Apr 11, 2012, 4:07 PM
Post #1 of 19
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Life insurance before starting skydiving
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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?
Apr 11, 2012, 4:24 PM
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Re: [MarcoP] Life insurance before starting skydiving
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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.
Apr 11, 2012, 8:22 PM
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Re: [MarcoP] Life insurance before starting skydiving
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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)
Apr 11, 2012, 9:04 PM
Post #11 of 19
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Re: [MarcoP] Life insurance before starting skydiving
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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.
Apr 11, 2012, 9:07 PM
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Re: [JohnRich] Life insurance before starting skydiving
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Read all the fine print and find out what the exclusions are.
There you go. Best answer yet.
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.
Apr 12, 2012, 1:45 PM
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Re: [JohnMitchell] Life insurance before starting skydiving
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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)
Apr 12, 2012, 4:08 PM
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Re: [MarcoP] Life insurance before starting skydiving
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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.
Apr 13, 2012, 4:22 AM
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Re: [Croc] Life insurance before starting skydiving
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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.
Apr 13, 2012, 11:58 AM
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Re: [MarcoP] Life insurance before starting skydiving
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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.
Apr 13, 2012, 12:11 PM
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Re: [MarcoP] Life insurance before starting skydiving
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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.
Apr 13, 2012, 2:15 PM
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Re: [airdvr] Life insurance before starting skydiving
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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)
