When you first think of a sport where you jump out of airplanes at an altitude of 10,000 feet or more, the word hazardous automatically comes to mind. In reality when you dig a little deeper into this sport you will find that the sport is much safer than you would think. I find the mental impact is similar to my favorite sport of scuba diving where you would think of sharks and other potentially dangerous sea life.
The modern training and equipment have enabled sky divers to enjoy this sport with a much less chance of enduring a fatal accident or injury. If you are a skydiver and are concerned about very costly life insurance premiums or being declined all together, there is no need to worry. The life insurance industry has you covered.
Working with an experienced life insurance agent with hazardous sports experience will be the key to finding affordable life insurance.
Applying for life insurance as a skydiver will trigger an additional mortality cost factor as would a scuba diver, drag racer and any other sports classified as high risk. For example if an individual active in skydiving jumps less than 50 jumps out of an airplane the industry term “flat extra” fee which is added onto the basic premium will be approximately $3.00 or less per one thousand dollars in the face amount of the policy.
A more serious skydiver that jumps more than 50 jumps per year could see a flat extra fee of $5.00 to $8.00 per thousand dollars of face amount. Take into consideration that these fees pertain to the skydivers sport and not a commercial skydiver who makes a living doing stunts for financial payment.
A skydiver who applies for low cost life insurance that also has health conditions can expect his or her application to be considered for these medical conditions as well.
Pre-existing medical conditions is separate and additional areas of the application that will be underwritten as well just like any term or permanent type life insurance application would. A medical pre-screen takes only a few minutes and can make a big difference in the final outcome of an application for life insurance. This entails gathering the basic information about the medical problems and then the agent would converse with life insurance companies to see who would be the most appropriate carrier to apply with. This simple step can be a crucial element to secure the lowest premiums possible.
Skydiver’s life insurance can also be purchased from some of the carriers with an exclusion for the skydiving.
If you apply for an exclusion on the diving, keep in mind that this means that there will be no payment made if you are killed while in the act of skydiving. In this case the life insurance premium would be same as if you were never involved in the sport at all. This is a serious decision and it must be thought out carefully. Another option would be to purchase two life insurance policies.
For example if you needed a face amount for $500,000 and the policy with coverage for skydiving is too much for your budget you could always split the face amount in half and have a policy with skydiving coverage for $250,000 and another without the skydiving coverage for less money. This concept normally can work out well to reduce the premium but it is not for everyone.
Purchasing Term life insurance for your skydiving sport is going to revolve around financial security and peace of mind for your family.
I suggest you activate our quote engine to see who has the lowest life insurance quotes for Term life insurance or Universal life but keep in mind that the quoting tool will not be able to reflect the flat extra fee. That is not a problem because we can quote your life insurance with the flat extra fee over the phone within a matter of minutes with no obligation.
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