Do you live for the free fall moments after jumping thousands of feet into the air from an airplane? What about the feeling you get from bungee jumping in the mountains of New Zealand, or diving with sharks in Zimbabwe, or sharpening your skills as a motocross athlete?
If you like to live life on the edge, then extreme sports are for you. Everything about extreme sports is built on the extreme – from the activities themselves, to the philosophies that thrill seekers live by. They thrive on the exhilaration, thrill, and the vast element of danger that put the “extreme” in extreme sports.
While you might be planning to go to the other side of the world for a skydive or bungee jump, or stay home or practicing another activity that’ll keep you right on the edge, you may not think about the importance of making sure you have health insurance in place that includes coverage for these high-risk activities. It’s important for you and your loved ones, and while not a subject many like to think of, it must be considered when partaking in the world of danger that is extreme sports.
What Activities are Considered Extreme By Life Insurers?
The truth is, this differs from each life insurance company, and there are a vast number of activities that have extreme sports classification. While most life insurers have a list of extreme activities and sports on their application form, that list has continued to expand as more and more extreme-oriented activities grow.
The term “extreme sports” is a rather loose definition of sports are typically described as high-risk, athletic activities that are perceived as dangerous that gets your adrenaline pumping. For example, football is not an extreme sport, and some people say that kitesurfing shouldn’t be either. But nearly everyone agrees that skydiving is!
Other activities like paragliding, cave diving, zip lining, bungee jumping, whitewater rafting and kayaking, are all considered to be extreme sports.
Reasons to Consider Life Insurance
It’s no secret that extreme sports carry unparalleled risk within the world of athletics.
- If you should die while out and about participating in extreme sports, you’ll be able to ensure your loved ones are taken care of financially in the event of your death. Giving you peace of mind
- To ensure that your family is able to continue living their current lifestyle if you pass away
- Those who smoke or vape while competing or partaking in extreme sports are at a higher risk of health complications
Depending on the activity, normal life insurance providers or even mainstream sports life insurance insurers can exclude an extreme pursuit from a life insurance policy, or impose certain types of restrictions due to the higher risk involved. That’s why many thrill seekers turn to specialist insurers to provide life coverage with no restrictions.
Does My Normal Health Insurance Cover Extreme Sports?
Most life insurance companies do not automatically cover extreme sports in your standard travel insurance. For the daredevils out there, you’ll want to make sure that you purchase a health insurance plan that includes coverage for the types of extreme sports you’ll be partaking in, so you’re protected in case of an unexpected accident or injury.
But how can you tell if your health insurance plan will cover these activities? You’ll need to review your policy information to confirm the coverage details or contact your provider and find out what your options are.
Who Should Consider Extreme Sport Life Insurance Coverage?
Ask yourself these questions:
- Do you have a family who would suffer economic difficulty in the event you should die?
- Do you have financial commitments like personal loans, a mortgage, or credit card debt?
Yes to one or both of those? Consider your options of life insurance.
Finding the Best Coverage For You
The main parts of determining your premium will be in considering the level of risk, depending on the type of extreme sports you’re engaged in, your experience, your age and health.
When applying for life insurance coverage, mention the sports you want to engage in and see if you would still qualify. If you do not provide complete information, you may not be covered in the event of injury or death.
Some coverage providers that do cover your chosen extreme activity may need to evaluate the risk depending on the specifics of the extreme sport, as they might reject the application if the circumstances don’t fall within their coverage.
Another option to keep in mind is that if the sport is not very risky (ie. tandem skydiving), the provider may just give you a standard rate for life insurance. As you can see, your premiums can be high or low depending on the type of extreme sports and risks involved.
How To Lower Your Extreme Sports Life Insurance Premium Rates
Everyone’s loves to find a way to lower their insurance premiums, whether it is your car, home or life insurance. A lot of the time, you’ll be able to enjoy lower premium rates if you’re participating in a group activity like bungee jumping, since it has rigid safety procedures.
Another way to lower your premiums in some cases is to belong to an organized community or association of the extreme sport you’re partaking in.
As you can see, there are lots of variables when it comes to extreme sports, and you’ll need to check out all your options in order to get the best deal with the plan that fits your lifestyle and needs.
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