Life Insurance & Active Skydiving

[jacketsdb23 45]

I did a search here. Thought I'd do a final 'crowd source' before I pick a direction.

I've been skydiving or been around it my entire life. I love it. I carry a mon-fri engineering job and pick a day on the weekends to jump. I'm fairly active, 200 - 300 jumps a year.

I'm at the stage of my life where I want life insurance to protect my wife and any future family that we may start. Most life insurance policies will include skydiving for a flat extra rate of about $2.50 - $7.00 per 1k of coverage. For a 1M policy, that is a premium of $2,500 - $7,000 per year to cover skydiving. I'm very up front with the insurance companies that I explicitly want skydiving covered. Considering the costs involved, I see the following options for a 1M policy:

1. Pay the premium
2. Quit skydiving (for 2 years at least)
3. Get 2 policies: One that covers skydiving (say 500K) and one that does not.

Anyone out there have an amazing company that charges less than $2.50/1K? I know some employers have options, but my death benefit is limited to 50K. Considering my mortgage in California, the 1M policy is my goal. I've looked into the USPA options and they come out to about $2.50/1K as well. Seems like if anyone would know the statistics it would be the USPA. Seems that is as low as it gets. Got any other good options? Thanks!

Losers make excuses, Winners make it happen
God is Good
Beer is Great
Swoopers are crazy.

[VTmotoMike08 0]

4. Don't go in and save the cash

[PhreeZone 14]

Another option to look at is insurance via AOPA - they have a much larger pool of pilots and their carrier actually understands everything about general aviation more than most insurance carriers do. You will need to sign up as a member and remain in good standing (like $100 a year) to get the benefits I think. AOPA is awesome for the lobbying side of things also for general aviation.

Simple numbers for me were about $143 a month for 1 Million in coverage or $1716 a year.

Here are their rates for group term insurance

MONTHLY RATES PER $1,000 BENEFIT.
Members Age Tobacco Non-Tobacco
Under 30 0.210 0.083
30-34 0.210 0.083
35-39 0.360 0.143
40-44 0.510 0.210
45-49 0.660 0.263
50-54 0.934 0.364
55-59 1.365 0.569
60-64 1.983 0.892
65-69 1.983 0.992
70-74* 3.967 1.983
75-79* 7.933 3.967


Are there any aviation exclusions under this plan?

There are no general aviation exclusions under this plan. Your aviation activities are covered, unlike some life insurance plans that exclude flying in recreational or commercial aircraft.

Yesterday is history
And tomorrow is a mystery

Parachutemanuals.com

[jacketsdb23 45]

Thats a pretty good option.

Do you have to have a pilots license to be a member? I'll read up more on this.

thank you!

Regards,

Losers make excuses, Winners make it happen
God is Good
Beer is Great
Swoopers are crazy.

[PhreeZone 14]

Not sure on that - you can always sign up for a free student certificate and get one that way. The thing is for things like Ultralights and other things you don't even need a pilots license and those flyers are in AOPA too so you might want to call them and ask about what it takes to get into their life insurance options.

Yesterday is history
And tomorrow is a mystery

Parachutemanuals.com

[BIGUN 1,049]

Go buy a drone. :)

https://www.aopa.org/membership

Nobody has time to listen; because they're desperately chasing the need of being heard.

[AStack75 4]

On 7/26/2018 at 12:49 PM, jacketsdb23 said:

Considering the costs involved, I see the following options for a 1M policy:

2. Quit skydiving (for 2 years at least)

Sorry for reviving a two year old thread but I didn't feel my question was worthy of creating its own thread.  Is two years out of skydiving the 'cool off period' before an insurance company will sell you a standard life insurance policy?

[wolfriverjoe 1,340]

44 minutes ago, AStack75 said:

Sorry for reviving a two year old thread but I didn't feel my question was worthy of creating its own thread.  Is two years out of skydiving the 'cool off period' before an insurance company will sell you a standard life insurance policy?

No. 

I think in that particular case, the policy holder had to wait 2 years after initiating the policy to resume jumping.

If you aren't doing it now, they'll cover you.
If you say you aren't doing it, and then get the policy, and then die jumping; the insurance company will just refuse to pay.