The funny thing about scuba diving is that those who love doing it don’t consider it dangerous at all!
Which is probably…
Why so many scuba divers may be caught “off guard” a bit when asked about it during a typical life insurance application.
For this reason…
We wanted to take a moment and discuss how scuba diving may impact the outcome of one’s life insurance application as well as highlight a few “other” factors that may also come into play, given the fact that you do scuba dive.
Questions that will be addressed in this article will include:
- Can I qualify for life insurance if I currently scuba dive?
- Why do life insurance companies care if an individual is a scuba diver?
- Are there any other “additional” factors that may be related to scuba diving that could come into play?
- What can I do to help insure that I find the “best” life insurance policy for me?
Can I qualify for life insurance if I currently scuba dive?
Yes, scuba divers can and often will be able to qualify for a traditional term or whole life insurance policy. In fact, they may even be able to qualify for a No Medical Exam Life Insurance Policy at a Preferred rate!
The only problem is…
That before being approved for coverage, most of the top life insurance companies are going to want to learn a little bit more about what “type” of diver you are (recreational vs. occupational).
As well as…
Try and get a better idea of how many dives you take per year. This is why, prior to being approved for coverage, one should expect to have to answer several questions about their diving so that an insurance underwriter can gain a better idea about what “kind” of risk you may pose to them should they decide to offer you a policy.
Why do life insurance companies care if an individual is a scuba diver?
Most life insurance companies aren’t going to be all that worried about insuring a “typical” recreation diver. This would be the kind of diver that is certified by one of the major national certification boards including:
- Or SSI.
They’re also not likely to exceed 100 feet in an average dive. These “types” of divers probably aren’t diving too regularly and will usually limit their annual dives right around ten or so dives a year.
What does worry your typical life insurance underwriter is
when a diver does dive below 100 feet or dives more frequently than ten or so dives per year. Insurance companies also begin to get nervous when folks aren’t just diving in open water but are instead diving in locations such wrecks, salvage sites, or under ice.
also begin to get nervous when it comes to insuring people who dive for a living.
This would include professionals who may:
- Perform underwater welding,
- Underwater demo,
- Recreational divemaster, and
- Underwater archeology.
Why? Mainly because these occupations will increase the amount to time someone spends underwater (thus increasing an insurance companies risk). As well as increasing the difficulty involved in maintaining safe diving protocols.
It’s in cases…
Like these where you’ll begin to see one’s life insurance application start to become much more complicated than your typical recreational diver application might be.
It’s also when…
You may find some insurance companies deciding that they don’t wish to insure an individual or decide that they may want to charge an extra premium to an individual’s application to help compensate for the perceived increased risk involved.
We may even encounter insurance companies who will be willing to insure someone, but only with an exclusion to their life insurance policy stating that if they die as a result of some type of scuba diving accident, the insurance policy will not be “enforceable.”
Which is something…
That most folks aren’t interested in pursuing. However, the good news is that if this is your only option, what you’re likely going to find is that the insurance policy you may be offered will usually be much less expensive than one that would cover you for any deaths related to diving.
Are there any other additional factors that may be related to scuba diving that could come into play?
At the end of the day, the vast majority of folks who scuba dive will find that their “hobby” isn’t going to have all that much of an effect on the outcome of their life insurance application.
In fact, other factors like one’s age and health history are much more likely to ultimately decide what “kind” of life insurance policy they will be able to qualify for as well as what “rate” they may be expected to pay.
For the really avid scuba diver, who is always looking to have that “perfect dive,” your pursuit may send you to many exotic and tropical locations.
Some of which may potentially affect the outcome of one’s life insurance application or could even cause one’s life insurance application to be Denied or Postponed.
Examples of such locations may include parts of Indonesia, the Philippines, and several of the countries neighboring the Red Sea.
This brings us to our next topic which is…
What can I do to help insure that I find the “best” life insurance policy for me?
In our experiences here at IBUSA, what we have found that seems to work best in helping folks find the best life insurance policy that they can qualify for is to first make sure that we have plenty of options to choose form.
We’re not trying to apply a..
“One size fits all approach”
To an individual’s needs.
Now, this isn’t to say that there aren’t “certain” life insurance companies that tend to be more “lenient” when it comes to insurance scuba divers, because there are. But that doesn’t mean that these same companies are also going to be more lenient when it comes to other factors that could come into play.
- Pre-existing medical conditions,
- Issues pertaining to a family medical history,
- Currently tobacco or marijuana usage,
This is why having lots of options will often mean the difference between getting insured and getting a great rate!
So, if your ready to compare some of your options, just give us a call and let us show you what we can do for you!