When it comes to extreme sports, the adrenaline rush is what draws you to them. The thrill of high speeds, falling through the sky, or even crossing a finish Line can get you going and wanting more. but what if you also want to apply for a life insurance policy? How does that impact your rates?
Similarly, work in a high-risk profession such as a firefighter, diver, pilot, or construction worker where there is a lot of unpredictability day to day. Life insurance companies will also consider that when you apply for a policy.
While life insurance rates are usually based on your age and health status, if you are an extreme sports junkie, this can significantly impact how much you pay each month for life insurance.
Additionally, even if you are perfectly healthy, have never gotten injured, and only do extreme sports as a hobby rather than a profession, life insurance companies will take all of this into account when rating you and providing you with a final quote.
How life insurance rates work
Generally, life insurance rates are generated based on your age at the time of application. You are also typically rated based on your health. If you are young and healthy, your life insurance rate will be lower than if you are older at the time of application and have a chronic condition.
However, when you are an extreme sports athlete or someone who works at a high-risk job, this changes your life insurance rates.
One of the main reasons why rates are varying significantly is because of risk. Insurance is all about risk, and insurance companies will only take you on as a member based on the risk of paying out your claim.
So, in the case of a life insurance policy, if you have a high risk of dying based on a chronic illness or in the case of extreme sports and accidents due to an injury, then life insurance companies may deny you a policy because paying out your death benefit may be extremely expensive for them.
Why get life insurance?
It is important to consider life insurance especially when you have an extreme sports hobby or a high-risk profession. If you’re currently not enrolled in life insurance, you may be missing out on protecting your loved ones in the case of your unexpected death.
Without life insurance, they could be unable to cover your funeral costs, daily living expenses, and other debts that they may have once you pass away.
How to find affordable coverage
The first step in finding a life insurance policy is contacting a certified broker. These brokers know which insurance companies can best suit your needs especially if you are an extreme sports athlete or have a high-risk job.
Then, you can get a quote and they can help you apply for these policies. you likely will have a health assessment and your hobbies and profession will be considered when your final rate is offered to you.
Generally finding an affordable plan will be based on your age and health. Although rates will be higher because of your hobby or profession, enrolling in life insurance while you are young will be easier to find affordable rates than if you enroll in life insurance later in life.
Contact our office today for a free quote.