Life Insurance Coverage For Skydivers, What You Need to Know About Getting The Best Rates

Skydiving is one of the most thrilling experiences ever for those that dare jump from incredible heights. However, it is also an extremely dangerous endeavor. If something goes wrong, then that might be the end of you. This is obviously something that many skydivers have thought about, and it is also the reason that their spouses would object to such a pursuit, especially if they have children.

It is a chilling thought that something wrong can happen, resulting in your death while enjoying skydiving thrills. If you have a family and you still want to enjoy skydiving, it might thus be a good idea to apply for life insurance coverage. You probably think that a highly risky hobby may attract extremely high life insurance premiums, and you wouldn’t be wrong for the most part. However, you can still secure affordable life insurance coverage as a skydiver, thus allowing you to have a backup plan for your family in case of your demise while on a jump.

How is a skydiver’s insurance premium rate considered?

The insurance premium for a skydiver’s life insurance coverage is different from that of regular life insurance. For example, there is a “dangerous hobby” that life insurance companies usually add to a regular rate when the applicant engages in hobbies that are considered dangerous. This fee varies depending on the dangerous activity you like doing as a hobby and depends on other factors like how often you engage in the activity.

Note, however, that skydiving is one of the extracurricular activities with the lowest flat fees out of a number of dangerous hobbies that people usually engage in. This is because skydivers are usually well-trained and have to take a lot of steps to ensure precaution to lower the chances of an accident that may result in a fatality.

The rate may also go higher due to numerous other considerations. They will consider the number of times that you go skydiving on average per year. By now, you may have guessed that skydivers who jump more often will pay more, and this makes sense because the more you jump, the higher the chances of something going wrong.

In some cases, your insurer may even determine the number of times that you can go skydiving, especially if you are a regular skydiver. For example, if you are a skydiving instructor who jumps regularly or is a professional tandem jumper that skydives with paying clients, you are at higher risk of being involved in a skydiving accident. In this case, your heavy involvement would require you to pay more for life insurance coverage. In some cases, you may be denied life insurance coverage if you skydive too often and are considered too much of a risk.

What do life insurance companies look for outside skydiving?

When applying for life insurance coverage, the insurer will also include every other factor that they normally use when calculating life insurance premium rates for regular individuals. This means that the insurer will also categorize you based on health categories, which will determine how much your rate will be. If you are classified as very healthy, then your insurance rate will be lower, and it will be higher if you are in the lowest health classification. Your age, height, and weight are also major considerations when applying for life insurance, and they will also apply in your case if you are a skydiver.

The basic principles of life insurance are thus involved when applying for life insurance coverage. You cannot obviously be skydiving all the time, and this is especially the case for many people. Some will only do it a few times a year. Most of the time, you will be down here on earth, probably doing mundane things. This does not take away from the fact that anything can happen, and you might thus need life insurance coverage, especially if you have a family that depends on you.

Note that some insurance companies may also provide an exclusion clause if you are not a regular skydiver. Such clauses may allow you to forfeit a payout to your loved ones in case you die in a skydiving accident in exchange for not hiking your premiums. The downside is that this leaves your family exposed, so you have to decide whether it is worth skipping the option.

Insurance companies also consider factors like whether or not you belong to a skydiving club. If you are a member of a skydiving club, then you are likely to pay lower rates. This is because clubs have strict guidelines, and they also have the resources to invest in safer equipment and better training, which overall lowers the risk factor. Independent skydivers are likely to pay higher rates.

What life insurance rates should you expect as a skydiver?

This is a bit of a grey area when it comes to life insurance because rates may differ from one company to another. However, we conducted some research and came up with some average figures that should prove a rough estimate of what to anticipate as far as the rates are concerned.

Remember, we pointed out earlier that skydivers may have to pay an additional fee above the normal life insurance rate simply because of the higher risk factor. This additional fee may range anywhere from $2.50 to $3.00 for every $1,000 sum assured. This means that you might have to pay $2,500 to $3,000 for a life insurance coverage worth $1 million. Extreme skydivers that jump more than 100 times a year might have to pay as much as $7,500 for a cover worth $1 million. You may consider taking advantage of your insurer’s discounts so that you can reduce the rates, and it helps if you are a member of a skydiving club.

How to shop around as a skydiver if you are considering life insurance coverage

By this point, you have probably understood what life insurance is all about, and you have likely decided to go for it. Now comes the part where you are looking for the insurance company that will provide the best possible life insurance coverage to you as a skydiver at the best possible rate.

Most insurance companies shy away from providing life insurance policies to individuals that engage in highly risky activities. And even if they do decide to provide life insurance to skydivers, it will likely be too expensive. This is why you should consider shortlisting companies that provide a life insurance package tailor-made for skydivers. Fortunately, insurance companies are now identifying the need to create or provide such options. You should consider this approach because companies that offer life insurance coverage to skydivers are more likely to provide a pocket-friendly option. Perhaps consider looking for insurance companies that provide insurance coverage to individuals who work in high-risk occupations or individuals who engage in high-risk activities.

Another avenue that you should highly consider when shopping for life insurance coverage is getting help from life insurance agencies. This is a good idea because agencies usually have a vast knowledge of the insurance industry. They know the best insurance companies that can provide life insurance coverage for skydivers. This will save you a lot of time that would have otherwise been used to research the companies. Agencies can also help you secure the best deal as far as price and features are concerned.

Best insurance companies for high-risk activities and occupations

There are a number of insurance companies that provide life insurance coverage for individuals that deal with high-risk activities, including high-risk occupations.

These companies change all the time as their client pool changes so it’s best to work with someone that is experienced with knowing which company will favor your risk the best. If your application gets denied, consider finding out why, especially if you are turned down by a company that provides insurance to high-risk individuals.

What type of life insurance should you consider as a skydiver?

There are different types of life insurance coverage provided by insurance firms. They are mainly divided into term life and whole life insurance, although there are sub-categories. If you are not familiar with those two, then here is a brief explanation.

Term life is a life insurance coverage that provides your beneficiaries with a payout in case of your demise before the expiry of the coverage’s agreed-upon duration. You can select various options as far as duration is concerned, such as 10, 20, and 30 years. Individuals who apply for term life will be covered until the duration expires as long as they continue to pay the premiums, after which they can decide whether to extend it.

Individuals that apply for whole life insurance coverage are covered for the rest of their lives as long as they continue to pay the premiums. This type of coverage ensures that your beneficiaries receive the payout after you pass away. The fact that it does not have an expiry means payouts are guaranteed as long as the applicant continues to pay the insurance premiums.

Many factors may determine which option you will choose. For example, if you have a young family and your salary is average, then perhaps consider going with the term-life option. This is because it is a more affordable option and will not require you to pay too much in monthly premiums compared to term life. It also depends on how long you might be planning to be a skydiver. Meanwhile, if you have a bit more money at your disposal, consider going with the whole life insurance because you will always be covered.

You should also find out whether your insurance company might be willing to renegotiate your rate once you give up the thrill-seeking high adrenaline pursuits. Note that whole life is more expensive than term life and thus the need to evaluate your finances so you determine which you can easily pay.

Also, consider whether guaranteed universal life insurance can be a good option if you do decide to go with permanent life insurance coverage. Guaranteed universal life insurance is a type of permanent life insurance that eliminates the investment value of permanent life insurance coverage. The investment value usually makes the insurance option more expensive, and thus having an option without it means that it is more affordable and thus more attractive.

Personalized skydiver insurance

As noted earlier, some insurance companies do offer insurance packages that suited for skydivers. Those who offer such package do so to cover the applicant against the risks that they might encounter during skydiving endeavors. Skydiver insurance may include:

·         Personal accident skydiver insurance was designed to provided payouts if the skydiver accidentally dies due to a skydiving accident.

·         Mandatory third-party policy that offers liability coverage.

·         Travel insurance is an extension for skydivers to protect them if they go skydiving while visiting another country.


The risks involved in dangerous activities such as skydiving should encourage you to plan accordingly for your family. There is always the risk of losing your life, and this is why you should consider taking out life insurance coverage. It might be a bit more expensive than normal life insurance coverage, but it is definitely a good idea to go down that path.

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