Life Insurance for Skydivers (Discounts & Rates)
Those who skydive may have difficulty finding affordable life insurance for skydivers. This is because skydiving is considered a high-risk activity by life insurance companies. Those who participate in high-risk activities will see increased rates on their life insurance. For high-risk individuals, term life insurance is the most affordable option.
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UPDATED: Jun 3, 2021
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- Skydiving is considered a high-risk hobby to life insurance companies
- Skydivers who do not already have life insurance will see an increase in their rates
- The most affordable life insurance for skydivers is a term life policy
Are you thinking about taking up skydiving as a new hobby? Before you do, take the time to read up on life insurance for skydivers.
Skydiving has a big impact on your monthly life insurance rates, so keep reading to learn how to avoid paying more for life insurance.
Are you ready to start looking for the best life insurance for skydivers? Enter your ZIP code above, and we will help you get started.
Will I pay more for life insurance if I skydive?
As a skydiver, you are going to pay more for life insurance than a non-skydiver. The main reason for this is that life insurance companies deal in statistics and danger analysis.
The most dangerous and potentially life-threatening an activity is, the larger an impact it will have on your monthly rates.
Skydiving is inherently more dangerous than not skydiving; therefore, if you occasionally jump from a plane, your rates will be higher.
If you regularly choose to jump from a plane, however, you will see a huge increase in monthly rates.
According to the United States Parachute Association, 2020 saw a total of 11 skydiving deaths and an estimated 2.2 million jumps.
While that means that a very low percentage of jumps leads to death, because skydiving is an optional activity, it still has a huge impact on rates.
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How can I get more affordable life insurance for skydivers?
Your best bet is to get life insurance before you choose to skydive. Many life insurance policies will have a certain period of time where they can raise your rates if you take up a new occupation or hobby.
If you purchase life insurance and then wait out that period before taking up skydiving, your rates won’t change.
However, if you cannot wait another moment to skydive, life insurance rates for skydivers are traditionally lower when purchasing term life insurance policies.
It’s also important to note that every lie insurance company uses a different system to calculate risk. This means that you want to compare multiple term life insurance quotes before you buy life insurance for skydivers.
The last option available to find more affordable life insurance is to find a life insurance company for skydivers that will offer an exclusion.
This means that they will not pay your death benefit if you pass away due to a skydiving accident.
If you choose to go the exclusion route, it is a good idea to purchase supplemental insurance of some kind to provide coverage for a skydiving accident.
However, exclusions are not available from all companies, so you will likely have to shop around and find the right company for you.
While finding affordable life insurance as a skydiver is a challenge, it is not impossible. Take the time to consider all your options before you purchase a policy or schedule your next jump.
Do you want to start comparing life insurance quotes for skydivers? Enter your ZIP code below, and we will help you find the right provider and policy for the right price.