Skydiving is an exciting hobby enjoyed by millions of people. Every pastime has its own unique share of risks which come with the thrills. If you are a skydiver, you may be wondering how to get the right type of insurance to protect your future and your family. Skydiving and life insurance may seem like a tough combination of topics, but you may find that it’s easier than you think to get this specialized form of coverage.
The cost of life insurance for skydivers varies from one insurance company to another. To find the best coverage for your exciting hobby, find an independent agent in the Trusted Choice® network. These agents work with multiple insurance companies and can research hard-to-find coverage and quotes for you. Contact a local member agent today to get sky diving life insurance quotes and find the right coverage before your next jump.
You may be surprised to learn that there are insurance companies that provide specialized life insurance for skydivers. The types of insurance policies skydivers can buy include both term insurance and permanent insurance, which consists of whole life, universal life and variable life options.
Additionally, some companies offer special coverage for those who like to parachute, whether you perform a couple of dives per year or if you do it professionally.
Skydivers will pay a standard premium based on how they are rated, plus an additional cost called a "flat extra fee." This fee is an extra charge for what the life insurance companies call a “dangerous hobby.” Skydiving actually has one of the lowest flat extra fees on average, however.
The cost depends on whether the life insurance company considers you to a recreational skydiver (performing 50 jumps or less per year). For recreational skydivers, the flat extra fee will usually cost an additional $2.50 to $3.00 per thousand dollars of life insurance coverage. This amount increases as the number of jumps increases. The additional cost may be anywhere from $5.00 per thousand dollars of coverage for over 50 jumps, and up to $7.50 per thousand dollars of coverage for over 100 jumps per year.
Rates may also be less expensive if you are member of a skydiving club. Ask your independent agent if you qualify for discounts on your policy.
You have several choices when buying life insurance for skydivers. You can buy regular life insurance policies like term insurance or permanent insurance. Permanent life insurance consists of whole life, universal life or variable life insurance policies. You can also opt for specialized life insurance policies, known as skydiving life insurance.
Here are your life insurance options:
You may be able to reduce your costs on skydiving life insurance if you buy two separate policies instead of one large policy. For example, you could purchase one policy covering parachuting that requires the extra flat-fee rate, and another policy excluding parachuting with the same costs a non-parachuting person would pay for premiums. This way, you can close any gaps you may have in your life insurance coverage while still making sure you’re paying a reasonable premium rate.
It is crucial to tell the truth if you are asked about hobbies or sports, such as skydiving, when you apply for life insurance coverage. Life insurance policies are subject tow a two-year contestability period. During this time, a life insurance company can cancel your policy or deny a beneficiary's life insurance claim if you are found to have falsified information on your life insurance application.
To compare rates for skydiving life insurance, contact a member agent in the Trusted Choice network. These agents have access to multiple insurance carriers and can help you find the right policy for your needs and budget.
Find an agent today so you can have that extra peace of mind that you and your family are covered when you leave for your next jump.