Skydiving insurance provides financial protection for medical expenses, personal liability, gear and equipment, and accidental death and dismemberment. Although not mandatory, many skydiving centers require participants to sign a release waiver. Policies for skydivers have specialized coverage options where standard policies may exclude them. Life insurance policies for skydivers differ in duration and flexibility, and additional riders can be added to tailor coverage.
Cost and Considerations of Skydiving Insurance
Skydiving generally leads to significant insurance premiums that can be particularly high for companies or enthusiasts. Controversies can arise if insurers do not cover certain skydiving activities. Tips for skydivers regarding insurance include being honest when applying and thoroughly investigating any policy exclusions. Ultimately, choosing the right insurance depends on personal preference and risk tolerance.
Life Insurance and Skydiving
When applying for life insurance, honesty about skydiving is crucial. Non-disclosure may lead to complications, and lying about risky hobbies can result in the company refusing to pay the death benefit. Skydivers have the option to choose a policy with a skydiving exclusion to keep costs down or add an accidental death plan to specifically cover jumps.
Policies generally cover suicidal death if the policy was purchased at least 2-3 years prior to the event. Skydiving will increase life insurance costs due to the added risk. Providers may add an additional $2-$5 per $1000 of coverage. For skydivers, obtaining a specific policy is often more cost-effective than trying to get covered under traditional insurance plans.
Skydiving and Insurance Rates
- Skydiving can affect underwriting and rates with insurance providers.
- Listing skydiving as a hobby can lead to higher premiums or outright denial of coverage.
- Club membership can result in lower rates compared to non-members.
- The frequency of jumps matters; more jumps correlate with higher premiums.