TERM LIFE INSURANCE

[ridgerunner2 0]

Does any one have term life insurance which explicitly covers skydiving for LESS than $2.50 per thousand surcharge?

If so please post how much and what provider and any relevant info on how to get the same deal.

I have searched the insurance threads but found nothing explicit.

THANKS!

[flyangel2 2]

I had my life insurance before I started jump.

May your trails be crooked, winding, lonesome, dangerous, leading to the most amazing view. May your mountains rise into and above the clouds. - Edward Abbey

[freeflyimpaired 0]

Extra money or not I couldn't even get life insurance without having something in there that basically said that they wouldn't cover a skydiving death.

"Human beings, who are almost unique in having the ability to learn from the experience of others, are also remarkable for their apparent disinclination to do so."

[firstime 0]

buy your policy in New York, they can't exclude it

[Groundbound 0]

Quote

buy your policy in New York, they can't exclude it

They have to be licensed in the state in which you live. I guess you could fake an address in NY but that kind of behavior can bite you.

I got to thinking about my own policies before I do my first jump.... I guess I'll pull out the fine print this weekend... not that it would change anything!

[rmsmith 1]

I'm paying $1.68 per $1,000.00 for coverage through the American Society of Civil Engineers. The policy covers death by any means, which means that members can work in the world's hotspots without financial risk back home.

[airtwardo 6]

They have to be licensed in the state in which you live.

***

I don't think that's true...

You might have to be IN the state, but you don't have to LIVE there...unless things have changed.

In other words you 'shouldn't' be signing the policy via fax.

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

[dayle 0]

You don't want to fake your address or lie in any way on the application. Even if you pay into it for years, the insurer can and will go back to the original application and if you lied about anything they will deny the claim.

Move to N.Y., even if it's for 3 mths and the policy would be valid.

To anyone else, it's better to get your coverag prior to starting to jump. You can then honestly say you've never skydived before on the application.

Good luck, I got my coverage before I started jumping and it's not an issue for me.

Dayle

[firstime 0]

NYS law: A policy MUST be signed in person

[firstime 0]

if you buy the policy while living in NY and you lie
on the application eg: (I dont and have never gone
skydiving) and you die within 2 years of the issuance
of the policy, they (Ins Co) will search the USPA and any other available data to see if you have done 1
or a 1000 skydives hence coverage will be denied.
If you die while skydiving (should have been included in the above) 1 day past the 2nd year the
company MUST pay the claim regardless of what was
put on the application. And there is NO EXCEPTION
to this law. Period. Any Ins exec's care to comment?? New York State!!

[white_falcon 0]

Dayle,

Don't mean to be argumentative, but to my knowledge ( I am a Licensed Life ins agent), all policies have a contestability clause ( whereby after a certain # of years pass the policy pays REGARDLESS), usually 2 years.

Not meaning to condone lying on the app, just trying to set the record straight.

edit for spelling cause i'm half drunk.

Scott

[firstime 0]

***Not meaning to condone lying on the app

Ditto, don't want the Insrance dept to come and get me. At least your only 1/2 drunk. hehe

[airtwardo 6]

Quote

NYS law: A policy MUST be signed in person

***

That's what I thought...SIGNED in person
but you don't have to LIVE in that state.

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

[Groundbound 0]

all I know is when I looked for insurance, I got a lot of people saying to me, "Sorry we are not licensed in Texas" and they wouldn't offer coverage.

[70sdiver 0]

i havent checked yet but doesnt uspa have an insurance affiliate that covers skydiving deaths...anyone useing it?

[white_falcon 0]

their w/s indicates they do. One of the companies, if I remember correctly is AIG, only the largest insurance company / group in the world.

Scott

[tbrown 26]

Quote

You don't want to fake your address or lie in any way on the application. Even if you pay into it for years, the insurer can and will go back to the original application and if you lied about anything they will deny the claim.

Life insurance policies are contestable for about two years. I say "about" because the period can vary according to the laws of your state. It's intended to prevent fraud and the insurance company can deny a claim or revoke your policy if they find out you lied about anything (activities, medical history, criminal record, etc).

Try the big names in the business too (NY Life, Prudential, etc). Most of them realize that death by skydiving can be predicted by an actuary just as accurately as death in a car crash, by cancer, or suicide for that matter.

The company I once worked for covered skydiving IF the insured was a USPA member "in good standing". Apparently they were impressed with USPA's safety & training standards. They still rate you though, it costs more than a policy for a smoker (so quit smoking or it will cost even more).

If you've owned your policy from a time when you weren't jumping, HOLD ONTO IT. I bought mine about ten years ago when I wasn't jumping and didn't think I ever would be again. It's incontestable now, they can't do diddley about my jumping and I'm paying a very affordable premium.

Do the homework and get the insurance. You may not think you need it, but your family sure as hell will if bite the big one. It's just another part of your overhead, just like 3 re-packs a year.

Your humble servant.....Professor Gravity !

[airtwardo 6]

all I know is when I looked for insurance, I got a lot of people saying to me, "Sorry we are not licensed in Texas" and they wouldn't offer coverage.

***

I think what they're saying is they don't have an agent you can easily visit...

I too live in Texas and most of my life policies are through a company in Kansas...you only have to be present at the signing...so they know it's you and you're reasonably still alive...

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

[Feeblemind 1]

Well it might be helpful to know what state you are in (fill out your profile). I live in California and just got an additional 250K for 25 year term for $47 a month and YES I told them I skydive. if you lie and you die you will not be covered.

Phil

Fire Safety Tip: Don't fry bacon while naked

[ridgerunner2 0]

Thanks for all the responses! Great site, active thread. I live in Boston and am a newbie to the sport. I have done two tandems at Skydive Keywest, one in 94' and the other this past November. I would like to get my A license this season. Hence the scramble for term life insurance (wife & two toddlers).

The best quote I got includes a $2.50 per thousand surcharge for skydiving. Approximately $2800 per year for $1.5mm in coverage. (thur GE Cap Assur).

Some responses indicated there are certain states that cannot exclude skydiving or high-risk sports, and you only need to be IN that state when signing the app? I will check that out.

Another point made was that if you were not currently skydiving when you got your policy then you would be covered if you SUBSUQUENTLY started skydiving. Being a newbie, I will check this out.

Regardless, Thanks for your help, much appreciated.
Paul

[koz2000 1]

Will you PM or post a little more detail as far as contact info for the GE Cap. I pay nearly the same premimum for my skydiving included insurance, and for far less coverage.

thx.

______________________________________________
- Does this small canopy make my balls look big? - J. Hayes -

[TALONSKY 0]

I have $150,000 coverage and pay $25.00 a month for it(They only go up to $150,000 of coverage on a person). The only exclusion the policy has is suicide. The company is Great West
Kirk

[ridgerunner2 0]

Koz2000,
I apologize in my previous post I said $2,800 for 1.5mm in coverage the quote is actually $2,800 for $1.0mm in coverage (I had asked for many different scenarios becuase it was so expensive). This is for 20 year term, 30 would be more expensive.

The company is called Genworth Financial which is underwritten by GE Capital Assuance (AA- by S&P).

I recieved the quote via Accuquote an online insurance broker, info below:

AccuQuote
http://www.accuquote.com/
Easy Quotes. Smart Advice.
Save up to 70% on your Life Insurance.

The agent mentioned the companies may charge more heavily for higher numbers of jumps so that may be a factor.


I will pm you a couple of additional details, I wanted to set the record straight on the thread however.

Paul

[BlindBrick 0]

I used the link on the USPA website and chose AIG(IIRC). The quote I got was less than $60 a month for 500K. I just took the phsyical today, so I'll have to get back to you on what the final price is.

-Blind

"If you end up in an alligator's jaws, naked, you probably did something to deserve it."

[ematteo 0]

Hey Phil,

Glad you could come out for dinner last night. Why do they always seat skydivers in our own area, far away from the families...?

Who is your carrier? I am planning to get life insurance soon.

Thanks,
Evan