Life Insurance Premiums for SCUBA Divers

[Phish-phood]

I know insurers have to decide on the likelyhood of an insurance payout and I am guessing that many see diving as a sport/hobby that increases the risks. Partly becasue it is very difficult to get accurate and representative statistics given the fact that it is virtually impossible to keep track of all active divers without putting some kind of tagging system on them

How about companies providing something along the lines of a no claims bonus on car insurance. So okay I can accept that my initial policy may be more expensive to start off with but as I go year after year without incident my policy would come down to a level closer to what non-divers pay.

 

[dtdesola]

Uhhh...

Life Insurance has only one payout involved...it's a death benefit. I think the overarching hope by insurers is that you reach your actuariallly derived predicted age of death before something bad happens to you and they have to break their piggy bank. They have lots of ways of determining what that age is based on all the risk factors...your occupation, your predisposition to various diseases, your families history, etc.

My suspicion is that at least some companies do not have or do not use very accurate data to determine what the impact of SCUBA diving is on the likelihood you'll not be around for your 74rth birthday. My wife's policy, as mentioned before, doubled when the SCUBA question changed from a "no I've never" to a "yes I have."

The challenge is finding a company that has an enlightened view on the real risks of diving. They apparently think we're playing in highway traffic based on some of the rates out there.

 

[Epinephelus]

The fact is that while you're scuba diving you're less likely to die than doing whatever you might be doing otherwise. Like having a Big Mac or walking across 5th avenue.
Any insurance company that wants to raise your rates for Scuba is trying to rip you off.
E.

 

[Falcon99]

Yeah, but on a similar note, some idiot commanders in the military treat their scuba diving members like BASE jumpers - with respect to "risky activities". I have to sign paperwork every time I am stationed active duty somewhere saying I won't do something stupid.

James

 

[caymaniac]

I'm hoping that you went for " term" insurance, not whole life, there are alot of term life insurance companies in the US that will give you quotes for life ins. Each agent has to have a license for each state that you sell in, otherwise I would love to quote you, but I can only sell in Mich.
Most companies I know about only want to be reassured that you are not diving below the sport diving limit, a company that is doubling your rate is not one you want to purchase from, you need to shop around. :boom:

Caymaniac