Scuba diving has life insurance underwriters falling into many different camps when determining the rates scuba divers pay for life insurance.
If you enjoy the great sport of scuba diving, we hope to provide you with a few helpful tips for finding affordable life insurance rates.
Recreational divers have more affordable premiums compared to riskier divers who may need the assistance of high-risk life insurance companies.
Fortunately, most scuba divers fall into the recreational or hobby category, not the underwriting category’s dangerous activity.
Scuba Diver Life Insurance Rates
There are four different considerations underwriters use when evaluating scuba diving applicants.
Otherwise, healthy scuba divers can benefit from knowing how insurance companies classify divers by:
- certification type
- dive depth
- type of diving
- diving experience
- Certification type and rate class – Every organization offers different levels of certification, from advanced to a master diver. If you have proof of a higher degree of certification, you are much more likely to receive a preferred or even a preferred plus health class. You must be a certified diver from an organization such as PADI
- Dive depth and rate class – Most insurance underwriters generally want to know if you go down to a depth of more than 75 feet. Typically, recreational divers have a maximum depth of up to 50 feet, while master-certified divers can go down to 75 feet and qualify for the preferred plus rate class.
- Type of diving and rate class – Life insurance underwriters also classify various types of diving as more dangerous. There are a few types of riskier diving: wreck diving, cave diving, rescue diving, commercial diving, and ice diving. If you participate in these riskier activities, you most likely will qualify for either a standard rate class or a rated policy.
- Diving experience – More knowledgeable and experienced divers can also obtain better rates when applying for life insurance. Underwriters may require you to provide how many dives you have completed within the last year and your life to determine if you qualify for a preferred plus rate class.
Most divers fall into the recreational category, with excellent rates widely available. Naturally, your premiums for life insurance get higher as you take more chances, go deeper, and engage in riskier types of diving.
These are factors life insurance underwriters must consider when qualifying you for life insurance as a scuba diver.
These life insurance rate classes are general guidelines, and many insurance companies have different rules to qualify for each rate class.
When applying for affordable life insurance as a scuba diver, be sure to fully disclose your overall health and hobby to your life insurance agent.
Many insurance companies will require a scuba diving questionnaire with the details of your underwater activities.
Not to mention, the premiums scuba divers pay for life insurance will ultimately depend on their overall health. The actual price scuba divers pay for life insurance is personal factors like medical background and family history.
Getting reasonable prices on life insurance for a scuba diver requires research on our part, but the extra effort is well spent for our open water enthusiasts.
Types of Scuba Diver Insurance
What types of life insurance policies are available to cover my needs for life insurance?
There are several different types of life insurance policies to provide coverage for your family. Two of the most common types of scuba diving insurance are term and universal life insurance.
Term Life Insurance
A term life insurance policy offers guaranteed death benefits and level premiums for an initial 10, 15, 20, or even 30 years.
Term life insurance is an excellent choice for applicants to obtain the largest insurance at the cheapest cost.
Term coverage can be tailored in duration to address needs such as protecting a mortgage or protecting your income to your spouse.
Universal Life Insurance
Universal Life Insurance is another type of permanent policy where the excess premium payments above the current cost of insurance are credited to the policy’s cash value.
Universal Life Insurance can be designed for cash accumulation that acts similar to a savings account with tax-deferred growth along with lifetime coverage.
Universal Life can also be structured at a competitive price point with no cash value with guaranteed coverage to last a lifetime.
Which is a better term or universal life for your needs?
If you only have a short-term need for coverage, the best type of life insurance policy is a simple term plan.
If you want your coverage to last your entire life, we normally recommend universal life insurance.
Our goal is to help you find either the best-priced term or permanent policy for your overall planning needs.
Not to mention, identify which life insurance company will offer the lowest premiums if you engage in riskier types of scuba diving.
Affordable Life USA often expedites the underwriting process for scuba divers by shopping your policy with multiple insurance companies.
Need Scuba Diving Insurance Quotes?