Life on the brink can be fun for some, satisfying our brave side and need for speed! But the adrenaline you receive from high-stakes entertainment like sky diving, mountain climbing, helicopter snowboarding, or auto racing can make you more supportive of your life insurance coverage. The factor is that life insurance providers categorize some of those tasks as “dangerous hobbies,” which could put your life in jeopardy, and thus become a financial liability for them.
Remember, life insurance providers rely on your longevity—the longer you live, the less likely they are to pay a death claim. That’s why they value young, healthy and balanced individuals at the best prices based on longevity. So providers worry that living “out loud,” with a risky habit is tantamount to gambling with your life—causing them to make an untimely death payment. Paradoxically you are more likely to perish in a car accident (based on national statistics) than you are from climbing a hill but, sadly, this is a standard that insurance providers adhere to.
Which brings us to the heart of the matter… tasks that are considered “heavy” or “dangerous” differ in meaning and provider. That is why it is very important for these sports fans to use life insurance with a smart life insurance policy representative who can guide them in choosing which company.
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Here is a list of some high-risk jobs that can affect the cost of your life insurance policy:
This is not a conclusive list, just a sample; There are a variety of other tasks that can be considered risky or “heavy” with various factors that life insurance providers evaluate to find costs that are symmetrical to monetary obligations. Choices are made on a case by case basis based on the stamina of the information you provide. Here are some examples of questions they might ask you:
Depending on your answer, the expert may decide to give you a “rated” plan with an “add-on,” or an “exception” for favorites as well. The latter means that you will be provided with the plan, but the insurance company cannot pay the death benefit if you die during a vigorous sporting activity. Before that happens, you will definitely need to fill out a very detailed questionnaire related to that craze.
On the other hand, you have the possibility of certification to the regular “standard” level of insurance if you rarely take part in these tasks and demonstrate that you have the necessary accreditations or education. In certain circumstances, certified scuba divers who make periodic dive trips at an optimal depth of 50 feet, do not need to pay extra for a plan. Remember, not all insurance providers have the same standard of risk factors—whether it’s hypertension, diabetes, high cholesterol, or weight problems. A skilled representative of life will know the degree of resistance and leniency of various carriers to this problem, as they will face the dangers of work or entertainment.
If you are an avid sports fan, your insurance provider may add an additional “surcharge” to your fare category. The job risk-related price factor could be an additional $2-$10 for every $1,000 of your plan.
Using this formula for a $500,000 calling life plan on today’s financing terms, the breakdown of what you might pay annually in additional costs for “dangerous work” is according to:
And after that there is a task that is considered so dangerous that some insurance providers may deny coverage to the candidate:
If your craving adrenaline keeps you ineligible for insurance indefinitely, some insurance providers may still consider offering cover with an important caveat—by imposing special plan exclusions for your duty, by stipulating that if you die while taking part in a sporting activity, your beneficiary not eligible for death benefits.
Insurance providers are not bent on spoiling your fun, but they need to protect their bets to match the costs you will be credited with the real life experience the company or industry has by insuring people with a lifestyle similar to yours. By doing this, they can charge you a “reasonable” rate equal to the risk you place on claims for future or premature death. If you lead an energetic, healthy and balanced lifestyle, with a good clinical record, and a good family background of health and wellness, you will not be penalized, but rather given the best price. But high risks come with costs so we advise you to explore insurance applications honestly in disclosing your lifestyle.
Relying on life insurance policy applications by not being able to disclose harmful entertainment is another level of risk. Remember, this coverage is not for you, but for the protection of those you love and leave behind. Lying about your risky business can cancel your death payment to the beneficiary if the insurance provider finds out you were there at the time you used it.
Your life insurance coverage is a contractual contract between you and the company. Blaming material facts on the insurance provider can invalidate the contract.
It’s better to play safe and honest with your apps because as we said there are many degrees to what is considered lethal risk in many of these considered dangerous entertainments. So a periodic experience will most likely not cost you a dime.
We’ve had customers ask “what happens if they take on any of these tasks after they buy life insurance coverage?” The answer is that it won’t affect your coverage. Insurance providers can only rate you based on your health and fitness, age, and lifestyle until they approve your plan. That’s why a degree calling life plan can be so affordable when you’re younger and healthier and balanced. These costs remain exactly the same for 10, 20, or thirty years of the plan’s life. You cannot be charged more even if you are older (shortening your life span) or develop a disease that can also reduce your life.
The upside is that we wish you to live life to the fullest and live the day. We don’t want to be stingy but want you to know and know what life insurance providers are looking for in assessing risk. The more you know, the better prepared you will be to handle the life insurance policy process in a positive and reasonable manner.
If you have any questions about call life insurance policies and life insurance policies in general, you can leave a comment listed below. You can also check out our life insurance policy blog site where you will find lots of useful information related to life insurance policies.