Scuba diving and life insurance

[Heath Sapp]

Marked for phone numbers.

 

[ermaclob]

Guys please don't take advice from this thread. As a financial professional that specializes in insurance I can tell you there is a lot of really bad advice and misinformation i'm this thread!

So why dont you lay down some advice mr insurance specialist..? that way the OP has some real advice, opposed to misinformation and a warning about it from a pro.

 

[bbarnett51]

Its not a good idea to give advice like this on the internet. But I would be happy to help if he PMs me.

Btw..there was some good advice as well.

 

[fjpatrum]

Guys please don't take advice from this thread. As a financial professional that specializes in insurance I can tell you there is a lot of really bad advice and misinformation i'm this thread!

Feel free to point out the bad advice. So far the only things I've seen written also came with the caveat that it will depend on each person's individual needs.

As someone who benefits financially from insurance sales, I'm sure you'll provide an unbiased opinion, right?

 

[Ozwald]

From a group insurance standpoint I can't imagine it works any different in the USA as opposed to Canada. Group coverage is "pooled" type of coverage based on the rates of that particular employment pool regardless of age. I can't imagine rates getting cheaper with the size of the policy as coverage is based on an amount per $1000 of coverage.

As an insurance and financial products specialist again this is based on my experience in Canada. I cannot speak for what the situation is in the USA. What I will tell you is to search out a number of different advisors because it has been my experience that most will steer you in the direction that maximizes their commisions.

 

[Ozwald]

Might be a good idea to seek advice from someone who isn't interested in their business?

Feel free to contact me if you want some unbiased advice.

 

[bbarnett51]

Guys please don't take advice from this thread. As a financial professional that specializes in insurance I can tell you there is a lot of really bad advice and misinformation i'm this thread!

Feel free to point out the bad advice. So far the only things I've seen written also came with the caveat that it will depend on each person's individual needs.

As someone who benefits financially from insurance sales, I'm sure you'll provide an unbiased opinion, right?

I'm not going to get into a silly debate on a scuba forum about insurance. But I think ozwald had given some sound advice.

 

[GrumpyOldGuy]

From a group insurance standpoint I can't imagine it works any different in the USA as opposed to Canada. Group coverage is "pooled" type of coverage based on the rates of that particular employment pool regardless of age. I can't imagine rates getting cheaper with the size of the policy as coverage is based on an amount per $1000 of coverage.

Its the same reason you can often reduce your total insurance bill when bundling auto and home owners insurance with the same company. The companies will dangle a "savings" to get more business. Having both policies with the same company does not reduce your risk of making a claim and the re-insurance cost to the company is the same, but still they do it (at least in the US, its worth at least 10%) to get more you your money.

Back to life insurance, my guess is the cost to develop a new customer, screen him for basic health issues, invoice and bill you quarterly, etc... are not really any different if they sell a 100K policy or a 500K policy. So it makes sense to up sell you a bit if possible and dangle a discount.

As an insurance and financial products specialist again this is based on my experience in Canada. I cannot speak for what the situation is in the USA. What I will tell you is to search out a number of different advisors because it has been my experience that most will steer you in the direction that maximizes their commisions.

Exactly, nothing beats actually shopping and running the numbers.

 

[mjhorbal]

Life insurance rates for scuba divers depends on the depths you dive to, the certifications and experience you have, and whether or not you participate in activities such as cave diving or wreck diving.

If you are talking about open water diving, it starts with the depth: (your cert dive depth is not held against you unless that is your normal dive depth)
0-75' feet - American General, AXA, Banner, Genworth, ING, Lincoln, Prudential, Trans, Met, etc...there are many...will offer their best rate class.
76-100' feet - American General, Genworth, ING, Lincoln, Met, United and others still offer their best rates....others start to add flat extras to the premium
101-130' - Most companies start to hit you with a flat extra...although Genworth will still consider you for standard rates to 125 feet.
131-150' - Companies will charge you flat extras....The same companies as above are available but you need to shop for the best flat extra AND health class as some will only flat extra off their standard rates while others flat extra off their best rates.....Flats may range from 2.50 per thousand of coverage to $7.50 per thousand...work with someone who knows.
151' or greater - The companies available are more limited and individual consideration only....flat extras apply, 2.50 - $10 per thousand of coverage range.

Life insurance underwriters worry about divers who exceed their training, experience and cert. depths.....the flip side is that if you are a diver with experience and are certified for the depths and activities you participate in, a good agent can use that info on your behalf to negotiate the best rate possible, especially when you get into the range where flat extras apply.

If you cave dive or wreck dive, flat extras may apply...but if you are certified for this, and experienced....your agent should be able to negotiate for you.

Disclaimer - We make money by selling life insurance - ScubaDiveLifeInsurance.com