If you or someone you love regularly participates in extreme sports, you may be interested in life insurance. Life insurance is a policy put in place between you and a provider where essentially in exchange for your premium payments, the company will pay a lump sum to your beneficiaries in the event of your death. Anyone who regularly participates in extreme sports is considered to have a higher risk of death and therefore may want to consider this type of financial protection. In this article we answer some of the most commonly asked questions regarding life insurance for extreme sports.
Can I get Life Insurance for Extreme Sports
All life insurance providers will have different criterias, and may specialise in different types of insurance. However if you go to a sports life insurance provider, provided you fit the criteria they should be able to offer you life insurance for extreme sports. Sports Financial Services specialises in life insurance for a wide range of extreme sports, with 20 years of experience they should be able to help you with extreme sports cover.
What Factors Would an Extreme Sports Life Insurance Company Consider?
There are many different factors that need to be considered by your insurer before giving you your cover, such as:
- Type of activity you are involved with.
- Level of danger.
- Whether the activity is done competitively or for recreation
- The level you compete at (if applicable).
- Any professional qualifications that might reduce your risk (such as a certificate in snorkelling).
- Amount of time spent on the activity.
What is the Application Process of Life Insurance for Extreme Sports?
There will be a number of things discussed during the process of applying for life insurance for extreme sports. When applying for cover this would be the general process you might go through:
- Your provider finds out what they need to know about your sport and your particular needs.
- Researching all the providers and different covers that are fit for you and the kind of sport you participate in.
- Getting in touch with the insurers and liaising with them for you.
- Discussing if there are any exclusions, loadings or restrictions as a result of the information you have disclosed.
- Lastly discussing any payment terms and what premium options there might be.
What Types of Insurance Should I Consider?
Life insurance– A lump sum of money provided to pay off a mortgage, debts or to give to a family in the event of death.
Critical illness cover– Financial peace of mind in the event that you are diagnosed with a specific condition, which will have been detailed within your policy.
Income protection– If you are concerned that an accident or illness may prevent you from working for a period of time, then an Income Protection policy might be something you want to discuss with your provider.
You might want to consider that depending on the specifics of your occupation or recreation there may be loading, restrictions or exclusions applied to certain covers.
How can I Find Life Insurance for Extreme Sports?
There is two ways in which you can find life insurance for extreme sports:
- Using a comparison website, this will provide you with a range of insurance providers, with their quotes. There will be a small overview provided of each insurance policy, you always need to consider that the quote given on the comparison site is not always the same as after you’ve finished the application process. The downside of using a comparison site is that the quotes often do not take into account all the details of your extreme sporting activities. This means the quotes are often inaccurate and the insurer may not even provide you with the right level of cover for your sport.
- Use an insurance provider/advisor like Sports FS. Their process will involve asking you a number of questions to give you a much more accurate quote. These kinds of questions are asked to make sure you are provided with the right price for your cover for your sport. Sports FS specialist in life insurance for extreme sport so understand your sport, your insurance needs and have access to better rates.
