Are Your Hobbies Making You Pay More For Life Insurance?
You like living life on the edge. You like stretching your limits just to see how far you can go, just to see if you can bounce back when you hit the bottom. You like the uncertainty, the sudden adrenaline rush, the sheer power you control in your hands, the ability to make life and death decisions with clockwork precision on the spot. You're not like too many of us out here; you know this, you flaunt it, you make no bones admitting you're a thrill junkie. And you're making sacrifices to keep doing the things you love because you know there's no other way to live this life.
Let us guess; you're a motorcycle rider, a scuba diver, a bungee jumper, an avid aviation enthusiast, a hang glider, a sky diver or a mountain climber. And perhaps, you're a combination of some, or keeping in line with the concept of extreme, all of these. For the more enterprising and dangerously bold ones out there, you've either made this your full time job as an instructor or professional. Perhaps you work in high-risk industries like structural iron and steel work, highway construction, fishing (on the seas and rivers), offshore oil rigs, coal mining (or any other mining for that matter), policing, firefighting, logging or ice-trucking.
Sacrifices
You probably get a lot of flak on a regular basis from people you love about your affinity for extreme sports. If you're lucky enough, your passions are understood and accepted to a certain extent. But even for you, there are some things that come at a price. Such as the premiums on (or worse, the lack of availability of) life insurance. People who indulge in the sports described above will never qualify for preferred rates, and are paying anywhere upwards of $500 annually to maintain life insurance coverage.
First time applicant
If you're looking to purchase life insurance on yourself for the first time, expect some serious hurdles in your application process if you pursue any of these hobbies. Never lie or hide the truth; you'll set up a false sense of security for yourself and your family. When the time comes, if your carrier finds that you didn't honor your word, there's no way they'll honor theirs. This leaves your loved ones with no security and protection when you're gone, which is not fair to them. Some people may advise you to lie because the company can only deny a payout if you pass away during the two year incontestability period. But we're talking about death that usually doesn't come with a set pattern or prior warning.
Exclusion
As a recreational dabbler, if you believe that your hobby is being overrated by risk calculators in the insurance company, see if you can add exclusion into your policy. If you die while doing anything included in your risk list, your beneficiaries can't expect a paycheck. This is a great option for those who like their adrenaline dose in moderation, and don't try anything spontaneously unless it's a matter of survival.
Something is better than nothing
There are several options out there that will give you some form of life insurance coverage despite the danger involved in your hobbies. Group life insurance through an employer is your best bet in this case, though transferring it out to an individually owned policy can be a hassle if you leave the job. You may also belong to a community organization of hobby enthusiasts that offers life insurance coverage at a discounted rate. If none of these options apply, look at smaller amounts of face value which will have lesser hassles on applications. You should also compare life insurance ratesfor your high-risk profile on an aggregator website before buying anything. Comparisons could turn up lesser known but still financially stable carriers. Because of the large number of carriers on an aggregator website, there is bound to be a carrier that will insure your hobby and show you the cheapest life insuranceavailable. Use a reputed aggregator like AccuQuote, known for hosting only A- and higher rated carriers, with many services and resources available on its website for free.
Ralph Waldo Emerson famously said, For everything you have missed, you have gained something else, and for everything you gain, you lose something else. You believe in achieving the impossible, don't you? If your hobby is something you'll never find yourself giving up on, do your research before accepting your fate. A low cost term life insurance quotes on a high risk hobby is more possible than you think!
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