Life Insurance Rates for Scuba Divers
One of the biggest misconceptions about buying life insurance, if you are a scuba diver, is that you will be classified as “High Risk“. This is simply not true.
When you apply for life insurance coverage, the company is going to look at dozens of different factors to calculate how much risk you are to insurance. They are going to look at everything from your overall health to your hobbies. If you have risky hobbies, you can expect to pay a lot more for life insurance. One of the most common risky hobbies is scuba diving.
If you’re a scuba diver, you may have been told that you can’t get affordable life insurance coverage, but that couldn’t be further from the truth. In fact, there are several ways that you can get an affordable plan, regardless of your hobbies. We know that finding the perfect life insurance plan can be a long and difficult process, but it doesn’t have to be. We can help connect you with the perfect policy to meet your needs.
Many scuba divers can still qualify for the best rates.
What Determines Your Rate?
When it comes to scuba diving, there are several factors that life insurance companies need to know.
They need to know what type of certification you have, your experience with scuba diving, the average and max depth you dive and the type of scuba diving you participate in.
They want to make sure they know everything about your scuba diving experiences before they insure you.
Knowing these four things help insurance companies determine what risk they are taking on insuring your life.
Scuba Diver Certifications
If your are a scuba diver, you must be a certified scuba diver before an insurance company will even consider issuing you a policy. Insurance companies want to make sure you are certified by a nationally recognized scuba diving organization such as PADI, NAUI or SSI to name a few. They want to make sure that you are qualified and know what you are doing when you are diving. The higher degree of certification you have, such as Advanced Scuba Diver or Master Scuba Diver, can also allow you to receive better rates.
Your scuba diving experience can tell the insurance company a lot about what type of diver you are. If you are just a recreational diver that goes when you are on vacation to the Caribbean, or if you are a more experienced diver. The insurance company will want to know how many dives you have had in your career.
If you have had a lot of dives in your career, this allows the insurance company to see you are a knowledgeable scuba diver, and therefore a safer risk than someone who has only done 4 – 5 dives in their life.
Life insurance companies will also be concerned with the amount of dives you have done in the past 1- 2 years. Life insurance companies are looking for consistencies in your dives. This allows them to reasonably predict your diving pattern for the future and access your risk based on that.This is where some insurance companies really start to stand out.
Some insurance companies have a MAX number of dives they allow per year for their top rate class. This number can vary from a few a year, vacation only, 10 or 12 to no max. Make sure you talk to a qualified agent who can get the company that suits your diving frequency.
Type of Scuba Diving
Another risk factor that life insurance companies take into account is the type of scuba diving you participate in. This is an important factor and something you want to be open with your insurance agent about, as it changes the companies that will offer you a life insurance policy.
Insurance companies can offer the best rates they have available to open water divers. What this means is they want to make sure that when you are diving you have a clear and non-obstructive path to the surface should the need arise. If you dive in reefs and lakes this is good news. On the other hand, if you enjoy cave diving, wreck diving or commercial diving, most insurance companies will only allow a Standard rate class and the majority will have a “Flat Extra” fee per $1,000 of insurance coverage.
Max Diving Depth
Out of all the factors listed above, the max depth you dive is by far the most crucial fact in determining your risk class. This fact is something you want to be completely honest with your agent with, as most companies have a max depth they will allow for their best rate classes.
75 feet is the typical max depth that insurance companies allow for their best rate classes.
This is usually above the range of most recreational dives. The standard recreational dive is usually around 30 -40 feet and includes 1 or more dive masters or instructors. Most insurance companies find this to be the least risky option when diving. There are a few companies that only allow up to 50′ dives, this is why it is important to make sure you are speaking with an agent who knows what he id doing.
Once you go past 75 feet the list of companies willing to give you preferred or preferred plus rates shrinks. 100 feet is the max depth allowed by the rest of the insurance companies for their best rates. If you are diving at these depths, it is very important to have the proper certification, as the standard open water diver certification only allows up to 60 feet.
As you progress past 100 feet the list of companies willing to insure you at preferred plus or preferred vanishes and there is only a handful of companies that will give you a standard rate class. Of the companies that will insure you for dives of 100 feet or more there is usually a ‘flat extra’ charge per $1,000 of coverage. This ‘flat extra fee’ can be anywhere from $2.50 – $7.50 per $1,000 of insurance coverage you are needing.
Make the First Step
Buying life insurance can be a long and difficult process, but it doesn’t have to be. Our agents can make the process as quick and simple as possible. We can walk you through the process and ensure that everything is handled correctly.
The best way to get affordable life insurance coverage is to work with an independent insurance agent. Unlike traditional agents, independent agents, we work with dozens of highly rated companies, which means that we can bring all of the best rates directly to you.
Every insurance company is different, which means that they will all give you different rates. Some insurance companies will look at your scuba diving more favorably than other companies will. If you want to get the best rates, you’ll need to get dozens of quotes first. Instead of wasting your time calling dozens of agents, let us do all of the hard work for you. Our agents have years of experience working with high-risk applicants and can help walk you through the insurance process.
Being open and honest with your life insure agent is one of the best moves you can make. With all the different standards and variables for each insurance company, it is important that they have all of the information they need when it comes to your scuba diving activities. Make the first step by talking to a qualified agent who can shop your policy around with the best company.
Because you can’t predict the future, you shouldn’t wait any longer to get the life insurance protection that your family deserves. If something tragic were to happen to you, your family would be left with a massive amount of debt, which can make an already difficult situation a thousand times worse. Please contact one of our agents today if you have any questions about life insurance or you want to get the most affordable plan available.