Life insurance

[spectrum]

Me and my wife are geting serious about taking up SCUBA diving next spring and I'm trying to get my arms around the financials. It seems that when we got my life insurance policies the salesman's eyes lit up with dollar signs when he asked if if we SCUBA dive.

What sort of premium should we expect to pay. I assume that not getting the policy updated would be cause for denial if the worst should happen.

Pete

 

[ShakaZulu]

I just signed up with Metlife, $500 000 Term (20 years) is running about $100/month. They apparently don't increase the premium for this at Metlife. I would not include it, since you are not diving yet. What happens after you get the policy is a different story (I'm 39 btw, that makes a huge difference).

 

[Gary D.]

I have several policies. Even being an on the payroll PSD didn't even spark any interest out of them. I pay the same as a chess nerd in a padded competion room with paramedics standing by.

Gary D.

 

[Kennedydive]

I had got my insurance back when I first started diving. I had waited for a year after I quit smoking so I'd get a better rate. Some companies like you said eyes right shinny like when I mentioned diving. Rates went like so.
100,000 term life 10 year for male 27 years old
$18 month non-smoker
$32 smoker
$56 month diver

I finally found one that didn't care that I dove because I hadn't dove past 100 feet. Some companies asked me how often I dove and at what depth ranges and what depth I would probably be diving in the next year. The company I'm with asked me what I've dove and when I inquired why they hadn’t asked me what I could foresee doing within the next year the simply said "We are not allowed to. We can't judge you on what you might do."
I now have a policy for $250,000 for $38 a month.
JK

 

[outlawaggie]

Call Select Quote. 1-800-963-8688 or visit their website at www.selectquote.com. I'm 31, non-smoker, 5-11, 190lbs, in pretty good health I got a $500,000 20 year term policy for $254/Year or around $22/month. SelectQuote shops around for you based on your lifestyle, i.e. Diver, Pilot, Smoker etc. and finds the company best suited to you. All of their carriers are A++ rated. My policy is through GE. FWIW, the rate I got from SelectQuote is better than what I had through work.

BTW, my understanding is that if you did not dive when you got your policy and therefore did not lie, starting diving is NOT grounds to deny you benefits. You might call your current carrier and ask though.

 

[Xanthro]

The question is have you dove within the last two years and do you plan to dive in the future, if you answer no, then you will not be rated as a diver. During the first two years of the policy is the contestability period. If you die from Scuba diving within this period you run the risk the claim may be contested.

If you become a diver after two years, your rate on existing policies is not affected.

With the correct agent and based on Scuba expertise, you can get a select rate.

My wife provided this information, as owns an insurance business.

Xanthro

 

[Drew Sailbum]

Insurance is regulated on a state-by-state basis, so what applies in one locality might not apply in another.

I can't really imagine that an insurer could legitimately deny a claim because of a change in risk after the policy was written. If applying for new coverage, answer all questions truthfully for your circumstances at the time of application and answer the question that was presented - don't volunteer information which was not asked.

Your state's laws may vary, but you can ask this question of your state's insurance commission to find out.

 

[oceancrest67]

Everyone's circumstances are different with different needs and goals.

I hear financial experts say that life insurance is a good option for married couples with children. For young singles, life insurance might not be the best option. Not to sound too grim, but financial experts will also say that having an updated will (again, there are different kinds) is also a good idea for those with certain circumstances and assets.

I am single and I use DAN (Divers Alert Network) insurance. I do not carry life insurance because it does not make any sense given my current circumstances.

Just my 02

 

[mania]

My insurer - which is a big international company - Allianz - had a quite professional questionnaire for divers (they even know the difference between sport diving and commercial diving, as well as different breathing mixtures). And surprisingly - my payment was increased because of......
horse riding.
Yes!!!! They didn't bother diving. They said that horse riding is much more risky than scuba.
Life is full of surprises.
Mania

 

[DORSETBOY]

I'm surprised by the complications outside the UK, our firm doesn't discriminate on the basis of recreational diving within trained depth limits. For anyone whose 'main' job is as a diver, they are automatically excluded.

Having spoken to an underwriter earlier on the point raised of horse riding, that in comparison is of a greater risk at recreational level.