Spatula 0 #1 September 9, 2004 Hey all I know this issue has been beatin' to death, but I have a question that I believe has not been addressed and I'm curious what others have to say. So here goes.... I'm on a undefined skydiving hiatus. Meaning I've finally saved up the money for training and gear but what has put me on hold is life insurance. When I get quotes the minute I mention skydiving the price jumps from like $280 a year for 500k, to $2800-$3200 for the same policy. That basically throws the whole thing out the door. So my question is how do I find out if a policy will cover a skydiving related death without taking out the policy and mentioning my intentions to skydive? Does that make sense? I've read that some have had a policy and after "x" amount of time after the policy goes into effect the carrier is stuck with you, or the fine print says that it will cover a death related to skydiving, etc.... So how do I find out this information? If the policies fine print says it will cover, or the time it would take before the insurer would be stuck with me ? Thanks everyone!!! Quote Share this post Link to post Share on other sites
flyhi 24 #2 September 9, 2004 I assume you are military from your avatar. Check with some of the insurance companies which cater to military such as Navy Relief, USAA, or MOAA. I have MOAA and asked them about skydiving. They said I was covered (no bump in premiums), but, due to an exclusion for experimental/aerobatic civilian flight, I might not be covered if the plane crashes before I can jump. So if I ever do go in with the plane, I am asking anyone out there to please drag my body out of the plane, stick it in my car and push it over a cliff. Sprinkle liberally with alcohol if you want (the cheap stuff will be fine), cause that's all covered. My wife will be very grateful.Shit happens. And it usually happens because of physics. Quote Share this post Link to post Share on other sites
Spatula 0 #3 September 9, 2004 I'm prior military, and USAA was one of the companies that gave me the high quote for life insurance (I'm a member). Who is MOAA? I'll be giving them a call real soon!!! Quote Share this post Link to post Share on other sites
tspillers 0 #4 September 9, 2004 I am an AOPA member and picked up very reasonable coverage. I had to fill out an extra from, but I beleive I am paying less than a hundred per yer per $100k I am not totally useless, I can be used as a bad example. Quote Share this post Link to post Share on other sites
Spatula 0 #5 September 9, 2004 Ok, let me elaborate my question..... What life insurance carieer are you with that doesn't charge you and arm and a leg for skydiving? USAA wants a high risk activity rider to be added if I skydive. Who are you with that won't require that rider but still cover you for a skydiving related death? Thanks. Quote Share this post Link to post Share on other sites
AggieDave 6 #6 September 9, 2004 Hey, call my dad (who sells insurance), on my request he's found a couple companies that are cool towards skydivers (and other "extreme sports" types). So basically he can hook ya up with the right folks. If you're interested, let me know and I'll PM you his office number.--"When I die, may I be surrounded by scattered chrome and burning gasoline." Quote Share this post Link to post Share on other sites
Spatula 0 #7 September 9, 2004 I would totally appreciate it!!! Please PM me his number. I for the most part gave up the thought of jumping due to L. Insurance, but I had to keep looking....any help would be appreciated. Thanks. Quote Share this post Link to post Share on other sites
white_falcon 0 #8 September 9, 2004 John, Try AIG (American General) and Prudential. I have 2 policies w/ AIG and my wife has one w/ Prudential, we both skydive. AIG did not even hesitate and I have 2 policies with them for $750k total for VERY resonable, good luck Scott Quote Share this post Link to post Share on other sites
Nightingale 0 #9 September 9, 2004 ask them to send you their full policy disclosures, and read over them with a lawyer. Quote Share this post Link to post Share on other sites
gremlin 0 #10 September 9, 2004 Anybody know of similar for UK?I'm drunk, you're drunk, lets go back to mine.... Quote Share this post Link to post Share on other sites
moretole 0 #11 September 9, 2004 I have a life insurance policy with Norwich Union for £38/month for £500k cover (keyman insurance for my company). It covers me for skydiving and flying. It takes months to get though. You have to have a medical , but a nurse comes to your house which is convenient. Hope that helps. Lee Quote Share this post Link to post Share on other sites
Spatula 0 #12 September 9, 2004 Great information from everyone, but Nightingale....how do you find a "good" lawyer? I hate to just pick one out of the yellow pages. Quote Share this post Link to post Share on other sites
tbrown 26 #13 September 9, 2004 I haven't held a license in ages, but I used to sell life insurance. Most of the big companies will cover skydiving, scuba, etc, but they will usually rate you. With the big companies it isn't too much, usually a little higher than what they'd rate you for smoking. The company I worked for required USPA membership because they respected USPA's safety standards (see, we do get some benefits inn strange places). When you apply, they'll ask you a whole bunnch of questions, including "hazardous" activities, which will specifically include skydiving. Don't try to hide it, because then if you bounce your false answer could void the entire policy and your family would get no more than a refund of paid premiums. The part about "being stuck with you" after so many years, is called INCONTESTABILITY. The waiting period varies according to the laws of whatever state you live in, but it's anywhere from 1 - 3 years most places. Incontestability allows the company those years to discover anything you might have hidden from them about your health, activities, any criminal record, etc. During the waiting period, they can void your policy if they find you witheld something substantiial from them. Once the waiting period is over, you've become incontestable, they can no longer challenge anything about your background, so long as you keep up with your premiums. In my own case I really lucked out because I hadn't jumped in over 12 years when I bought the policy and became incontestable some 5 or 6 years before I started back up again. It's not any easy out for most people, unless you've already had a policy for a few years. If you do hold a policy that's a few years old, grill your agent hard about incontestability. He'll probably be shocked to hear you know about it. Your humble servant.....Professor Gravity ! Quote Share this post Link to post Share on other sites
PhreeZone 20 #14 September 9, 2004 I got SUPER lucky in that my parents had taken out a life insurance policy on me when I was born and have kept it paid up ever since then with out me knowing about it. When I turned 21 they handed control of it over to me. Having 20 years of incontestability on my side makes it so that I can do anything and they have to pay out Yesterday is history And tomorrow is a mystery Parachutemanuals.com Quote Share this post Link to post Share on other sites
wildblue 7 #15 September 9, 2004 Interesting..... so... uh... who's the beneficiary on that? it's like incest - you're substituting convenience for quality Quote Share this post Link to post Share on other sites
Nightingale 0 #16 September 9, 2004 ask a friend who's recently used a lawyer. They can probably recommend. I know of a few good ones here in california. Quote Share this post Link to post Share on other sites
