There is nothing like the adrenaline rush of jumping out of a plane to parachute to the ground, hang gliding across a mountainous valley or skiing through a back country bowl. For those who enjoy extreme sports, these experiences are what make them feel alive. However, finding extreme sports life insurance when there are so many risks of death involved can seem like a nearly impossible endeavor. There is life insurance specifically designed for these people though.
It is no surprise that insurance companies gamble on an applicant living a long and healthy life so that there are fewer claims and the company makes more money. The lower the risk involved, the lower the insurance premium. They therefore favor those who live a healthy lifestyle. Ironically, those who indulge in extreme sports are generally very healthy. The lifestyle habits are the red flag for insurance companies. If it is found that a policy holder engages in these activities, the premium rates may be raised or the coverage may be cancelled.
Dealing with an Existing Life Insurance Policy
They say that honesty is the best policy and in life insurance this can be true. Call on an existing policy to discuss the ramifications of participating in an extreme sport before beginning. Sometimes an insurance company will just charge an additional surcharge to cover the risks involved. They generally have a rating sheet that determines the amount of risk involved. Other companies may chose to deny coverage or cancel an existing policy if they deem the level of risk to be too high.
Why Lying is Bad
Everyone learns that lying is bad by the time they reach kindergarten. However, many adults still think that telling a “little white lie” is okay at times. With insurance this can be even riskier for the policy holder than it is for the insurance company. Misinformation or inaccuracies on a life insurance application can lead to grounds for voiding the policy. If the applicant is climbing mountains, hanging off of cliffs or spelunking into deep dark caverns, tell the truth. While it may lead to an application being denied, at least there will not be an unwelcome surprise for loved ones in the event of the policy holder’s death.
Watching for Exclusions
If an extreme sports life insurance policy is issued, be sure to review it to make sure there are no exclusions that would affect the policy during an extreme sport. Exclusions limit the coverage that a claim can be filed for a specific event. This protects insurance companies by eliminating the possibility of having to make a large payout if there is a death caused by the exclusion. These are frequently added for medical conditions, suicide, war and dangerous activities. If a traditional insurance company puts in exclusions though, there is still the option of a specialty extreme sports life insurance plan.
Searching for an extreme sports life insurance policy is as easy as entering your information into our quick form and getting fast accurate quotes from traditional insurance companies and companies that specialize in extreme sports life insurance plans. Compare and review the quotes to find the best options for you and get the protection you need to protect your family today.