Skydiving, Basejumping & Parachuting Life Insurance Cover
Read our comprehensive short guide to life insurance and associated covers. We are going to explain why getting life cover is essential if you skydive. In short, if you want to provide peace of mind for your loved ones, this guide is essential reading.
How Does Life Insurance Cover Work?
Life insurance works to provide a covered amount for designated beneficiaries should you die when skydiving or in other circumstances throughout the fixed term of a policy. The cover amount self-funds through the payment of a pre-determined monthly premium throughout the policy life.
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How Do Life Insurers View Sky Diving Or Base Jumping?
Under the broader umbrella of Skydiving, associated activities, include some of the following:
- Base jumping
- Wing Suit flying
- Formation sky diving
- Night jumping
- Fixed-line sky diving
- Tandem sky diving
- Freestyle sky diving
The risks in Skydiving can include severe injury or death as a result of rough landings, the hostile environment or equipment failure.
Underwriters will want to know precisely the extent of your skydiving activities. Insurance premiums can be loaded especially if the number of jumps exceeds 50 per year. A loaded insurance premium for Skydiving uses additional skydives as a basis for calculation.
Assessing Your Skydiving Activities
Insurance Hero want to have your skydiving activities included as part of your life insurance policy with premiums that reflect your activities; not unnecessarily loaded and certainly not excluded from the life policy.
Insurance Hero, Your Skydiving Insurance Expert
Underwriters trust Insurance Hero due to our rigorous fact-finding questionnaires. We work with you, our clients, to understand the nature of your skydiving activities. We want to make sure we pass on the requisite information to get your activities included and not excluded from your policy.
It helps if you answer questions honestly, so the premium correctly reflects the activities undertaken. It will ensure there is no dispute about your skydiving pursuits should you die.
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Fact-finding questions that we ask via a telephone call to ascertain your involvement in the pursuit will include some of the following:
- What type of Skydiving do you participate?
- Where do you skydive?
- At what altitude do you skydive?
- How many skydives do you make in a year?
Understanding Critical Illness Cover
An associated cover of life insurance is critical illness. Whereas life insurance pays out upon death, critical illness pays out should you survive a diagnosis of a recognised disease or medical procedure.
Payout typically occurs after ten days survival from diagnosis. At the onset, a standard list of critical illnesses generally is part of a policy. Additional diseases and medical procedures correlated to your skydiving pursuits can have inclusion at the start.
For example, the list of broken or fractured bones from a bad fall or landing are prevalent.
Here is a shortlist of critical illnesses and medical procedures covered in a standard policy:
- Certain types of cancer
- Alzheimer’s disease or pre-senile dementia
- Coronary artery by-pass grafts
- Creuzfeldt-Jakob disease
- Devic’s disease
- Loss of speech
- Loss of hand or foot
- Parkinson’s disease
- Cardiac Arrest
- Severe lung disease
- Heart attack
- Liver disease
- Kidney failure
Critical illness includes three types of additional cover which are, increasing, decreasing and level cover.
Increasing critical illness cover
Over the policy term, the payout amount will increase in line with the consumer price index (CPI), which is an inflation indicator. In years where there is no inflation increase, the payout amount typically remains unchanged.
Decreasing critical illness cover
Every month that passes in the fixed term of the policy, the payout amount decreases. For example, it could be useful in matching the payment schedule of a mortgage which reduces over time.
Level critical illness cover
With level critical illness cover, the cover amount remains unchanged throughout the life of the policy
Contact Insurance Hero today for your critical illness policy needs. Our professional team of brokers will guide you through this type of life cover and get you a quote closely correlated to your needs. Call now on 0203 129 88 66 for a free, no-obligation quote.
Income Protection Cover For Skydivers
Income protection works by providing a regular salary should you be unable to work for a time. A sky diving accident may leave you unable to work and unable to receive a salary from your employer. Paying a regular premium into a fixed term income protection plan will cover this eventuality.
Confirmation of the salary amount occurs at the outset of the policy. A typical period of between one month and one year is when the first salary payment occurs following a claim.
Income protection is essential if you have outstanding debt, including but not limited to, the following:
- Personal Loans
- Credit card debt
- Hire purchase agreements
- Equity release
- School fees
For further information or an income protection quote to provide peace of mind for your loved ones, Contact the Insurance Hero team now on 0203 129 88 66 for competitive cover tailored to your unique personal circumstances.