, connect with an experienced independent agent and let him do all the leg work for you. This is a very simple and easy job for an insurance professional. If you fully understand this information or you are totally confused, don’t hesitate to call us 7 days a week and get your questions answered right away. If you thought applying for life insurance for scuba divers was going to be difficult or expensive, don’t give it another thought.
All the best,