Skydiving insurance in 2024. A complete guide.
Skydiving insurance
Whether you’re planning to make your big jump at home or abroad, it’s essential to have insurance for skydiving.
Moreover, you need to know what type of insurance to get. Adequate skydiving insurance and the right coverage will protect you on your next daring adventure.
Whether it’s your first time diving or you’re a skydiving pro, you can rest assured knowing you have the right insurance.
Skydiving is on many people’s bucket lists, but not everyone knows what insurance they need for the activity. That’s why we created this guide to skydiving insurance.
We will cover everything there is to know when buying your skydiving coverage this year.
Table of contents
- Life insurance for skydivers
- Skydiving and life insurance premiums
- Sky diving insurance coverage
- What is included with skydiving travel insurance?
- Life insurance for skydivers FAQ
- Skydiving insurance cost
Life insurance for skydivers
Skydivers are offered specialized coverage options from certain life insurance companies if there is no option for standard coverage.
As standard, skydivers have the option to buy term insurance or permanent insurance.
Term life lasts for a specific period of time, somewhere between 10 to 30 years, whereas permanent life insurance lasts until death. That is, assuming the premiums are paid.
Permanent life insurance usually includes both whole life and universal life options.
Skydiving and life insurance premiums
The insurance company will determine the level of risk associated with insuring you when calculating your life insurance premiums.
Generally, the higher your risk factor, the higher your premium will be. Additionally, you may be denied coverage if the risk to insure you is too high.
Higher premiums
The number of deaths related to skydiving is steadily decreasing each year, according to USPA. However, the sport is still considered dangerous.
As a standard, when you are receiving life insurance quotes, you will be asked about your hobbies. One of the questions you may need to answer is about skydiving.
You will be asked if you’re planning to skydive in the near future. If your answer is yes, it’s expected you will be viewed as a high risk.
Saying this, you should never lie on a life insurance application.
If you are a regular skydiver or have a skydiving adventure planned, don’t lie in an attempt to get a lower premium rate.
Lying on your application would be considered insurance fraud. This could lead to fines and criminal charges after your application is denied.
Denial of coverage
If skydiving is listed as a hobby on your life insurance application, not only can this result in higher rates, but it can also result in a denial of coverage.
As noted earlier, if you are deemed too risky to insure, you might be denied coverage by established life insurance companies and many others.
You might be denied due to your skydiving hobby, medical exam, or a combination of these factors.
Medical problems that could increase your risk of health complications while skydiving are risky issues. These two factors combined could flag you as too high of a risk to insure.
Sky diving insurance coverage
Using a life insurance calculator or working with an agent will help you decide which type and how much coverage to buy.
Specialized life insurance
Consider a specialized life insurance policy if you’d like to customize your options as a skydiver. This is especially useful for regular skydivers.
Due to the many risks of skydiving, most insurance companies may be hesitant to insure you on a standard policy.
A specialized skydiving policy factors in all of the risks associated with the sport, and it assigns your premium accordingly.
Accidental death insurance
This insurance coverage is a good choice for skydivers. Accidental death insurance provides compensation for certain unforeseen accidents that result in death.
If skydiving is a covered event on your accidental death insurance, the death benefit will be received by your beneficiary if you are involved in a fatal skydiving accident.
Are there other options?
In addition to specialized skydiving insurance, some travel insurance policies come with automatic coverage for sports and activities.
While most travel insurances may insure you for indoor skydiving, you might have to add an additional extreme sports coverage for skydiving outdoors.
You should check the details for each coverage. At a glance, let’s see what’s typically covered with travel skydiving insurance.
What is included with skydiving travel insurance?
Most travel insurance covers indoor skydiving only - so make sure to read the small print.
However, specialized skydiving travel insurance add-ons, such as adventure and extreme sports coverage, ensures you are covered for events such as:
- Delayed departure
- Abandoning your trip
- Accommodation cover
- Canceling and shortening your holiday
- Medical expenses and hospital benefit
- Personal belongings and luggage
- Personal accident and liability
- Personal money, passport, and travel documents
- Legal expenses
If you’re adding extreme sports cover for outdoor skydiving, you will usually be covered for other extreme sports, such as paragliding.
What are the benefits of skydiving travel insurance?
Some of the benefits of skydiving travel insurance include:
Personal liability. To cover the event of death, injury, or property damage to a third party. For example, if you fail to follow your instructor's guidance and injure another person during the landing.
Certain medical fees. If you’re injured while taking part in your skydive, your travel insurance might cover the costs of specific treatments. Note: all of the coverage details will be available before purchasing the insurance.
Permanent disability. Should you suffer an injury while skydiving, you might get compensation for permanent disability, such as the loss of limbs and your eyesight, and if you’re unable to work again.
Optional income protection. Certain skydiving insurance coverages can provide regular payments to you should you be unable to work due to an injury.
Life insurance for skydivers FAQ
What if I have a life insurance policy before I skydive?
If you have a life insurance policy already in place before you decide to go skydiving, you might already have the necessary coverage.
You should contact your life insurance company at this point. Let an agent know about your plans and ask if extending or changing your coverage is possible.
Should I report skydiving on my life insurance application even if I don’t do it often?
It doesn’t matter how frequently you go skydiving. If you are going skydiving during your life insurance coverage period, you should report it as a hobby on your application.
Each life insurance company has its own policy guidelines. The underwriter will determine the risk, factoring in the frequency of your skydiving hobby.
Honesty is the best policy for your insurance application. That way, you get the right coverage for your needs.
Skydiving insurance cost
Each life insurance company has its own process for determining the cost of your policy.
Overall, the process typically involves a medical examination, and the following factors will be taken into consideration:
- Your personal details and age
- The condition of your health
- Your family medical history
- Your current lifestyle and hobbies.
It is helpful to get several quotes for this reason. Each company’s premiums may vary based on its rating algorithm.
To find the cheapest option or the one that best suits your needs, you should compare quotes from several insurance providers.
Skydiving insurance quotes
Getting skydiving insurance is a relatively straightforward process.
It’s important to think about your specific needs to get the best possible coverage in the event of an accident or injury.
To do this, have all of your personal details ready to apply for free quotes.
Decide if you want annual coverage or protection for a specific period of time, and don’t forget to be honest throughout the application process.