Insurance

[Swoopnation 0]

Looking to get life insurance. Been jumping for around 10 yrs . and never have had it. Have a family now and think its damn important. I do lots of jumps every year. From tandem to aff. So i think it will have to have some sort of instructor clause... Really need the help. If anyone has a place for me to start i would really appreciate it.
Thanks

Would like to get over 500k

[OrangeTex 0]

What's an "instructor clause"?

[Andy9o8 0]

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What's an "instructor clause"?

It has nothing to do with Santa Claus.

Hi.

[Swoopnation 0]

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What's an "instructor clause"?

Ive been told that if you are an instructor or work in the sport its easier to get better rates. So they call it something like that. But its important to let them know you work in the sport. Even if its just shooting vids on the weekend.

[oldwomanc6 38]

I applaud your desire to make sure your family is taken care of.

I wish all parents were as respectful of their families.

lisa
WSCR 594
FB 1023
CBDB 9

[theplummeter 14]

I have group term at work through ING. Skydiving costs me an additional $32 annually above the monthly premium of $38 for a million dollars in coverage.

[oldwomanc6 38]

Not all policies cover skydiving. Just saying that it is something to make sure about, especially since the OP has a long history of jumping.

lisa
WSCR 594
FB 1023
CBDB 9

[Swoopnation 0]

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Not all policies cover skydiving. Just saying that it is something to make sure about, especially since the OP has a long history of jumping.

Yep!! Its a task to just find someone. Once you say skydiving they laugh... Ive had a couple good friends go in the past year and leave their families with nothing... Hard to watch. God forbid but if something did happen it would be a relief know a check for 250k or whatever is coming. Ive seen people just shut down after a death. Really sad to see happen.

[oldwomanc6 38]

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Not all policies cover skydiving. Just saying that it is something to make sure about, especially since the OP has a long history of jumping.

Yep!! Its a task to just find someone. Once you say skydiving they laugh... Ive had a couple good friends go in the past year and leave their families with nothing... Hard to watch. God forbid but if something did happen it would be a relief know a check for 250k or whatever is coming. Ive seen people just shut down after a death. Really sad to see happen.

Yes. I just had a meeting with my financial advisor yesterday, and he made a comment germane to this: " I can't do a darn thing to alleviate the emotional burden of a loss, but I do everything I can to keep the financial portion at bay."

lisa
WSCR 594
FB 1023
CBDB 9

[airtwardo 6]

" I can't do a darn thing to alleviate the emotional burden of a loss, but I do everything I can to keep the financial portion at bay."

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thats in the sales manual....im serious

~ If you choke a Smurf, what color does it turn? ~

[oldwomanc6 38]

Doesn't make it any less true or valuable.

lisa
WSCR 594
FB 1023
CBDB 9

[staysafe 0]

I had a 500K policy for my wife and son that was outrageously expensive, but did cover skydiving. AOPA now (Aircraft Owners and Pilots Association) now has a policy that claims "no aviation exclusions". I called and was informed there was NO disqualifier for skydiving. Much more reasonable.

[Andy9o8 0]

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I had a 500K policy for my wife and son that was outrageously expensive, but did cover skydiving. AOPA now (Aircraft Owners and Pilots Association) now has a policy that claims "no aviation exclusions". I called and was informed there was NO disqualifier for skydiving. Much more reasonable.

Except (a) the word "skydiving" is not in the policy, and (b) the advice you got over the phone was oral, and not written. The effect: it remains ambiguous; and the person you spoke to (even if perfectly honest and well-intentioned) is not the same one who's going to be handling the claim if you die skydiving.

If a lawyer were in your position and wanted to try to reduce that ambiguity, he'd write a letter to the company confirming the advice he had just been given over the phone. Then be sure to give a copy of that letter to your family. It's not by any means a guaranteed solution, but it does create a certain written record which, as long as the company does not respond with a letter saying you're wrong, can only help your family if you die skydiving and the insurance company tries to claim that somehow that was not covered as "aviation".

[airtwardo 6]

some sort of instructor clause...

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I don't know if it's still the way it was 25 years ago...but my life insurence at the time covered skydiving as an 'enthusiast' not an instructor.

The cost was 1.00 per 'unit' over the standard price. A unit is/was 1000.00 coverage. I had to show 'proof' of 1000 jumps.

So...I was paying 500.00 annually over & above the standard rate for 1/2 million in coverage. The policy stated in it's wording I was covered for death resulting from skydiving.

It was with one of the 'Farm Bureau' agencies and at the time was the only one that would state in writing I was covered.

I was impressed because I'd looked around and this was the only company that had it (at the time) spelled out, the agent asked if I was a 'student' or an 'enthusiast' as the cost was significantly different - and did I have a current logbook & license certification.

As the resident attorney stated above...it does not matter what someone 'tells' you, it needs to be spelled out. Especially in policies like the million dollar one many people believe that they have in place.

If you're 25 - 30 years old and have a million dollar life policy you're paying a couple hundred bucks a year for, I would really be reading the fine print...in many cases 'they' have a whole lot more ways not to pay you than you do to collect.

~ If you choke a Smurf, what color does it turn? ~

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[JerryBaumchen 1,068]

Hi Andy,

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If a lawyer were in your position and wanted to try to reduce that ambiguity, he'd write a letter to the company confirming the advice he had just been given over the phone.

I do this a lot when dealing with the FAA. They like to say whatever, pro & con, regarding some subject. Then I follow-up with a letter detailing the date, the subject, the gist of the conversation, and then I finish with something about if they do not feel that this covers our conversation please contact me ASAP for clarification. I have yet to have them respond.

And I do keep copies of everything.

JerryBaumchen