Life Insurance.

[R1DOC 0]

So i'm in the process of getting life insurance. I'm a pilot and now a skydiver so I was honest and upfront
with the company. I have not gotten a updated quote yet. How much will my rates go up from skydiving? From what I have been told being a pilot does not increase them too much.

[thedude325 0]

Bump

I'm curious too.

[bocabruce1 0]

If you are a pilot your premium has already been rated and you pay more of course. Now with skydiving in the picture your rate on the current policy should not be increased. However, if you apply for additional life insurance and disclose skydiving, as you should, then you might be rated for additional risk. That comes from my wife who works with Northwestern Mutual...find and agent and ask too!

Boca

bocabruce

[thedude325 0]

how much of a price jump are we talking here? on average?

[NovaTTT 2]

Two quotes, two companies.

Average increase: 90%.

The agents are very understanding and apologetic - but the numbers (skydiving fatalities) don't match the premium increase. The actuarians see skydiving as a russian roulette activity and they (the underwriters) are the ones generating the figures.

Let us know who you go with and what is the increase. Good luck!

Nova

"Even in a world where perfection is unattainable, there's still a difference between excellence and mediocrity." Gary73

[RMK 3]

I’ve recently looked into this and following are my findings. This is for life insurance from UK providers, utilising four differing underwriters. However, the percentages generally apply to other countries/currencies. Remember, Bermuda and London account for the greatest concentration of reinsurers and underwriters:

General Example:
general “man on the street” pays £65-70/month per £500K of coverage; so that equates to about £130/month per 1 million of cover.

My Personal Example:
I note that I’m a skydiver, private helicopter pilot and do some offshore yacht racing. My extra weightings yield a rate of approx £220/month for £500K cover (three times the price and equates to what “NovaTTT” said above). In the end they didn’t weight for yacht racing so long as you don’t do “round the world” racing. However, both airsports are weighted individually. I found they had a better understanding of risk for being a pilot, but the queries I got re skydiving were laughable. For the most part, mainly based on jump numbers and frequency.

I’m also looking into possible policies from other countries and offshore variants and would welcome any ideas from persons who have arranged larger scale policies. After seeing how poorly they (the insurers) understand skydiving, I think it would be useful for USPA, BPA, etc to provide them some general guidance on the “real” risks in our sport. One example would be to ask what wing loading you jump or to understand that more regular jumping actually makes you a safer jumper. Oddly, I found for all insurers, that they equally weighted for “high risk” activities. Which is silly as even if you have five dangerous hobbies, you can only do one of them at a time.

"Pain is the best instructor, but no one wants to attend his classes"

[SWATcop 0]

This is the cheapest I have found. Don't have to be a SCUBA diver, just join the group and get the insurance. Skydiving covered.

http://www.diversalertnetwork.org/insurance/plans.asp

Kevin

Muff Brother #4041
Team Dirty Sanchez #467

[R1DOC 0]

I still have to do my physical. Once this is done I find out the quote and let you all know. I' going
through USAA.

[sxc 0]

I am in the process of buying a policy now. The increase in the yearly premium is $2.50 per $1000 of coverage. This includes skydiving and scuba diving.