If you’re an extreme sports junkie, are you thinking about getting some epic life insurance? Worried you can’t get covered ‘cause you crave rippin’ recreation? The answer might surprise you.
Are you a happy-go-lucky, high-flying, devil-may-care, extreme sports enthusiast? Do you like to bungee jump…sky dive…or mountain climb? If so, insurance companies have a term to describe your extracurricular activities…high-risk.
These kinds of extreme sports and others, such as…spelunking…scuba diving…speedboat racing…and flying planes are activities that could potentially be life-threatening. We’re not talking Frisbee football here.
Let’s face it. Life insurance companies are not charitable organizations. Do you know what insurance underwriters do all day? They assess risk. And to insurance companies…risk equals uncertainty. After all, they’re in business to preserve their health…not yours. The work’s not glamorous, but that’s why underwriters get paid the big bucks.
So if you like leaping off of high things secured only by a bungee cord…don’t be surprised if you’re quoted life insurance rates that’ll make you want to jump off a cliff!
Does that mean extreme sports addicts can’t get insured?
The answer is…that depends. Needless to say, if you apply for a life insurance policy, and engage in high-risk sports, you’re going to make any life insurance company extremely nervous. To quell their nervousness, they typically hedge their bets. That’s why, if you’re into high-risk leisure activities, you’ll be paying higher premiums that someone who likes to keep both feet planted firmly on the terra firma. In fact, you might be paying premiums that are 2 to 3 times higher than normal rates. Talk about sticker shock!
So what can I do to get a better life insurance rate?
If you want to lower that intense rate, there are a few things you can do:
ONE: Get educated. If you like to bungee jump or mountain climb…take classes. If you like to scuba diving…get certified. If you like to race speedboats…get licensed. The more you know about your sport…the more you learn about the safety rules and regulations…the more you’ll lower the anxiety levels of whatever carrier is ultimately going to underwrite your life insurance policy. It also shows them that you take your sport seriously enough to go through all of the training necessary to perform that athletic activity as safely as possible.
TWO: Shop around. A multi-carrier brokerage firm that represents a broad range of insurance companies…instead of just one…who can compare multiple rates from multiple companies…is probably your best bet to get a more competitive rate. A company like AccuQuote.
No matter which type of life insurance policy suits your fancy – Term Life to Whole Life – the more you know about your extreme sport…the more you try to get the proper training and certifications…the more likely you are to get a rate that won’t cause you to jump off a cliff. Unless, of course, you’re into that.