It is generally recommended that everyone consider purchasing life insurance, regardless of their occupation or hobbies. Life insurance can provide financial protection for your loved ones in the event of your death, helping to cover expenses such as funeral costs, outstanding debts, and ongoing living expenses.
For folks who enjoy Hang Gliding or Paragliding, that recommendation might take on a little bit more “oomph, ” especially for those who financially depend on their risk-taking loved ones. For this reason, we wanted to take a moment to discuss what it might be like to apply for a traditional life insurance policy as a “hang glider” so that we can answer some of the most common questions we get from people in this situation.
Questions that will be addressed will include:
- Can I qualify for a life insurance policy if I Hang Glide or Paraglide?
- Why do life insurance companies care if I like to Hang Gliding or Paragliding?
- What kind of information will the insurance companies ask me or be interested in?
- What kind of rate can I qualify for?
- How can I improve my chances of qualifying for the “best” life insurance policy?
So, without further ado, let’s dive right in.
Can I qualify for a life insurance policy if I Hang Glide or Paraglide?
Yes, many individuals who actively engage in Hang Gliding or Paragliding will be able to qualify for a traditional term or whole life insurance policy. The only problem is that before most of your life insurance companies are willing to approve your life insurance application, they’ll want to learn more about your Hang Gliding activities.
This way, they can better understand what “kind” of risk you may pose to them should they decide to approve your application.
Why do life insurance companies care if I like to go to Hang Gliding or Paragliding?
Pretty much any time someone chooses to engage in an activity that would be considered dangerous by most, it’s fair to say that most life insurance companies are going to be a little “bit” interested in it, mainly if the activity in question requires someone to leap off a cliff (or a very steep incline) to propel themselves through the air!
“But that’s only half the reason why.”
You see, one of the most common arguments is that people who do like to participate in activities such as:
Is their “sport” or “hobby” not all that dangerous?
We’ll frequently hear comments such as:
‘When compared to ______________ Hang Gliding isn’t all that dangerous as all!
And to be completely honest with you, one could finish this sentence with all kinds of different activities such as:
- driving a car,
And “technically” be correct, but even though you may be right, it doesn’t mean that you’re going to change an insurance company’s opinion about Hang Gliding, which means that we’re just going to have to “play along” and be true to work within the rules/guidelines we’re given.
It’s probably safe to say that Hang Gliding isn’t the “easiest” sport in the world; after all, it seems it takes quite a bit of skill to manage one’s position in the sky without crashing down. This is one more reason why a life insurance company will want to learn more about you and your skill level. Because they certainly don’t want to insure a “bad” hang glider, do they?
What kind of information will the insurance companies ask me or be interested in?
Typical questions you’ll likely be asked may include:
- How often do you Hang glide or Paraglide?
- Do you belong to any hang gliding or paragliding clubs or organizations?
- What type of equipment do you use?
- Do you use any powered or non-powered gliders?
- Do you possess any certification or license?
- Do you hang glide as a hobby, or is this a profession for you?
- Where do you typically hang gliding?
- Do you ever hang glide outside of the United States?
- Do you participate in solo fights or tandem?
- Have you ever crashed your glider or been injured while hang gliding?
From here, most life insurance companies will generally have a pretty good idea about what “kind” of risk your Hang Gliding will pose to them as an insurance company.
It’s important to remember that hang gliding is just one aspect of getting a life insurance policy. They will want to know about other hobbies as well. Do you enjoy other thrill-seeking hobbies like race car driving, bungee jumping, or skydiving?
If so, it’s safe to say that these activities will also affect the potential outcome of your life insurance application.
Insurance companies will also want to know about your overall health and probably want to perform a basic “medical exam, ” which will likely include taking a blood and urine sample. All of these will play a role in helping us answer our next topic, which is…
What kind of rate can I qualify for?
As one can see, many variables can come into play when determining what “kind” of rate someone who likes Hang Glide might qualify for. This is why it’s next to impossible to know for sure what “kind” of right you might be able to qualify for without first speaking with you directly. However, we have found here at IBUSA that most “Hang Gliders” fall into one of four categories.
The first group you may end up in will be those who are simply flat-out denied coverage. Now, we have to be honest with you that this doesn’t happen all that often. Still, if you are a Professional Hang Glider or a very serious Hang Glider who likes to pursue your passion all over the world, it is conceivable that you may be denied coverage.
This is especially true if you apply with a life insurance company that tends to be more “strict” when insuring “dangerous” hobbies.
You may qualify for the second “category” category where you are approved, but you have to pay a “surcharge” due to your hang-gliding. Unfortunately, this “surcharge” can be pretty significant!
The third category that you might be able to qualify for would be a Standard rate.
This may just be fine with you if this is all your health would allow you to qualify for. However, if you are in great shape, being forced to pay a Standard rate simply because you like to Hang glide might be a tough pill to swallow.
The last category you might be able to qualify for would be a Preferred or Preferred Plus rate, with an exclusion to your policy that if you were to die due to some accident directly related to your Hang Gliding, your life insurance policy would NOT pay a death benefit.
This may seem like a total rip-off; what you might find is purchasing a policy like this and combining it with a low-cost Accidental Death Policy that would provide coverage if you die from a Hang Gliding accident your best bet. However, one must be careful that there aren’t any exclusions within the Accidental Death Policy that would also account for hang gliding.
*** Important Note ***
While Accidental Death Policies are designed to provide coverage against dying in an accident, many will have exclusions for deaths caused by participating in dangerous activities such as Hang Gliding. For this reason, please be sure that you confirm with the insurance company directly that you would be covered if you died while hanging gliding.
This is why…
Working with a true life insurance professional is essential. Even though you may be perfectly healthy because you like to hang Glee, your life insurance application will become a bit “complicated.” This brings us to the last topic we wanted to discuss today, which is…
How can I improve my chances of purchasing the “right” life insurance policy?
In our experiences here at IBUSA, we’ve found that usually, the “best” approach in helping someone find the “best” life insurance policy for them is to first:
Fully understand what an individual is trying to achieve by purchasing their life insurance policy.
- Are you looking to:
- Cover the cost of a mortgage?
- Replace lost wages?
- Protect a child or spouse?
- Or cover one’s final expenses?
Then, provide plenty of options so that one is not limited to one or two different options.
This is why we at IBUSA choose to work with so many different life insurance companies that when it comes time to help you decide “which” company will be the best for you, we don’t have to apply a…
“One Size Fits All”
Approach. Instead, we can make dozens of different life insurance companies compete for your business. So, what are you waiting for? Give us a call today and experience the IBUSA difference.