Life Insurance

[dmetz 0]

Does anyone have any recent experience dealing with the internet based agency that USPA endorses on their website? www.skydiverslifeinsurnace.com takes you to www.wholesaleinsurance.net

I'm a little leary about dealing with someone that I can't see and touch, ya know?

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"If a vegetarian eats vegetables, what does a humanitarian eat?"

[tkhayes 140]

I went through Prudential and got a decent policy for term life. Even with the skydiving.

I had US Life prior to that for 10 years, no problems, but they would not renew it.

[pirana 0]

Many (if not most) will reject an application for a product that is subject to acceptance for skydiving, rodeo, caving, competitive motorsports, scuba, and flying. Sometimes they want to know more, usually they just reject. Those that accept will put a limit on the amount of coverage you can buy.

The best deal is to get some guarantee issue stuff thru an employer or association; though even then they can limit your amount to a basic offer, with supplemental coverage only available via a screening process. I was allowed to purchase $250K (the max available with no questions asked), but was rejected from purchasing more because of skydiving.

Be careful that what is being offerred is truly life insurance and not accidental death & disability (AD&D). They are often packaged and promoted in a very similar manner, and the AD&D looks great because it is relatively cheap. The reason for the cheapness is because accidents are not very high on the cause-of-death list.

Lots of associations and business relationships offer the chance to purchase token amounts of insurance (usually about $10K) no questions asked, and pretty cheap. So if you take advantage of a bunch of them (such as credit cards, AAA, clubs, etc.) you could end up with a total amount that would make a difference.

" . . . 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

[ematteo 0]

I purchased life insurance two years ago and found the USPA-referred company's rates non-competitive.

Using a broker, I found a carrier that charged $2.50 per thousand additional for skydiving. I disclosed that I do tandems. There was no apparent ceiling on the amount of coverage available.

YMMV

[white_falcon 0]

Let me start this by saying: I am not a life insurance sales person, I do have 20+ yrs in the Insurance business, I do work for a regulating authority:

If you have concerns about the company,
1)call them via their "800" number.
2)Check them out with your state's Dept. of Insurance
3)Shop Around (independent agents are great)-- MOST COMPANIES WILL COVER YOU for skydiving, your policy will just be surcharged a "little"
4) DO NOT FAIL TO DISCLOSE that you skydive.

Hope this helps

Scott

[piahenzi 0]

I got a 10 year term policy thru Prudential as well. Seemed the most competitive and inclusive. It still amazes me that being a healthy, active and current skydiver costs more than being an sick, 200 lbs overweight couch potato with heart disease, diabetes etc...this country has it all backwards...

[kelpdiver 2]

Quote

I got a 10 year term policy thru Prudential as well. Seemed the most competitive and inclusive. It still amazes me that being a healthy, active and current skydiver costs more than being an sick, 200 lbs overweight couch potato with heart disease, diabetes etc...this country has it all backwards...

well, most couch potatoes don't start to die until their mid 40s or 50s. That could be 20 or 30 years worth of premiums. The average skydiver career is what, 3 years?

[dmetz 0]

What kind of rates are you seeing from Prudential? Any ceiling to the amount of coverage?

Thanks all for your replies so far. So has anyone had any experience with the "e-broker" I mentioned above?

_________________________________________

"If a vegetarian eats vegetables, what does a humanitarian eat?"

[Mozencrath 0]

As a licensed insurance agent, I can tell you that although it is difficult to get life insurance as a skydiver, many reputable companies offer it. Some companies will even simply "exclude" skydiving on the policy, similar to the way certain DI policies work. Typically what you will find is that most companies will not cover it, and the ones that do will simply charge you more money for it.....It all depends on how much you jump. Don't ever lie to a life insurance company about skydiving. God forbid something does happen to you and you tell them you only jump 10 times a year but you really do a few hundred, they will deny your claim.

BTW, don't waste your time or money with term insurance. It is a short term solution to a long term problem. Whole life is a much better way to go, although it is more expensive, it will pay for itself over time and provides a death benefit no matter when you die.

If anyone needs to be pointed in the right direction, I can tell you which companies to go to in your specific state. PM me.

[kelpdiver 2]

Quote

As a licensed insurance agent, ....

BTW, don't waste your time or money with term insurance. It is a short term solution to a long term problem. Whole life is a much better way to go,

No self interest in this advice, eh? Whole life makes as much sense as mutual funds with 5% front loads. If there's something about it that is more compatible with skydiving, tell us how. Otherwise there are thousands of disinterested parties that will recommend the term life instead.

[piahenzi 0]

I am paying $1600 /year for $250K coverage with Prudential. I look at it as part of my skydiving budget and that's that. As the main breadwinner for my family ( hubster and a kid) it is NOT an option NOT to have insurance. I got the impression when I filled out the paperwork, that being a current skydiver - ie more than 50 jumps/annually was a benefit to the rate... believe it or not. Term insurance is the way to go because if you stop skydiving before your insurance term years are up, you can just stop paying. I doubt you can do that with whole life insurance without being in default and losing part or all of your invested premium. Let's face it, we never know how much longer we will be in the sport - be it illness, family pressure, $$ pressure etc....maybe I am wrong here but whole life insurance just never seems like a good deal and for skydiving and all the variables involved, it definitely seems risky

[recovercrachead 0]

If skydiving isn't covered then sucide is after two years of staring a policy. Make sure you have a Death Note in your jumpsuit or/and car everytime you jump.

Track high, Pull LOW!!!

[Mozencrath 0]

Whole life makes way more sense than term in ANY situation. Skydiving has nothing to do with it.....First off, most term policies only run for 20 or 25 years max...Then what happens if you still need a death benefit? Well you are probably looking at a premium that is 10x higher and possibly being uninsurable!

I'm not going to go into the 50 reasons whole life is better in this forum. If people are really interested, like I said you can contact me via PM and I will give you my professional opinion.

[HeatherB 0]

Some companies will remove the extra premium for skydiving if you haven't jumped in x number of years (often 2 years) and don't expect to continue jumping. You have to request this removal of course.

So, you are not necessarily "stuck" with a higher premium due to your past avocation or aviation activities. This is true for both term and permanant insurance at several companies I've worked with.