Term life insurance for scuba divers is not straightforward, and premiums can vary considerably from carrier to carrier. High-risk activities such as scuba diving can mean increased premiums, and sometimes “flat extras” – especially if you don’t know which life insurance company to apply with.
A “flat extra” fee refers to a flat fee tacked on to every thousand dollars of your policy’s coverage. The challenge is finding the insurance carrier that has the best pricing based on your diving activities.
The good thing is that we are independent life insurance agents, and know which life insurance companies have the best rates for scuba divers.
Scuba Diving Risk and Your Life Insurance Policy
Potential risk information is used by the insurance company to place you into an insurance rate class, and this is the primary determining factor for premium costs. Scuba diving is considered a high risk activity, and in this case, premium increases and flat extras are based on statistical data that different types of dives have. Because different types of diving have different types of risks, life insurance companies will want to find out the type of diving you do, how many times a year, and how deep you dive.
Best life insurance carriers for scuba divers
Not every company will give you a great deal when it comes to life insurance and SCUBA diving. Some companies are stricter than others.
In other words…
You may get approved at 3 different rate classifications with 3 different companies. This difference can mean THOUSANDS of dollars over the life of your policy.
Scuba divers should look real close to these life insurance companies when buying a policy, since they usually offer the best rates.
|Mutual of Omaha||Great|
How deep do you dive?
Depth is the most important factor that insurance companies take into consideration. Some insurance companies have a maximum limit to the depth of the dives they will insure.
Divers who stay under 100 feet and do so in open water can get Preferred Plus pricing with ING. The good thing about ING is that they don’t limit the amount of dives you can do a year like other life insurance companies, and will still offer Preferred Plus rates.
Once the depth passes one hundred feet there will typically be a “flat extra” or extra fee added to the policy.
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Scuba Diving Life Insurance Premiums
To get an idea of how much your life insurance premiums will cost, we need to go over your diving habits.
The infographic above and the chart below will give you an idea of what you may pay for your life insurance. All of these life insurance quotes are based on a 30-year-old male in excellent health. Note that your actual age and specific health details can change your quotes.
|Details||Vacation Diver||Recreational Diver||Risky Diver|
|Frequency||Less than 10 dives every 12 months||Unlimited diving is permitted||Less than 10 dives every 12 months|
|Depth||Under 75 meters||Under 100 meters||Over 100 meters|
|Certification||Accompanied & Certified Open Water||Certified Open Water||Open water, tresure, rescue, wreck, spear diving, cave diving, free diving|
|Rating||Possible Preferred Plus rates||Possible Preferred Plus – Preferred rates||Flat Extra $2.50 – $7 per $1000|
|$100,000 / 20 Years||$9.10||$10.36||$30 – $67|
|$250,000 / 20 Years||$12.96||$16.06||$65 – $159|
|$500,000 / 20 Years||$19.91||$25.93||$125 – $312|
|$1,000,000 / 20 Years||$33.60||$44.12||$241 – $618|
Depth Increases Your Cost
How deep you dive can be a huge factor in your cost as you can see above.
75 feet is the usual maximum depth that life insurance companies allow you to dive to qualify for their best rate class.
Once you go deeper than 75 feet the number of carriers who offer preferred or preferred best rates dry up. When you reach 100 feet – you’re reaching the maximum depth allowed by the remaining life insurance companies.
What about dives of 100 feet or more?
Once you get to 100 feet or more, the number of companies willing to offer you coverage at preferred rates disappears. In fact, there are only a few companies that even offer you standard rates.
Of these remaining companies that will cover dives of 100+ feet… there is typically something called a ‘flat extra’ charge added to your policy.
Flat Extra Charges
When you dive for depths of 100 or more feet, the companies will add and extra charge for every $1,000 of coverage. This is called a flat extra fee. Scuba divers should look to spend an extra $2.50 to $7.00 per $1,000 of life insurance.
What Information You Need to Provide the Insurance Company
Life insurance prices are all about RISK and how likely you are to die. Age, weight, and health are common life insurance risk factors. So are hobbies and jobs. These are some of the scuba diving risk factors questions that the insurance companies will ask you.
SCUBA / Diving Questionnaire
- Purpose of the dives (pleasure or commercial in nature)
- Depth of the dives
- How many times a year you dive
- Are you a certified scuba diver?
- If yes: What is the name of the organization? Hours of instruction? Date of certification? If no: Why?
- Types of dives you have participated such as cave diving, ice diving, exploration of shipwrecks
- Number of Dives in the past year?
- Average underwater time for every dive?
- The projected number of dives in the next year?
- Amount of dives under 50 feet/average time underwater over the past year?
- Amount of dives the past year between fifty and 75 feet/average time underwater?
- How many dives the past year between 76 and hundred feet/average time underwater?
- How many dives past year over 100 feet/average time underwater?
- How many dives do you anticipate over next year of less than fifty feet/average time underwater?
- How many dives do you anticipate over the next year between fifty and 75 feet/average time underwater?
- How many dives do you anticipate over the next year between 76 and 1 hundred feet/average time underwater?
- How many dives do you anticipate over hundred feet/average time underwater?
- Provide the types of SCUBA equipment that you use. For example, Wet suit, number of scuba tanks, open or closed circuit, air supply type. etc.
- How frequently is your equipment serviced?
- Have you used experimental equipment?
- Have you or will you attempt to dive for depth records?
- What is your maximum obtained depth?
- Have you or will you dive alone?
- What are the locations where you dive? Please list all locations: Ocean, Deep Sea, Lakes, Bays, Caves, other?
The Best Solution
The goal when seeking life insurance for scubadivers is obtaining a policy that will cover the needs of the beneficiaries while still minimizing premium costs. Each company has differing views of the risk levels associated with different diving habits.
Life Insurance for Scuba Divers
The best solution for scuba divers is to work with an independent agency who knows the rates and requirements for the different insurance carriers. An independent licensed agency can use your diving experience to determine which companies offer the best value for your situation and needs.
Request a quote below and we can help you get the best rates for life insurance for scuba divers or call us at 888-411-1329.