Insuring Your Life When You’re Living on the Edge

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Tim is a licensed life insurance agent with 23 years of experience helping people protect their families and businesses with term life insurance. He writes and creates stuff for QuickQuote and other insurance and financial websites. You can find him on Twitter.

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UPDATED: Aug 6, 2020

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If you like to live life to its fullest, kudos to you! But depending on just how adventurous your life is, you might find some difficulty when applying for term life insurance to protect your family from financial hardship.

Hazardous activities, like scuba diving, rock climbing, motocross sports, and others, give life insurance companies cause for concern. You increase the likelihood of meeting an early demise by participating in high-risk hobbies, and that riskiness can cost you!

Here’s what you ought to know if you like living your life with abandon but don’t want your loved ones to struggle to make ends meet if anything happens to you.

Life Insurance Companies May Take One of These Four Actions if You Engage in Hazardous Activities.

Change Your Rate Class

Even if you’d otherwise qualify for a lower premium because you’re young and/or your health is in exceptional standing, the insurance company might classify you as a higher risk. That means you’ll pay more.

Charge You a “Flat Extra” Amount

Most often, life insurance companies will handle the hazardous activity situation this way. They’ll add an additional amount to each $1,000 of your policy to cover the additional risk. For example, a $100,000 policy with a $5 flat extra would result in an additional $500 on your annual premium—a chunk of change for sure!

Deny You Coverage

Some insurance companies might deny your application outright if you engage in particularly dangerous hobbies, or if you are inexperienced in a specific dangerous activity. Denial isn’t common, but it could happen.

Add an Exclusion Rider

An exclusion rider allows you to have life insurance coverage but with the provision that your hazardous activity is excluded. In other words, if you die in a car accident rather than skydiving, your family will receive a death benefit. Many life insurance companies have moved away from doing this, but this procedure is not completely unheard of.

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Which Activities Qualify as Risky?

As you might have guessed, the more hazardous your activities are, the more expensive your life insurance premium will be. Insurance companies are wary of the following:

  • Private aviation
  • Scuba diving
  • Ballooning
  • Motorsports
  • Skydiving
  • Cliff diving
  • Hang gliding
  • Competitive horseback riding
  • Mountain climbing
  • Skiing (snow and water)
  • Spelunking
  • Para-sailing

A ship is always safe at the shore – but that is NOT what it is built for. ― Albert Einstein

What Will Your Insurance Company Want to Know?

When you’re applying for life insurance, you’ll need to answer some questions to help the life insurance company determine how much risk is involved.

For example:

  • How long have you been participating in the activity?
  • How frequently do you participate in the activity?
  • Are you certified in the activity, or do you participate in an organized club?
  • Do you perform the activity professionally or in competitions?
  • Have you attempted or do you plan to attempt achieving any records (height, distance, speed, etc.) in the activity?

Beyond those general questions, insurance companies may ask you for specifics about certain activities. If you’re a scuba diver, for instance, you’ll need to tell them how deep you typically dive and what type of equipment you use.

Peace of Mind While Living Large

Just because you like to push yourself to the limit doesn’t mean you can’t have the security of knowing your family is protected. Go online and get a quote on term life insurance now.

The unexpected can happen whether you’re falling from the sky or crossing the street. Term life offers the most affordable way to make sure your family would be able to cover expenses and live well if anything were to happen to you.

Ready to compare quick life insurance quotes?

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