poll: life insurance

[Crush]

Dear divers,

We all know that diving is a safe, fun past time that can at times prove to be fatal. Those that are left behind must deal with the loss of a loved one, plus the financial stresses of funeral expenses and a potential decrease in household income.

I'd like to draw attention to the fact that, if you have dependents and you dive, perhaps you should evaluate whether you have adequate life insurance, and whether or not scuba is an excluded activity on your policy. Note: I have no affiliations with insurance providers or underwriters.

So, how often do you dive and are you insured?

Clarification: Please interpret "times per year" to mean "days of diving per year" not "dives per year."

 

[muddiver]

Why would days of diving per year have anything to do with having Life Insurance? Either you have it, or you don't. Number of dives (days of diving) has no bearing on wheather a policy will payout upon death.

I don't get your point.

 

[Cougar281]

Here's the thing about (most, maybe all) Life Insurance: It's a fraud. If they find out you're a scuba diver, they will rake you over the coals, and then if you did have a diving accident that resulted in your death, they wouldn't pay out anyway. A Friend of mine looked into dive insurance and that's what he found. Because Scuba diving is considered "high risk", the rates where insane, and they wouldn't even pay out if you died diving. You're better off getting a quote for life insurance as a "High Risk" individual, and then taking what they would charge you and put it away in some kind of savings or trust account. JMO...

 

[fjpatrum]

Why would days of diving per year have anything to do with having Life Insurance? Either you have it, or you don't. Number of dives (days of diving) has no bearing on wheather a policy will payout upon death.

I don't get your point.

I suspect the number of days implies likelihood, statistically, for you to have a fatal accident. If you dive once a year your chances of having an accident while diving are significantly lower than if you dive 365 times a year.

 

[fjpatrum]

Here's the thing about (most, maybe all) Life Insurance: It's a fraud. If they find out you're a scuba diver, they will rake you over the coals, and then if you did have a diving accident that resulted in your death, they wouldn't pay out anyway. A Friend of mine looked into dive insurance and that's what he found. Because Scuba diving is considered "high risk", the rates where insane, and they wouldn't even pay out if you died diving. You're better off getting a quote for life insurance as a "High Risk" individual, and then taking what they would charge you and put it away in some kind of savings or trust account. JMO...

I am covered through my employer and also through my home/car insurance provider. neither of them have any such restrictions on payout. Through my employer I have a second "accidental death and dismemberment" policy that essentially doubles my life insurance.

I also rock climb, and I've specifically asked about all my life insurance policies because of the activities I participate in as hobbies. Third party, non-employer sponsored, life insurance is certainly more expensive (I'd pay the same for about 1/4 the coverage) but it's not hard to find at all.

I'm insured for a ridiculous amount of money... if I die my family (wife, kids, and possibly grandchildren when they arrive) will not ever have to work again but there is no way the money I pay for insurance, even at "high risk" rates would come close to providing for my family that way. At best it would offset the cost of my funeral and give my wife some breathing room for a couple of years to partially offset the loss of my income. If it were really well invested it might pay off my house, but probably not.

 

[GrumpyOldGuy]

I went though all the insurance stuff 2 years ago when I relocated. Bottom line was I found a good agent who matched me to a insurance company who was reasonable for divers. The risk of dying while diving at recreation depth is still very low and the smart companies know this.

While they did label me as high risk, it was because I was 25lbs over ideal weight and has controlled high blood pressure. Even then the added cost on a 500K policy was $150 per year.

 

[themagni]

My life insurance company said there was no extra chance of dying early due to diving. It simply doesn't have any effect on the actuarial tables. They cater to Engineers, and they don't mind discussing the numbers if you say "let's talk cold, heartless numbers."

Caveats:
1. Stay above 100' for the vast majority of dives.
2. Be in a dive club.
3. Don't do it for money.

That was it.

 

[Blackwood]

I am insured and I dive 36-199 times per year

(but I accidently answered: I am NOT insured and I dive 36-199 times per year. Whoops)

 

[Crush]

Why would days of diving per year have anything to do with having Life Insurance? Either you have it, or you don't. Number of dives (days of diving) has no bearing on wheather a policy will payout upon death.

I don't get your point.

In addition to what fjpatrum wrote, sub-dividing the poll may reflect attitudes towards diving insurance - the casual diver may think that they don't need the insurance while a more regular diver might consider it to be prudent and, compared to the tons of gear that many regular divers buy, a bargain.

 

[ktomlinson]

Well...I would abstain from giving insurance advice unless you are a licensed insurance agent in your state, people may actually take what you are saying as fact and that would be unfortunate for their needs. The truth is that life insurance polices vary and you just need to get one that matches your needs. Read through it and ask specific questions regarding exclusions.