Bullswan
Guest
VinceDS:
I am 47, non-smoker, very good health. Just (Jan 2007) bought 500,000 of 20 year term NOT as a scuba diver and paid $ 750 for an annual premium. Top rated company as well.
Life insurance for technical diving
- Thread starter Jake
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I am 47, non-smoker, very good health. Just (Jan 2007) bought 500,000 of 20 year term NOT as a scuba diver and paid $ 750 for an annual premium. Top rated company as well.
OP
Well, I've gone through the process and got the results yesterday. I got "non-smoker". Not exactly a stellar grade. 
I guess my age was enough to get me some fairly good coverage at an ok price, though it would have been nicer to have made it to a more preferred group. Oh well.
A couple of observations:
> The medical examiner seems to hate the company he works for. He kept trying to lead me into answers that would get me a better rate. For instance, when I told him that I took allergy medication, he said "over-the-counter, right?" I said yes. To which he replied, "but you only take it every now and then, right?"
It was almost comical. I tried to be as honest as possible despite his "encouragement" on a few questions, lest I die in some strange way and the company decides to jerk around my family over some technicality.
Insurance guy to my girlfriend/wife/mother/whomever: "It says here that he took minimum strength Alavert only once in a while, but I can clearly see that you have a whole package of tasty orange-flavored tablets in the medicine cabinet. Now, how could a grown man resist such a flavor explosion sitting right there within his easy reach? I think he lied to us! I think he took these everyday! Nevermind that he died when a gazelle fell out of a plane and landed on the driver of the boat who was pulling his world-famous 10-man pyramid water skiing team, throwing him head-first into a pane of glass being carried by two clumsy repairmen on the riverbank! He took Alavert everyday! Claim, DENIED!"
> Second thing I noticed: insurance companies don't seem to understand our sport very well. The supplemental form I signed asked about depths in strange increments: 0-75, 75-100, 100-150, and 150-200. It seems to me that if they truly understood the people they were insuring, the depths would have been more aligned with rating systems of the major angencies, since each could conceivably represent added risk (i.e. 0-60, 60-100, 100-130, 130+).
Oh well. I sign the policy in like two weeks. Here goes nothing (actually, here goes a lot of money over the term....).
Thanks for all the opinions/comments/advice!
-jake
I guess my age was enough to get me some fairly good coverage at an ok price, though it would have been nicer to have made it to a more preferred group. Oh well.
A couple of observations:
> The medical examiner seems to hate the company he works for. He kept trying to lead me into answers that would get me a better rate. For instance, when I told him that I took allergy medication, he said "over-the-counter, right?" I said yes. To which he replied, "but you only take it every now and then, right?"
It was almost comical. I tried to be as honest as possible despite his "encouragement" on a few questions, lest I die in some strange way and the company decides to jerk around my family over some technicality.
Insurance guy to my girlfriend/wife/mother/whomever: "It says here that he took minimum strength Alavert only once in a while, but I can clearly see that you have a whole package of tasty orange-flavored tablets in the medicine cabinet. Now, how could a grown man resist such a flavor explosion sitting right there within his easy reach? I think he lied to us! I think he took these everyday! Nevermind that he died when a gazelle fell out of a plane and landed on the driver of the boat who was pulling his world-famous 10-man pyramid water skiing team, throwing him head-first into a pane of glass being carried by two clumsy repairmen on the riverbank! He took Alavert everyday! Claim, DENIED!"
> Second thing I noticed: insurance companies don't seem to understand our sport very well. The supplemental form I signed asked about depths in strange increments: 0-75, 75-100, 100-150, and 150-200. It seems to me that if they truly understood the people they were insuring, the depths would have been more aligned with rating systems of the major angencies, since each could conceivably represent added risk (i.e. 0-60, 60-100, 100-130, 130+).
Oh well. I sign the policy in like two weeks. Here goes nothing (actually, here goes a lot of money over the term....).
Thanks for all the opinions/comments/advice!
-jake
did the SCUBA supplement ask about "are you planning..." etc - all my companies do - I just got beat up, not for diving but for flying - also got berat up as a student asked me to look into it for him and I knew he took Deep class as I trained him! and he took wreck as I trained him in class and he did his dives on Capt Dale's boat with a friend - oh well - big problems = big premiums they say - but DO get the life ins in place BEFORE the tech training
OP
TheHobster:
They asked how many I did in the past year, I think the year before, and how many I planned on doing next year.
They also asked if I used the "buddy system" (in quotes). Very cute.
Interestingly enough though, there were no questions about whether I do any "complex" or "technical" diving. Just the depth and the location (e.g. ocean, cave, etc). I suppose that means I can still get my technical training done so long as I don't exceed 150 feet, which I had to check yes to for 100-150'.
Granted, I might not get a full deep tec rating, but I can still get gas switch, deco, and extended no-stop training.
Bullswan
Guest
Life insurance companies are very very very very very slow at changing or adapting or learning about new things. It is not so surprising that they ask out-of-date questions about Scuba. It was not long ago that I saw on an aircraft questionaire if the applicant used any "experimental equipment" such as a parachute. Yes or No.
Tech Diving won't show on an application till they have experience numbers for the actuaries to analyse and that won't be for years IMHO. There just aren't enough tech divers to make an accurate projection.
Until they have numbers to point to they always, always, always err on the side of caution which means they are not taking the risk and they pad the rates so they won't get burned. That's how it works.
Greg
Tech Diving won't show on an application till they have experience numbers for the actuaries to analyse and that won't be for years IMHO. There just aren't enough tech divers to make an accurate projection.
Until they have numbers to point to they always, always, always err on the side of caution which means they are not taking the risk and they pad the rates so they won't get burned. That's how it works.
Greg
fisherdvm
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If you don't have an original of your policy, you should get a copy, and read the fine print.
My USAA life insurance will cover me for scuba diving, but will not cover me for injury occurring in a private aircraft, nor a private helicopter (including tour ones).
You would be surprised to find what is on the policy. Don't rely on comments on scubaboard, make sure you know it yourself. And also, don't rely on the folks at the insurance company. Some of them are sales people, and they will do anything to sell you insurance, and unless you tape recorded them, it will not hold up in court when you die.
My USAA life insurance will cover me for scuba diving, but will not cover me for injury occurring in a private aircraft, nor a private helicopter (including tour ones).
You would be surprised to find what is on the policy. Don't rely on comments on scubaboard, make sure you know it yourself. And also, don't rely on the folks at the insurance company. Some of them are sales people, and they will do anything to sell you insurance, and unless you tape recorded them, it will not hold up in court when you die.
Scott L
Contributor
This thread on the subject in The Deco Stop is outstanding. Particularly, post #5 by Joel Silverstein...
The Deco Stop
The Deco Stop
I just submitted request to this company. Let's see how good they are.
jsmorrison
Registered
You don't have a wife or kids, screw life insurance! Go diving
UnderSeaBumbleBee
Contributor
I sell both term and whole life. If you are concerned about getting insurance in the future, you might consider some amount of whole life. If you are just concerned about your younger years or the next 20-30 and want something cheap, go for term. If you want some quotes on whole and term from a mutual company, I can put you in touch with someone in your area. Just send me a PM.
Whole life is like owning a house. Once you buy it, it is yours and it builds equity or cash value. You can borrow against the policy or cash it in if you need the cash value.
Term is like renting for certain period of time. You build no cash value over time and when it ends, it ends. Some term policies will allow you to extend the term, but it can get pricey. Know what that is before buying.
I generally explain the pros and cons of whole, term, universal and forth to my clients and share illustrations for all them and let them decide which one is best for their goals and needs. There is no one size fits all as each of us have different needs.
Whole life is like owning a house. Once you buy it, it is yours and it builds equity or cash value. You can borrow against the policy or cash it in if you need the cash value.
Term is like renting for certain period of time. You build no cash value over time and when it ends, it ends. Some term policies will allow you to extend the term, but it can get pricey. Know what that is before buying.
I generally explain the pros and cons of whole, term, universal and forth to my clients and share illustrations for all them and let them decide which one is best for their goals and needs. There is no one size fits all as each of us have different needs.
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