Life Insurance for Extreme Sports Players
If you’re into extreme sports, it can be challenging to find life insurance. Many providers deny cover to people with a tendency to seek out adrenaline and adventure but that’s not to say it’s impossible.
- Can I get life insurance for extreme sports?
- What do extreme sports life insurance companies consider?
- Does life insurance cover skydiving?
- How can I find life insurance for extreme sports?
- How can a life insurance advisor help me?
- Speak to an expert about life insurance for extreme sports
High-risk life insurance may be possible to obtain with the help of an insurance advisor. Save time, hassle and money by talking to one of the expert insurance advisors we work with. They will be happy to answer your questions and will know which insurance providers have the ability to cover the kinds of risk your sporting appetite requires.
Call 0808 189 0476 or make an enquiry for a free, no-obligation chat.
Can I get life insurance for extreme sports?
Every life insurance provider will have a different set of criteria that they use to determine whether or not they can provide cover.
Usually, the higher the chance of death, the higher the cost of life insurance premiums.
An applicant with an increased risk of death is unfavourable to an insurance provider. If the person they provided insurance for dies, they have to pay out a lump sum and can no longer charge for premiums.
In some circumstances, extreme sports could expose you to an increased risk of death, so some insurers may even reject your application for cover.
What factors do extreme sports life insurance companies consider?
To calculate the probability that you may pass away while participating or because you have participated in an extreme sport, a life insurance company may consider the:
- Type of activity you are involved with.
- Level of danger.
- Whether the activity is done competitively or for recreation
- The level you compete at (if applicable).
- Any professional qualifications that might reduce your risk (such as a certificate in snorkelling).
- Amount of time spent on the activity.
Calculating or estimating how each provider will assess you can save a lot of time in wasted applications.
A life insurance advisor can quickly produce a finite list of insurance providers who are more likely to provide you cover. They can also advise you on how to correctly fill in your application and avoid delays in the decision process.
Does life insurance cover skydiving?
Skydiving enthusiasts are often described as adventurous thrill-seekers but that’s not to say that they don’t have concerns about leaving an inheritance to their loved ones.
Despite the fact that the all-time tandem fatality rate since 1988 is about 0.13 per 100,000 jumps, many life insurance providers can feel hesitant to offer cover for such a notoriously dangerous hobby.
So if you enjoy skydiving and you’re looking for life insurance, should you put a pause on your passion or is there another option?
Well, standard life insurance policies may not cover skydivers because of the perceived increased risk of death. The higher the risk of death, the higher the likelihood that the insurer will have to payout.
To minimise this risk, life insurance companies will ask you about your lifestyle and hobbies. Activities such as surfing, mountain climbing or skydiving can raise red flags.
It may be the case that the insurer decides to reject your application however, a handful of companies may just include terms and conditions in their policy that exclude a payout if you die while skydiving.
How can I find life insurance for extreme sports?
There are a number of ways you can do this, including…
Use a comparison website
Online comparison websites can provide a vague overview of what some insurance providers may charge however, it’s important to carefully consider whether the quote you’re seeing is the quote that the company would charge you at the end of the application process.
To provide such quick quotes, many online calculators are set to provide quick quotes based on standard criteria and information. The calculator or tool may assume that you are a non-smoker, aged 30 who partakes in no extreme sports when in fact, you could be a 60-year-old smoker who loves deep-sea diving.
This can be frustrating and it can take longer to find a life insurance quote that you can rely on.
Use an insurance advisor (recommended)
Working with an insurance advisor can resolve this issue as they will take the time to ask you about your circumstances before they source life insurance quotes.
They may ask initial questions about your:
- Date of birth
- List of medications
- Hobbies including extreme sports
- Smoking and drinking habits
While these questions can seem invasive, they will allow an insurance advisor to provide you with an accurate reflection of what you could expect to pay for life insurance.
Remember, it’s important that the information provided on your life insurance application is correct. Misinformation whether accidental or not, could prevent your beneficiaries from being able to make a successful claim.
Contact an advisor for more advice on this.
How can a life insurance advisor help me?
Once an advisor has sourced quotes on your behalf, they can carefully read the terms of each policy to find you the most financially beneficial option.
While helping you through the process of finding life insurance, an advisor can:
- Compare the maximum payouts of each provider and can calculate your affordability to ensure the policy you pay for is not only affordable for you but will payout a sufficient lump sum for your loved ones.
- Give you access to the whole of the market. Using their knowledge of the market as well as an extensive database of life insurance companies, they can find the best deal on the market – including those that might not be visible to the public.
- Assist you with filling out your life insurance application. Filling out multiple forms and reading tedious terms can be time-consuming so it can be reassuring to know that an insurance advisor can manage this for you.
Speak to an expert about life insurance for extreme sports
Your hobbies and love for extreme sports shouldn’t prevent you from being able to find financial protection. The specialist advisors we work with strive to find you the best life insurance for the lowest premiums.
They can carry out an assessment and provide you with bespoke advice, tailored to your exact needs.
Make an enquiry or give us a call for a free, no-obligation chat on 0808 189 0476.