Michael Guerrero
Contributor
Anyone know a life insurance company that will cover technical diving without charging outrageous premiums?
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Getting an add-on to a group plan (or verifying coverage/inclusion in a group plan) will always be way cheaper than an individual policy.I get supplemental life insurance through my employer from Metlife. I had to fill out about 14 pages of questions - and they took more than a month - but they did approve me for a fairly reasonable premium.
Otherwise, the price for individual life policies I could find on my own was outrageous ~ $5000 / yr.
Getting an add-on to a group plan (or verifying coverage/inclusion in a group plan) will always be way cheaper than an individual policy.
Individual policies are based upon you and you only. They ask your height, weight, age and a whole pile of other embaraasing things. Group plans are based upon an anonymous group of people. They don't ask anyone any questions. They assume the group is a "normal" group of people. It is left up to the insurance company to decide what constitutes normal.
The probability of you as a tec diver having a tec diving accident is much higher than someone from a random group of people off the street. Hence an individual product will quickly identify a risk and (appropriately) increase the premium. A group policy will crunch numbers and decide it is highly unlikely that on average anyone in the group is a scuba diver.
Group insurance and individual insurance are very different industries.
Can you clarify this statement?Individual policies are typically much less expensive than a group policy because there is no underwriting on individuals under a group policy.
Can you clarify this statement?