Parachuting life insurance
Any sport or activity that involves some form of aviation or extreme heights such as parachuting is classed as high risk. This means that if you are looking for the right financial protection for parachuting life insurance, you would require additional underwriting due to the added risks involved with the activity.
Fortunately, in most cases, we find that applications for parachuting life insurance, critical illness cover and income protection are mostly offered at the same rate as standard with no exclusions although sometimes you can expect slightly increased premiums and exclusions in some cases.
Why parachuting life insurance is important
When you take part in a high risk hobby or hazardous occupation, it is important you consider financial protection for peace of mind. Whether the financial protection you need is life insurance, critical illness cover or income protection, it’s important to gather the information you need and consider all of your options. This is where Sports Financial Services come in. We will help you understand your options when it comes to financial protection to ensure that you get the right insurance to protect yourself, your home and your family should anything happen to you.
Factors considered in a parachuting life insurance application
Often, people who participate in parachuting will find they only jump a handful of times each year. Therefore, recreational parachuters will, in most cases, be accepted at standard rates. However, if you have a higher than average amount of jumps per year or are a professional for example you are a parachuting instructor, there may be premium loadings for this specialist parachuting life insurance. Here are some key considerations when underwriting parachuting insurance:
- How many jumps per year on average
- Where do you go to parachute
- What type of parachuting do you do
Some other standard factors which would be taken in to account to determine the cost of your Parachuting cover:
- How much cover you need (sum assured)
- Length of your policy (years)
- Which type of life insurance cover
Parachuting critical illness cover
When it comes to parachuting critical illness cover, similarly to life insurance, where the number of jumps remain below a certain number there are often no exclusions and rates remain the same. However, at professional level or if you participate in a higher number of jumpers per year, you can expect to be faced with premium loadings or policy exclusions such as:
- Any injury or health issues connected to parachuting
- Total and permanent disability
Like with any critical illness cover, what you pay will depend on other standard criteria which includes your general health, other medical conditions and whether you smoke.
Parachuting income protection
If you are looking for income protection for parachuting, Sports Financial Services can help with that. Again, income protection cover for parachuting can often be offered at standard rates if you participate in recreational parachuting. The more regular you partake in the activity, the more likely you are to find that premiums are slightly higher as well as the possibility of policy exclusions.