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You’ll Want To Read This Article To Better Understand The Process Of Applying For Life Insurance With A Unique Hobby Like Base Jumping
Most likely you’re here today because either yourself or a loved one is looking for life insurance and has had difficulties getting approved for life insurance because of their hobby of base jumping.
Buy Life Insurance for Burial can guide you with your intention in buying insurance coverage. We’ll answer a number of questions regarding the types of products you may qualify for as well as additional things to consider such as exclusionary riders.
Here’s An Overview Of Today’s Topic:
- If You Base Jump, Can You Get Coverage?
- How To Qualify For Life Insurance?
- What Are Exclusionary Riders?
- Burial Insurance Rates, Age 40 To 90*
If you base jump, can you get coverage?
The short answer is that it totally depends upon which companies you apply with and which coverage options you are looking for.
Simply put, base jumping is a high risk activity that many underwriters simply balk at when approving coverage. This is one of the reasons why my team and I at Buy Life Insurance for Burial choose to work as brokers.
Not one company will always be the best choice for life insurance coverage. Many of them are restrictive on certain ailments, conditions or hobbies like base jumping and won’t be helpful when it comes to finding life insurance that gives you the best coverage for the lowest price.
To ensure your search for insurance ends successfully, you want to make sure the first thing you do is work with a broker like us. We can provide you with a number of options and shop around to find a product that is going to work best for your goals and budget.
How to qualify for life insurance?
Let’s talk about some options that you may potentially consider, depending on your circumstances, to apply for life insurance.
First Option – The traditional way of getting insurance coverage
The traditional way of getting insurance it to apply for life insurance through an insurance agent like us here at Buy Life Insurance for Burial. You complete an application and then go through the process of figuring out if you can be approved.
Since base jumping is considered a risky hobby, you may find that you are approved for coverage but are required to pay a flat extra.
What is a flat extra?
A flat extra is designed to be a surcharge on top of your premium rate to cover for the fact that you are participating in a high risk endeavor.
Let me give you a mathematical example so you can better understand how a flat extra will figure into your premium:
Let’s say your annual premium is $500. You apply for $100,000 in life insurance as a base jumper. The policy is approved, but at a flat extra of $5 per $1,000 in coverage.
If you do the math, that would add another $500 to the plan and give you a total annual price of $1,000 you must pay to put the policy into force.
Obviously the flat extra amount would increase as your coverage amount increases. And the initial premium you pay would also be impacted by your overall health. So for those who participate in risky hobbies such as base jumping, a flat extra is a traditional way to get coverage.
Second Option – The non-traditional way of getting insurance coverage
The non-traditional way of applying for life insurance is unique and should only be used when all other methods fail. This involves applying through Lloyd’s of London. They’ll essentially insure just about anything, including the Titanic.
A lot of people in risky professions, or those with risky hobbies, discover they are declined by run of the mill life insurance companies, but can find a lot more flexibility with Lloyd’s of London.
This may be the route that you decide to take if all your other options are exhausted. Be aware though that your price point on these types of plans will be dramatically higher than what you would otherwise experience.
Simplified Issue Plans
Simplified issue plans are designed to ask minimal health questions. They’re designed more so for final expense that would pay burials and any minor final expenses like credit card debt rather than income replacement.
I would only recommend these plans if your health issues preclude you from traditional methods of getting life insurance and your base jumping adds to the problem. It’s very unlikely that a guaranteed issue or simplified issue product will be something you need to consider, but you may find it is one of the few options you have with base jumping.
You could also get accidental coverage as well if you have difficulty getting approved for traditional life insurance. An accidental coverage application typically asks fewer health questions.
However, accidental coverage is designed to only pay out if you die from an accident. While it’s not comprehensive coverage, it is something to be considered if you are struggling to get coverage in place.
What are exclusionary riders?
Exclusionary riders allow people who participate in high risk activities to have life insurance coverage outside of their risky activity. If you were to apply for this type of coverage, if you died while base jumping you would not be covered.
This is a great option to get life insurance in force without necessarily having to pay a higher price. My recommendation is to get life insurance by any means necessary. Life Insurance is an important part of your financial plan. We just don’t know when we’re going to die. You may die from base jumping, you may die of something entirely different.
Either way you’re going to die and it’s going to leave some sort of burden on your loved ones. Why would you want to put them through that situation? This is why even if you run across circumstances where you do have a flat extra included or you can’t get coverage and are only limited to simplified issue or an accidental type of plan, you should go ahead and buy it.
Get some kind of life insurance policy on the books even if it’s not exactly what you want.
Your circumstances may change in the future. You may not base jump anymore or you may be able to afford a higher premium. There is always the option to re-apply at that point and improve your plan.
I’ve met so many people throughout life that just don’t have enough life insurance coverage in force or put off getting life insurance until they couldn’t qualify for much of anything due to their declining health or age.
Don’t become part of that statistic. Qualify for life insurance while you can and let Buy Life Insurance for Burial help.
Burial Insurance Rates, Age 40 to 90*
Rates for $5,000 in Burial Insurance
Rates for $10,000 in Burial Insurance
Rates for $15,000 in Burial Insurance
Rates for $20,000 in Burial Insurance
Rates for $25,000 in Burial Insurance
*Burial insurance premiums are subject to underwriting, based on rates as of 8/20/2018, from state-regulated life insurance companies offering final expense burial whole life insurance protection. Understand that in order to potentially qualify, you must submit an application to see if you’re eligible. Rates are subject to change. Give Buy Life Insurance for Burial a call at 888-626-0439 now to see what program you may qualify for.
Term Life Insurance Rates, Age 25 to 75*
Term Life Insurance Coverage – 10 Year Term – $100,000 in Coverage
Term Life Insurance Coverage – 10 Year Term – $250,000 in Coverage
Term Life Insurance Coverage – 10 Year Term – $500,000 in Coverage
Term Life Insurance Coverage – 10 Year Term – $1,000,000 in Coverage