Life insurance options?

[kpipes22 0]

Am aware of insurance available for D-license, and special events (at least some years ago). Am looking for life insurance policy that does not exclude accidental demise from sky dive accidents, regardless of experience? Wife says: no insurance = no jumping. Thanks. - Keith

"You can't overcome weakness by fighting it,
or by thinking your way out of it:
Evolution doesn't work that way . . .
You overcome weakness by leaving it behind you!" ~ Stuart Wilde ~

[georgerussia 0]

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Am looking for life insurance policy that does not exclude accidental demise from sky dive accidents, regardless of experience?

Every life insurance policy I've checked so far was either excluding skydiving, or unreasonably expensive, like $2K/year for 500K coverage.

Looking through the statistics, I'd say it is more important to have health insurance which doesn't exclude skydiving. Having disability insurance would be nice, but seems like individual disability insurance is not even an option for skydivers.

* Don't pray for me if you wanna help - just send me a check. *

[SWATcop 0]

This is the one I have in addition to my employers policy. You can get up to $200,000.00 with NO exclusions other than suicide occurring in the first two years.

http://www.diversalertnetwork.org/insurance/life/index.asp

Kevin

Muff Brother #4041
Team Dirty Sanchez #467

[DougH 270]

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This is the one I have in addition to my employers policy. You can get up to $200,000.00 with NO exclusions other than suicide occurring in the first two years.

http://www.diversalertnetwork.org/insurance/life/index.asp

That looks pretty good. I only want to insure myself for the total of my school loans so my parents don't get hammered if I go in. How much is a DAN membership? The policy is for members only as far as I can tell.

"The restraining order says you're only allowed to touch me in freefall"
=P

[klafollette 0]

This is linked from the USPA Member website as a broker that can get policies that cover skydiving. http://www.quantumquotes.com/wholesale/quote.asp?id=3414/

I'm in the midst of getting a policy written through them, that covers skydiving. Banner Life Insurance is underwriting the policy. Roughly $1000/year for $300K 10-year term.

I checked with my local Allstate and State Farm, and they wouldn't include skydiving.

[white_falcon 0]

Licensed Insurance Agent here:

My advice it: Talk to your local Insurance agent. Policies and coverages will vary by state.

Good companies to conatact: AIG, American General, Prudential, Allianz (just to name a few)

Beware of VERY low premiums. Go to[http://www.ambest.com/] to check the company's rating (this site requires that you register for a FREE account, and it really is).

A lot of insurance compaies will surcharge you policy so much for every thousand dollars worth of coverage you purchase (in my case, $5 / $1000 per year additional) but that is worth it to me.

The WORST thing you can do, is with-hold the fact that you skydive if the question or one that would reasonably pertain to it, is asked.

hope this helps.

Scott

[kelpdiver 2]

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http://www.diversalertnetwork.org/insurance/life/index.asp
That looks pretty good. I only want to insure myself for the total of my school loans so my parents don't get hammered if I go in. How much is a DAN membership? The policy is for members only as far as I can tell.

$29 per year, 44 for the family. That includes a newsletters (basically useless for you) and emergency evuacation coverage when you travel more than 50 miles from home (potentially useful)

[airdvr 210]

I don't see where it covers jumps.

Please don't dent the planet.

Destinations by Roxanne

[jojo69 0]

I have a life insurance policy I took out 20 years ago. I have been jumping for 2 years. Do I need to notify my insurance company about the change?

[SWATcop 0]

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I don't see where it covers jumps.

I talked to them and specifically asked about skydiving. They told me it is covered, there are no exclusions except suicide. I have had the policy for about a year now.

Kevin

Muff Brother #4041
Team Dirty Sanchez #467

[HeatherB 0]

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I have a life insurance policy I took out 20 years ago. I have been jumping for 2 years. Do I need to notify my insurance company about the change?

Not typically. If your policy is what's called "guaranteed renewable" and you keep paying premiums, they can't drop you or rate you differently just because you've started jumping. But read the fine print on your policy and/or call your agent. I've seen one old policy so far that excluded parachuting and hang gliding specifically. Fortunately the policy owner didn't participate in those sports.

(On a somewhat-related note, if your policy is 20-year term, watch out for a premium hike soon. I hope it is not 20-year term for your sake).

Here's more info regarding skydiving and life insurance for anyone who is curious:

Most life insurance applications simply have one or two questions regarding hazardous activities regarding your past participation (past 3-5 years usually) and your "intent" to particpate. If you skydive/climb/race etc or plan to do so, then you'll probably be asked to provide further details. Number of jumps, etc.

There typically is no rate increase or "new" exclusions if you decide years later to participate in something hazardous. If you answer "no" to the skydiving question and then die in a skydiving accident a week later...well, the company could claim fraud and deny payment of the death benefit. Just be honest on your application.

I've done policies for skydivers -- some want low premiums with an exclusion for skydiving. Others want skydiving covered and are willing to pay the approximately $2-$7 per thousand dollars of coverage extra per year. (the fee varies from company to company, and depends on your number of jumps, anticipated number of jumps, etc)

Here's another thing to check out: Some companies will drop the extra fee if you haven't jumped in x number of years, and don't plan to jump again. 2 years is most common. That is a nice thing to know about...no need to pay higher premiums if you aren't jumping anymore! You need to make a phone call and sign a form perhaps, but that's about all it takes at a good company. So if you're shopping around for insurance and you want skydiving covered, ask the company if they'll drop the extra fee if you quit the sport entirely later on.

(I'm a financial advisor and licensed for insurance in TX and FL. I'm sure underwriting departments love that I send them skydivers and other oddballs).

Hopefully this post has been helpful for a few folks!

[white_falcon 0]

JOJO69,

Any policy you took out more than 3 years ago is incontestible for anyhting other than fraud. So if you were not jumping when you took out the policy, then NO, you do not need to notify your company.

The only question I would have is, is skydiving SPECIFICALLY excluded as a cause of death.

Other than that, no worries.

Scott

[white_falcon 0]

Swatcop,

Even suicide SHOULD BE covered after three years (not that I would hope that that would matter)

Scott

[airdvr 210]

I talked to them and specifically asked about skydiving. They told me it is covered

What they told you and what the policy states may be 2 different things. The only thing that matters is the verbage of the policy. I'd be checking it. I'm positive the company's actuaries have a very different view of scuba vs. skydiving.

The only question I would have is, is skydiving SPECIFICALLY excluded as a cause of death.


It gets even more interesting than that. If skydiving is listed as an exclusion and they can prove you were jumping they might be able to deny payment on the death claim on the grounds that you willfully violated the terms. Of course, they would refund all of your premiums but they'd rather do that than pay the claim.

Bottom line is that if you want life insurance and you want to include the possibility of going in as a cause of death you will pay a higher premium. And it's not as simple as not telling them about it. Same goes for any clause. If you're a smoker and you fail to disclose that it is conceivable they could try to deny the claim.

I'm sure underwriting departments love that I send them skydivers and other oddballs).

Hehe...licensed in Ohio and my company won't even consider it...for life or health.

Please don't dent the planet.

Destinations by Roxanne

[kelpdiver 2]

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What they told you and what the policy states may be 2 different things. The only thing that matters is the verbage of the policy. I'd be checking it. I'm positive the company's actuaries have a very different view of scuba vs. skydiving.

not terribly different. Many policies want to know if you dive and if you dive below 100ft.

(fortunately, should I ever need it, they don't seem to ask if you like to dive alone below 100ft)

[HeatherB 0]

We had a guy commit suicide the day after his 2-year suicide exclusion ended.

Sad and freaky.

[headoverheels 333]

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Every life insurance policy I've checked so far was either excluding skydiving, or unreasonably expensive, like $2K/year for 500K coverage.

If you can join a professional organization, you may be able to insure through them without skydive exclusions. I had IEEE term life insurance, until I reached a point that I don't have any need for it. It covered everything, even acts of war, and was very cheap.

[georgerussia 0]

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If you can join a professional organization, you may be able to insure through them without skydive exclusions.

Every one I've seen was cheap, with coverage like 50-100K. Useless.

* Don't pray for me if you wanna help - just send me a check. *

[white_falcon 0]

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Every one I've seen was cheap, with coverage like 50-100K. Useless.

My guess is that your significant other would not find it "USELESS" if you burned in.

Scott

[georgerussia 0]

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My guess is that your significant other would not find it "USELESS" if you burned in.

But they won't find it very useful either.
I do not have stay-at-home wife, so this is not a concern.

* Don't pray for me if you wanna help - just send me a check. *

[kelpdiver 2]

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If you can join a professional organization, you may be able to insure through them without skydive exclusions.

Every one I've seen was cheap, with coverage like 50-100K. Useless.

join more than one organization?

This is life insurance - you want cheap, probably shouldn't jump. It is dangerous. 30 year olds generally don't die, except in accidents, so anything that is prone to fatal accidents is going to jack up the risk substantially.

[brianfry713 0]

I think you may be getting confused between the different types of insurance.

For a demo jump, you'll probably need a C or D license or a PRO rating, and special liability insurance to cover that event. As a USPA member, you get 3rd party liability insurance included during normal skydives at a drop zone.

I don't think life insurance companies would care about how much skydiving experience you have.

I have life and health insurance as a group member from my employer, so there are no exclusions or extra charges for any high risk activities.

[HeatherB 0]

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I don't think life insurance companies would care about how much skydiving experience you have.

For individual policies they do...at least with the companies I've placed business with: Someone who has 1000 jumps and plans to make 200 jumps within the next 12 months will have a higher premium than someone who has 100 jumps total and plans to do 20 jumps within the next 12 months.

[recovercrachead 0]

PROBLEM SOLVED

If you have a policy that covers a suicide after two years, then always carry a death note on your rig or in your jumpsuit. So if you burn in, your covered.

Track high, Pull LOW!!!

[Thunderbow 1]

If by any chance you happen to be Catholic and can join or are a member of the Knights of Columbus, that would be a good option. I took out life insurance from them and only had to pay a small rider and it went away after a couple of years or so. They have done their homework on skydiving. If you don't bounce in the first couple of years they figure you must know what you are doing. But....if you aren't a mackeral snapper you're out of luck on this.

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Lord, let me be the person my dog thinks I am.