Diving and Life Insurance

[kendallpg]

The key is that you told the TRUTH on the application. Most applications have a question about future plans...something like "in the next 2 years are you planning to..." These questions usually include activies like scuba diving. For instance, you can't answer "no" to that question and start OW class the next day.

However, as long as you live for 2 years after the policy is issued then you have outlived the contestability period for the company. After that period they have no reason to deny payment if you die.

 

[Superlyte27]

But is it not commonplace for insurance companies to write into their policies exemptions for what they call Adventure Hobbies (skydiving, scuba diving etc.)? I am sure mine had it and any # of dives per year or if you dived beyond ~60' you were considered high risk & excluded.

They wouldn't be that specific. If they wrote an exclusion, you would sign a paper very clearly stating "this does not cover death during scuba, skydiving, rock climbing, etc."

In Florida, no exemptions can be written. They either insure you (at a high premium) or they deny you. They can't write a policy that says "this covers all deaths except...."

 

[TracyN]

Guys, if you wrote a policy X amount of years ago, then started diving AFTER the policy was in force, and there was not a specific exclusion for SCUBA, it doesn't matter if you die trying to have sex with a shark, in a cave in full bondage attire and sex toys. The insurance company has to pay. Seriously if you need real advice on this stuff, just call or email me. Don't be misled and don't be screwed. There's lots of shady companies out there.

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Scubanoobi, if your policy is already in force, you don't have to submit anything. Don't let them re-write your policy. Don't sign anything. Your rating is based on your lifestyle at the time you contracted. What happens after that contracted period has no affect. Don't let them talk you into re-writing.

Hmm.....bondage and sex toys in a cave.......... LoL! Would that be considered exceeding one's training limits????

 

[KY_BOB]

At least as far as US laws, fill out the app and questioner for diving honest. You have no worries. I am a life insurance agent that just took out a sizable life insurance policy for myself. I answered the app honesty, got a supplemental form about diving and filled it out honest. I included that I had cavern and deco training and a history of my dives and planed dives. My policy was not up rated.
They know what I do and have no reason to ever deny a claim. FWIW, I did document it all and have it filed away.

If you don't lie, you are fine.

 

[Scuba-dan]

Hahahaha, not so funny when its you waiting for the insurance now eh !!!! Sorry folks I'm not being mean here, he's my dive buddy, so I'm just having fun with him on this.

 

[Ozwald]

Insurance guy in Canada here.....the policy is underwritten "at the time of application". As long as you were in full disclosure you are covered no matter how the end comes. Now if the unfortunate happens while diving they will look into your past to see if "at the time of application" you perhaps avoided the truth in some small way and contest settlement refunding only your premiums paid into the policy at that point. If you were truthful you have nothing to worry about.

The question regarding "dangerous hobbies/sports" does come up in the application process either by way of initial application or telephone interview depending on the company. It is very specific as to if you dive out of recreational limits. If you do this is not an automatic decline rather than a rating. Personally I have a policy where the premium is 3 times that as if I didn't cave/wreck and penetration dive.

If you want my toll free number to discuss this any further just ask.

 

[farsidefan1]

I am a licensed insurance agent although I rarely write insurance anymore I have written insurance in both the US and Canada - with Manulife no less. You were honest at the time of application. You are covered. The old manulife policy had a 2 yr suicide clause. After 2 yrs even if you commit suicide it pays in full. I doubt the suicide clause has been changed but our Canada expert can chime in again. But as has been verified over and over, you have no worries. Lots of companies have the adventure activities question as part of the application and if you are actively involved in such activities at the time of application or have been in the past then you have to fill out an extra form to evaluate the risk and you may be subject to a rating (price increase) or even being declined for coverage. None of these apply to your situation. Sleep well tonight and tomorrow if you die diving your family will get the $.

 

[Ozwald]

The "2 year suicide clause" still applies in all Canadian policies.

 

[Scubanoobi]

Thanks everyone (except Scuba-Dan), I'm confident that I'm going to be ok, just curious as to why I have to fill out the questionnaire at this point? Maybe to make sure my cert date was after I took out the policy? As I mentioned earlier, I won't be diving again until March since its too cold up here in Canada

I'll post back the outcome once I hear back from them.

 

[Scuba-dan]

Thanks everyone (except Scuba-Dan), I'm confident that I'm going to be ok.

No problem !!!! Plus I'm not going to let anything happen to you... well unless your wife wants to share the money... Oops should not written that down now !!!!