andrewstewart 0 #1 July 15, 2003 Does anyone have any experiences they can share regarding getting life insurance that includes coverage for skydiving? I've talked to a few life insurance companies but none of them cover skydiving (if I died in a car accident on the way to the DZ that would be covered but not if I died while jumping). Any advice or experiences here would be most useful. Thanks in advance, - Andrew Quote Share this post Link to post Share on other sites
JohnnyD 0 #2 July 15, 2003 I had to fill out a special disclosure form and my premiums tripled. I think you are best off if you can get it through your work. They usually don't ask that type of question. Quote Share this post Link to post Share on other sites
tbrown 26 #3 July 15, 2003 USPA offers a very affordable group policy for AD&D, which is accidental death & dismemberment (sounds cool, huh ?). This coverage is not included in your membership, you have to apply and pay for it seperately. But it's way affordable and pays up to $100K if you go snuffers. And the insurance company already knows it's selling the policies to a group of skydivers (US PARACHUTE Assn). The policy will also cover accidental death if you snuff it at work or toodling around in your car, or if you do something dumb like fall off the roof cleaning your gutters. The big companies, like the top five or six, will cover skydiving, though they will usually rate you, i.e. jack up your premiums higher than a smoker. Something I harped on in a similar thread a month or so back, is called INCONTESTABILITY. If you already have life insurance, especially if you've already owned the policy for something like 2-3 years (depends on the laws of the state you live in), your policy is incontestable. That means the insurance co. had 2-3 years to investigate you and find out if you were lying on your application, concealing a disease like cancer, are an alcoholic, dope addict, convicted felon, etc. Or a skydiver. Once the 2-3 years is up, they're stuck with you, your policy is incontestable. I bought a rather large policy several years ago (got a wife & kids) and at the time told my agent (truthfully) that I hadn't done anything fun like skydiving or scuba diving in the past three years. Now, seven years later I finally started jumping again and I'm incontestable. I even keep my preferred rate (lower than non-smoking). All I have to do is keep paying my premiums and they're STUCK with me. Yee-ha. Never never drop a life insurance policy you've already got, it's TAX FREE money for your family. I know I get a little windy about this subject, but I used to be a life insurance agent and have seen too many cases of thoughtless people leaving their families destitute. There's no excuse for it. Your humble servant.....Professor Gravity ! Quote Share this post Link to post Share on other sites
bluepill 0 #4 July 16, 2003 Andrew, I think it depends on whee you are from. The comments that tbrown make may be OK for the US, but the beyond contestation wouldent work here in the UK. In the UK you are bound by 'Utmost good faith', which basically means that not only must you disclose any facts that may affect risk at the outset of any policy, you must disclose any changes in your circumstances. Regardless of whether you think it afftects it or not. This applies to just about every type of domestic insurance in the UK and failure to disclose 'can' invalidate your insurance. If you are from the UK, then I have a link that might help for skydiving insurance. Mike Quote Share this post Link to post Share on other sites
tbrown 26 #5 July 16, 2003 In the UK you are bound by 'Utmost good faith', which basically means that not only must you disclose any facts that may affect risk at the outset of any policy, you must disclose any changes in your circumstances. Regardless of whether you think it afftects it or not. This applies to just about every type of domestic insurance in the UK and failure to disclose 'can' invalidate your insurance. Mike Good point, I hadn't even considered those of us who live outside the U.S. In my own case, and at my wife's insistence, I contacted my agent, the same guy who sold me the policy and told him straight up that I'd started jumping again. He told me it wouldn't change a thing, I had truthfully answered the question at the time I bought the policy and the time for incontestability had passed. I would question reporting all changes of circumstance though. What if you get cancer ? Obviously you wouldn't have had cancer when you bought the policy. That's also called your insurability, no cancer, no heart attacks, etc. From there on it's a numbers game. They know some policyholders will get cancer, will have a heart attack, etc. And they've got the numbers figured, so that they'll still make money. So how many of them are going to become regular skydivers, and I'm not talking about a tandem on your birthday either, but being a regular drop zone layabout ? My guess is very darn few, so the numbers are still in their favor. Your humble servant.....Professor Gravity ! Quote Share this post Link to post Share on other sites
