How to Get Life Insurance for Skydivers
The first step is to start by retaining an insurance agent that deals with unique types of insurers, and has dealt with obtaining insurance for someone that skydives. Another way to start would be to look at the insurance company that you may already have that handles your home, or auto insurance and see if this can be added on or purchased at a cheaper rate. Another option is that if the skydiver is a member of a skydiving organization, check to see if they supply insurance for their members, this option may be less expensive as well.
Now after the insurance agent has been determined it is time to look at rates. The rates or annual fee will be determined by the number of jumps that the skydiver takes on an annual basis. The rates are based on 50 jumps per year or less, more than 50 or more than 100. The higher the amount of jumps the higher the premium. An example is as compared to a regular insurer that wants $500,000 worth of insurance the cost may be a little less than $800 per year, but for a skydiver the cost would increase to about $2,000 or less per year.
Another way that insurance companies determine the cost of life insurance for skydivers is to look at whether they are instructors or students, or if they are a USPA (United States Parachute Association) member. All of these things will determine how much the policy will cost. Some skydivers are advised to take out 2 policies, one that is a full life insurance policy and the other with exemptions, this way they are covered either way and the annual fee will be cheaper. Another option is if the skydiver already has life insurance they can grandfather, or attach a skydivers clause onto the the current policy and they are automatically covered in case something happens.