Life Insurance for People with Dangerous Hobbies
If you engage in hobbies that are considered extreme or dangerous by your insurance company, you may not be eligible for all coverage options, and you may need to work with a specialist to find an affordable policy. What counts as risky?
-
Sky diving
-
Scuba diving
-
Hot air ballooning
-
Racing
-
Skiing
-
Surfing
-
Parachuting
-
White water rafting
-
Rock climbing
-
Aviation
Increased Need for Coverage
Naturally, when you are participating in high risk hobbies, you have an even stronger need for a good life policy to protect your loved ones if you are killed and to protect your own assets if you are permanently disabled in an accident. Your dangerous hobbies may be thrilling and fun for you, but leaving your family to suffer financial hardship is not the sort of risk that anyone should take. Even if it takes an effort to find an insurer to cover you, it's an effort worth making.
In addition to being even more in need of regular coverage than others are, you are also in need of a disability benefits add-on so that you will receive a monthly payment if you ever become permanently disabled. You will also want to consider a rider to give your beneficiary an extra payout benefits if you die in an accident, since your activities put you at increased risk of such a thing happening.
A Lie Could Cost You
Pretending that you are not involved in anything dangerous when you sign up for your policy is a bad move. While it is possible that no one would ever be the wiser, if your risky hobby is the thing that kills you and results in a withdrawal of your policy, you can safely bet that an investigation will be performed to determine whether or not you are a regular participant. If your secret comes out, your family could wind up with none of the protection you intended for them.
It isn't necessary to inform your insurer if you are planning to sample a risky hobby; one instance does not typically increase your risk of death a tremendous amount. However, if you are regularly doing something like skiing, ballooning, skydiving, racing, white water rafting or scuba diving, your life insurance company needs to know about it so that they can make sure to give you adequate coverage.
Finding Reasonable Premiums
Even though your risk level is much higher if you have a dangerous hobby than if you don't, you can still find affordable life insurance coverage. Lots of companies cater specifically to people in your situation, so like everyone else, you are able to shop around for the cheapest policy you can find that includes the riders you need. Getting multiple quotes and comparing offers is still the best way to save. Just take care to be honest and clear about your pastimes when you fill out your applications, and you will find agents who are willing and eager to help match you up with the coverage you need.
|
