Forums: Skydiving: General Skydiving Discussions:
Life insurance before starting skydiving

 


MarcoP

Apr 11, 2012, 4:07 PM
Post #1 of 19 (1620 views)
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Life insurance before starting skydiving Can't Post

If I get life insurance just before I get start skydiving, is that going to be ok? Or will it fail to pay out if something happens a month after I get the insurance? lol

At this time I can truthfully claim I don't have any 'dangerous hobbies', but what if I start one immediately after getting the insurance?

Thanks


mobbik

Apr 11, 2012, 4:13 PM
Post #2 of 19 (1614 views)
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Re: [MarcoP] Life insurance before starting skydiving [In reply to] Can't Post

im not sure if you should believe any answer you would get on dz.com regarding that issue... Crazy

call your broker.


MarcoP

Apr 11, 2012, 4:17 PM
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Re: [mobbik] Life insurance before starting skydiving [In reply to] Can't Post

But then I wouldn't be able to claim that skydiving was a spur of the moment thing. It would seem premeditated. lol


airtwardo  (D License)

Apr 11, 2012, 4:24 PM
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Re: [MarcoP] Life insurance before starting skydiving [In reply to] Can't Post

Get a policy that doesn't exclude high risk activities and or private aviation. . .start small, say 50 grand...they usually don't look real hard at those, it's the million $ policy on a young person that raises flags. Wink


obelixtim  (D 84)

Apr 11, 2012, 4:29 PM
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Re: [MarcoP] Life insurance before starting skydiving [In reply to] Can't Post

 If you are dead, why would you care....


mobbik

Apr 11, 2012, 4:29 PM
Post #6 of 19 (1600 views)
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Re: [MarcoP] Life insurance before starting skydiving [In reply to] Can't Post

if you die your not going to claim anything... ;)

my insurance will pay up if I hit the planet, but only because my first jump was 2 yrs after i got the policy.


MarcoP

Apr 11, 2012, 5:21 PM
Post #7 of 19 (1569 views)
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Re: [obelixtim] Life insurance before starting skydiving [In reply to] Can't Post

Well, my kids would probably care. You're right, I wouldn't be able to care too much at that point. lol


adamqbishop  (D 31570)

Apr 11, 2012, 5:42 PM
Post #8 of 19 (1554 views)
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Re: [MarcoP] Life insurance before starting skydiving [In reply to] Can't Post

Everything ok in your life? Anything going on we should know about?


skyjumpenfool  (Student)

Apr 11, 2012, 7:08 PM
Post #9 of 19 (1519 views)
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Re: [MarcoP] Life insurance before starting skydiving [In reply to] Can't Post

By posting this here, you've just left a paper (cyber) trail that proves intent to defraud.... Wink


cbennettjr  (C 33407)

Apr 11, 2012, 8:22 PM
Post #10 of 19 (1487 views)
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Re: [MarcoP] Life insurance before starting skydiving [In reply to] Can't Post

Most policies are very specific on the activities you can and can not do. There is usually a cooling off period after the policy is written that excludes payment if you die doing these activities.

I got a policy when my child was born and couldn't do anything "fun" for a year. No: skydiving, scuba diving, competitive motorcycling, piloting a private aircraft, ect.

Ask your agent and be upfront about it. You don't wanna pay all this money and not have the policy give it up if you go in.

BS/BD


(This post was edited by cbennettjr on Apr 11, 2012, 8:23 PM)


JohnRich  (D License)

Apr 11, 2012, 9:04 PM
Post #11 of 19 (1467 views)
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Re: [MarcoP] Life insurance before starting skydiving [In reply to] Can't Post

In reply to:
If I get life insurance just before I get start skydiving, is that going to be ok? Or will it fail to pay out if something happens a month after I get the insurance?

Read all the fine print and find out what the exclusions are.


JohnMitchell  (D 6462)

Apr 11, 2012, 9:07 PM
Post #12 of 19 (1461 views)
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Re: [JohnRich] Life insurance before starting skydiving [In reply to] Can't Post

In reply to:

Read all the fine print and find out what the exclusions are.
There you go. Best answer yet. Smile

My old govt. insurance paid off no matter what.

My newer, cheaper private insurance pays off but they did ask if I skydived, scuba dove, raced cars, etc. They didn't charge me extra. Must have figured with 1000's of jumps that I was pretty hard to kill. Cool


AHoyThere  (D 12622)

Apr 12, 2012, 1:45 PM
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Re: [JohnMitchell] Life insurance before starting skydiving [In reply to] Can't Post

When we found out kids were on the way (twins), then I went out and bought a 20 year term policy that was large enough to provide for my family if I died. The cost of the policy was 4x more expensive because I skydive than it would have been if I didn't skydive.

There are a lot of costs to skydiving. This is just one more part of the cost of skydiving.

Maybe I should have called John's agent.


(This post was edited by AHoyThere on Apr 12, 2012, 1:55 PM)


Croc  (D 29552)

Apr 12, 2012, 4:08 PM
Post #14 of 19 (1349 views)
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Re: [MarcoP] Life insurance before starting skydiving [In reply to] Can't Post

I have an accidental death policy. It excludes acts of war, insurrection, racing motor vehicles, flying a plane (but being a passenger is OK), and any death while committing a felony. No mention of skydiving. Had my agent look it over. These policies are cheap, about $30/mo. for 300K face, and require no medical or background check. Go online and you'll be insured next week.


Croc  (D 29552)

Apr 12, 2012, 4:10 PM
Post #15 of 19 (1346 views)
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Re: [MarcoP] Life insurance before starting skydiving [In reply to] Can't Post

There is an ad for Mutual of Omaha at the top of this page. They sell them, but there are better ones.


airdvr  (D 10977)

Apr 13, 2012, 4:22 AM
Post #16 of 19 (1300 views)
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Re: [Croc] Life insurance before starting skydiving [In reply to] Can't Post

Doesn't matter when you make your first jump. All policies have exclusions. If jumping is one of them and you go in your insurance won't pay. They are required to refund your premiums however.


weekender  (C License)

Apr 13, 2012, 11:58 AM
Post #17 of 19 (1260 views)
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Re: [MarcoP] Life insurance before starting skydiving [In reply to] Can't Post

The industry must pay after two years of signing even if you die during an exluded event. This was done by the gov't because they were using deaths from excluded events in their actuary tables to calculate premiums. since they charged for it but wouldnt pay for it, the regulators cried foul. they came to an agreement of two years. This prevents people from buying a policy and then killing themselves basically gifting money to someone.

agents are paid commisions and many will not admit this to you since they get more if you pay up. it IS fraud however, if you KNOW you plan to skydive or commit suicide. no idea how they can prove it, though.

i might be off on the specifics but i know i'm pretty close. i was a licensed agent once, have bought insurance multiple times and my wife's an industry attorney and expert. Dont take my word for it, look it up. im told you this to aid in your research and understand why agents might not be so upfront.


faulk04  (D 32457)

Apr 13, 2012, 12:11 PM
Post #18 of 19 (1253 views)
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Re: [MarcoP] Life insurance before starting skydiving [In reply to] Can't Post

when I got my policy, they could have excluded high risk activities such as skydiving, but if I died doing them they won't pay. I'm 24 so my rates are still low but my rates almost doubled when they included skydiving. It was a % for each 10,000 I had.


Croc  (D 29552)

Apr 13, 2012, 2:15 PM
Post #19 of 19 (1240 views)
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Re: [airdvr] Life insurance before starting skydiving [In reply to] Can't Post

Did you mean to direct your comments to me or the OP? I used to sell life insurance, so I checked this out carefully. The accidental death policies do not exclude skydiving; my regular policy does.


(This post was edited by Croc on Apr 13, 2012, 2:16 PM)



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