Life Insurance?

[jmar595 0]

I just had a son born 10 days ago. I wanted to get life insurance before he came, but I'm a bad procrastinator. Anyway, I just got a quote and they asked if I had ever went skydiving or planned to go, not gonna lie, so I told them ya twice and plan to go more. That adds $2500 more a year because of that. Where is a good place for life insurance that won't guage you for this?

[DrewEckhardt 0]

Quote

I just had a son born 10 days ago. I wanted to get life insurance before he came, but I'm a bad procrastinator. Anyway, I just got a quote and they asked if I had ever went skydiving or planned to go, not gonna lie, so I told them ya twice and plan to go more. That adds $2500 more a year because of that. Where is a good place for life insurance that won't guage you for this?

Your employer.

Group plans assume you have only an average chance (1 in 10,000) of being a skydiver and are priced less than individual plans where they know you have a 100% chance of jumping.

Group plans are only a bad value when you have average health and dangerous hobbies.

[labrys 0]

Quote

Group plans are only a bad value when you have average health and dangerous hobbies.

Huh?

Owned by Remi #?

[DrewEckhardt 0]

Quote

Quote

Group plans are only a bad value when you have average health and dangerous hobbies.

Huh?

No dangerous hobbies that is.

When you apply for an individual insurane policy the rates are all about you. When the insurance company knows that you have a healthy weight, test negative for drugs, have normal kidney function,etc. they can give you a term life rate half what you'd have spent through your group plan which assumes an average risk of having health problems.

OTOH, if you're a bigger statistical risk than average you might find yourself spending $2500 more a year when the insurance company knows you have a 100% chance of skydiving on a regular basis instead of .01% (30,000 USPA members out of 300,000,000 people).

[RMK 3]

Similarly, I am in the process of doing the same (seeking more life cover due to new child) and at the same time I have left a large company and set up my own consultancy/advisory group. My example is for the UK, but for anyone looking at the same this is what I’ve found: My hobbies that concerned them were skydiving, offshore yacht racing and being a private helicopter pilot. In brief, unless I did a round-the-world race or any professional racing, the boating didn’t bother them. However, for flying and skydiving, this caused my premiums to triple or more. I had my advisor look into term life cover for increments of £500K, £1M and £2M cover. In brief, the “man on the street” pays around £65/month for £500K cover. For me, for 500K I’m to pay between £185-£220/month.

I found they asked the most assinine queries about my skydiving, thus telling me they have no clear measure of the risk. All questions were only centred on prior and guesstimates of future jump numbers. I’m proceeding with a group for £500K cover, but want to look elsewhere for the remaining cover (I want 1-2 million GBP). I’m looking into policies in Switzerland, Netherlands or US (possibly offshore variants also). If anyone has gone through this process before or have any insight, I’d like to know your experiences.

Outside of finding better priced alternatives, I’m going to split the cover with part having exclusions (i.e. half covers for skydiving/flying, half excludes it but has otherwise normal cover). Believe it or not, one idiotic group came back with a quote of £19,000/yr for cover. Oddly no one has ever asked what type of skydiving, what size of canopy etc…

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

[pirana 0]

They do not seem to know or care about types of skydiving. They take a very macro view of it. To them all jumping is bad. The more the worse.

I had a rather terse debate with one of our underwriters when I was turned down for supplemental coverage. I can get up to 3X salary no questions asked, but have to qualify in order to buy more.

He said not to bother applying after I told him I make about 100 to 150 per summer. He was willing to consider it if I only made a few per year. In their mind higher jump numbers and additional risk are in direct coorelation. I don't know how the numbers would work out if you really drilled it down, but I assured him that somebody making 3 jumps per year is NOT going to be a safe skydiver.

Then he got perturbed with me and muttered something about other lifestyle issues known to be common amongst skydivers. I rolled my eyes, which I think he saw even though it was a phone call, because I'm convinced they are watching me now.

I see invisble black helicopters, flown by underwriters.

" . . . the lust for power can be just as completely satisfied by suggesting people into loving their servitude as by flogging them and kicking them into obedience." -- Aldous Huxley

[piratemike 0]

Quote

I just had a son born 10 days ago. I wanted to get life insurance before he came, but I'm a bad procrastinator. Anyway, I just got a quote and they asked if I had ever went skydiving or planned to go, not gonna lie, so I told them ya twice and plan to go more. That adds $2500 more a year because of that. Where is a good place for life insurance that won't guage you for this?

You might want to find out how much your policy would go up if you had a motorcycle.
Owning a motorcycle about doubles your chances of killing yourself over skydiving.
I'll bet you that the motorcycle doesn't change your plan cost very much.

[Scrumpot 1]

Yeah but, all the arguments, and "comparisons" in the world don't matter worth spit to the risk / actuaries / underwriters of the policies and administer those surcharge structures. If you do find one that it matters to, please do share with us all!

coitus non circum - Moab Stone

[piratemike 0]

Quote

Yeah but, all the arguments, and "comparisons" in the world don't matter worth spit to the risk / actuaries / underwriters of the policies and administer those surcharge structures. If you do find one that it matters to, please do share with us all!

Okay, so reality doesn't matter with most life insurance companies.

That sucks.

Well, is there anybody here that knows of a life insurance company that does cover skydivers in a reasonable fashion? That way John can get the coverage he wants at a reasonable price?

[AggieDave 6]

Quote

Okay, so reality doesn't matter with most life insurance companies.

Same with supplemental disability insurance.

Out of 8 companies, 5 denied me for skydiving and 3 denied me for my profession. None of them cared about my motorcycle!

--"When I die, may I be surrounded by scattered chrome and burning gasoline."

[Scrumpot 1]

Optional GROUP insurance through your employer is the only way I know. I used to work for an insurance company, and know of no independents who will write, at what you might call reasonable unfortunately, a "skydiver" (I put that in quotes be/c the ins co's themselves don't really know what that means) under an individual risk-rated policy. It's sad but true.

That's why I say if anyone every really DOES find somebody who WILL (and I don't just mean with an exclusion clause/codicil) - absolutely, please do share!

Check into buyin extra additional insurance at/through work. If that is not an option, I'm afraid I honestly just don't know of any other. I've been looking for a while too, myself.

Sorry that doesn't help.

coitus non circum - Moab Stone

[NovaTTT 1]

Quote

Well, is there anybody here that knows of a life insurance company that does cover skydivers in a reasonable fashion?

William Penn
www.lgamerica.com

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

[JPWoerner 0]

I didn't read all the other replies to this question, b/c I'm lazy, but I just got my life insurance a few months ago. I had the whole interview thing over the phone. I told them how many skydives I had(~300 at the time) and how many I was planning on doing in the next year(I said 90, so far 4 months later, I've done over 120)... They also asked all the safety equipment I had... All in all, they didn't even take skydiving into consideration when determining my life insurance, b/c I guess I convinced them skydiving was safer then driving a car! Prudential Life Insurance. Good luck buddy and congratulations on you new son!!! Put him in the tunnel in a couple years!!!