We receive a ton of life insurance questions from our clients, and our website triest to document the more common ones like life insurance covering skydiving deaths.
Many people are surprised the life insurance companies will look at more than just your health when underwriting you for a policy.
However, lifestyle risks, such as skydiving accidents are certainly considered when underwriting an applicant for life insurance.
Will life insurance cover skydiving? Yes, life insurance will cover a skydiving related death unless it is excluded specifically by your policy in an exclusion rider. Life insurance companies may charge you more premiums, however, based on the frequency of your skydives.
All the top life insurance companies in the United States will ask about skydiving on the application, so if you dive, be prepared for it to come up.
Working with a broker will increase your odds of getting a great rate as a skydiver.
See for yourself how affordable term life insurance for skydivers is by using our free rate comparison tool.
Our article will cover all the must-know facts about buying life insurance for skydivers.
Feel free to skip ahead to the section that interests you the most.
- Can Skydivers Get Life Insurance?
- Will Life Insurance Cover Skydiving?
- Must You Tell the Life Insurance Company That You Skydive?
- Final Thoughts
Can Skydivers Get Life Insurance?
Yes, skydivers can get life insurance, but ever life insurance company will view your skydiving habit differently.
While accidental deaths related to skydiving are rare, they do happen.
If you skydive frequently, there is a chance that you may get declined by the life insurance company.
An accident skydiving can be fatal, and life insurance companies may see frequent dives as too risky for them to accurately judge the risk.
However, what is likely more common is that you will either get a skydiving exclusion rider added to your policy or a flat extra surcharge for the hobby.
Depending on what your objective is for your life insurance coverage, either option may be an excellent choice for you.
A skydiving exclusion rider will state in your life insurance policy that skydiving-related deaths are not covered.
While your family won’t get the death benefit if you die skydiving with this rider is added to your policy, your premiums will be lower.
This option is excellent for someone who wants an affordable life insurance policy to protect their family and is OK with it, excluding their dives.
Some companies will cover skydiving-related deaths with a flat extra surcharge, which can increase the cost of your life insurance significantly.
Will Life Insurance Cover Skydiving?
Yes, unless otherwise excluded from your contract, your life insurance policy should cover skydiving-related deaths, but you will pay for it.
Lifestyle impairments are considered similar to getting life insurance with a pre-existing condition.
The life insurance company doesn’t care necessarily how you die, but how likely you are to die.
They will absolutely ask you if you participate in high-risk activities like skydiving on the application.
You need to declare to the life insurance company that you skydive, and you’ll likely get a flat extra surcharge added on.
If you skydive frequently, you can expect to pay a minimum of $2.50 per 1,000 of the death benefit in a flat extra surcharge for the habit.
For example, a death benefit of $100,000 with a flat extra of $2.50 per 1,000 of insurance would look like this:
Flat extra charge $2.5 per 100 1,000 units of life insurance = $2,500 surcharge in addition to your annual premiums.
Keep in mind that $2.5 is the minimum flat extra surcharge, but flat extra surcharges of $5 or $7.5 are not out of the question.
As you can see, skydiving can quickly add significant cost to your life insurance rates.
However, some companies will allow you to add an exclusion rider to reduce the cost of your life insurance by not covering skydiving-related deaths.
Skydiving certainly has risks, but there are plenty of other risks out there too that skydivers care about.
By adding an exclusion rider to your policy, you can be underwritten and charged as if you didn’t skydive at all, which significantly reduces the cost of your policy.
While skydiving deaths won’t be covered, your loved ones will be protected for all other valid death claims, such as illness or accidental deaths.
There are specific skydiving related policies that you can purchase as well when you jump if you want to protect yourself when you dive in addition to your traditional life insurance coverage.
Must You Tell the Life Insurance Company That You Skydive?
Skydiving has become some popular that life insurance companies will specifically ask you if you’ve skydived recently or plan to skydive in the future.
However, if you don’t declare that you skydive, and die during a jump, the life insurance company can potentially not pay your claim.
In the first two years of the policy, the life insurance company can contest the death benefit, and investigate if you lied on your application about your health or lifestyle.
If they discover that you misrepresented yourself and lied about your skydiving habits, they may deny your death claim in a worst-case scenario.
If you’re lucky, they may recalculate your rate as a skydiver, and subtract that from your death benefit with interest.
Again, that is if you’re lucky.
Simply put, not telling the insurance company about your skydiving is not a risk that you want to take.
Yes, life insurance will cover skydiving deaths but expect to pay a flat extra surcharge if you dive frequently.
This flat extra surcharge can add a high cost to your life insurance.
However, some life insurance companies will offer a skydiving exclusion rider that will keep your premium costs low in exchange for excluding skydiving-related deaths from the policy.
Life insurance companies will directly ask you on the application if you skydive, and you need to answer the question truthfully.
If you die in a skydiving accident and don’t declare on your application that you skydive frequently, the life insurance company can potentially deny your claim.
If you can avoid the flat extra, life insurance for skydivers is very inexpensive.
You can use our free rate comparison tool to view the rates of the top life insurance companies for skydivers.
If you decide that you do want life insurance coverage for your dives, there are options as well.
We’d suggest working with a broker who understands the nuances of underwriting skydiving in order to increase your odds of getting the best deal.