Can I get life insurance if I participate in a dangerous pursuit?
Can I get life insurance if I participate in a dangerous sport?
When you apply for life insurance you will be asked a set of questions regarding your health and leisure activities. The answers to these questions will determine the risk you pose to the insurance provider and as a result the premium you will pay, or in some cases whether they are prepared to offer cover at all. Some of the questions will be concerning your lifestyle and whether you participate in any dangerous pursuits.
What type of pursuits are considered high risk?
The types of hazardous pursuits or extreme sports considered a higher risk will vary from one insurance company to another.
Generally speaking participation in the following pursuits or sports could result in an increased premium or even being declined life insurance cover.
- sky diving
- hang gliding
- piloting an aircraft
- hot air ballooning
- cave diving
- competition boxing
- competitive martial arts
This is not an exhaustive list and other pursuits may be considered high risk by some insurance providers.
How will the risk be assessed if I participate in a dangerous pursuit?
Insurance companies assess an individual risk by considering a number of factors.
- What hazardous pursuit you engage in
- How often you participate - weekly, monthly, occasionally
- At what level you participate - i.e. how competitive it is
- Do you belong to a governing body which oversees safety
- Are you fit and healthy
- Any qualifications you may have, such as the level of PADI certificate you hold for scuba diving
Will I be able to obtain life insurance cover if I participate in a dangerous pursuit?
Insurance companies are likely to offer cover in most cases but probably with an increased premium. There are insurance companies who specialise in covering certain dangerous pursuits. These companies will attain a comprehensive knowledge of these pursuits and the risks involved. Also, by covering a large number of participants they can calculate the risk more accurately.
Where is the best place to search for life insurance if I participate in a dangerous pursuit?
First of all, compare the cost of life insurance using this life insurance quote tool. It will give you an idea of the monthly premium you are likely to pay. But then I suggest you speak to a life insurance specialist who has experience of how each insurer will treat your chosen sport. They will be best placed to recommend the best company to apply to for your set of circumstances. I have personally vetted the service provided by the company behind the quote comparison tool mentioned above and their advisers are experts in their field.
Always be honest when completing any insurance application form and provide as much detail as possible. Lack of detail will often result in a higher premium as the provider will assess the risk only on the information provided. Omitting key information could also negate the policy if a claim is ever made.
(Image: Dominic Harness)