Paul Sanchez
Scuba diving is considered a risky activity by insurance companies, and divers may be charged higher premiums to compensate for the increased risk of death or injury. However, recreational divers who only dive occasionally and at shallow depths can still find affordable life insurance options, as the risk is calculated based on how often you dive, where, and what kinds of dives you do.
| Characteristics | Values |
|---|---|
| How often you dive | More than 10 times per year will result in higher rates, a flat extra fee, or denial of coverage. |
| How deep you dive | Dives under 75 feet will qualify for the best underwriting rate classes. Dives exceeding 120 feet will incur a flat extra expense. |
| Type of diving | Wreck diving, cave diving, rescue diving, commercial diving, and ice diving are considered riskier and will result in higher rates. |
| Diving experience | More experienced divers can obtain better rates. |
| Diving alone | Diving alone will result in higher rates. |
| Diving for pay | Diving for pay will lead to follow-up questions about the danger of your work. |
| Scuba certification | Having a higher degree of certification will result in a preferred health class. |
What You'll Learn
Does life insurance cover recreational scuba diving?
Scuba diving is considered an adventure sport by the insurance industry, and while it may not be that dangerous, it is still considered a risky activity. This means that recreational scuba divers may have to pay higher premiums for their life insurance policies. However, this is not always the case, and premiums are calculated based on a variety of factors.
Insurance companies will ask scuba divers a series of questions to determine their risk level. These questions include:
- How often do you dive?
- What is the average depth of your dives?
- What is the deepest you have ever dived?
- What kind of environment do you dive in?
- What kind of certifications do you have?
Based on the answers to these questions, insurance companies will classify divers into different risk categories. If you only dive in open water while on vacation, your risks are extremely low, and your premium will probably only raise a nominal amount, if at all. If you dive more than 10 times a year or deeper than 100 feet, you may be charged higher rates, an additional fee for every $1000 in coverage, or you may even be denied coverage.
Most insurers have different rate classes based on depth. Dives under 100 feet generally qualify for the best underwriting rate classes. Rates vary by company for dives between 101 and 129 feet, and dives exceeding 130 feet may require a flat extra expense. Recreational divers with an Open Water Diver certification can easily qualify for a preferred plus rating if they do not dive deeper than 60 feet and are in good health.
It is important to note that each insurance company has its own underwriting guidelines and may assess risk differently. Therefore, it is recommended to compare quotes from multiple companies to find the best coverage at an affordable price. Additionally, it is not a good idea to lie on your life insurance application about scuba diving habits as it is considered fraud and could void your coverage.
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What are the best life insurance companies for scuba divers?
Scuba diving is considered a risky activity by many life insurance companies, and it can affect your life insurance eligibility if done professionally or frequently. However, if you only dive casually, you can still find affordable life insurance. The best life insurance companies for scuba divers will offer policies that fit your financial needs and have strong financial ratings. Here are some options to consider:
Prudential
Prudential is a good option for term life insurance, especially for those over 60. They have flexible underwriting guidelines for divers and consider applicants with various immigration statuses. Their rates are often more affordable for scuba divers, and they may even waive the health exam requirement if you have well-managed health issues.
MassMutual
MassMutual is a good choice for whole life insurance due to its strong financial stability ratings. Their whole life insurance plan offers lifetime coverage and the potential to earn dividends. While their term life premiums are high, their whole life insurance plan is a good option for those seeking permanent coverage.
Mutual of Omaha
Mutual of Omaha offers affordable rates and two coverage levels depending on your health. They provide a no-medical-exam option, which is convenient for older applicants. However, they have slower turnaround times and more expensive policies than average.
AIG, Lincoln Financial, Banner, and Pacific Life
These companies offer preferred plus rates for master-certified scuba divers who dive up to 100 feet.
Brighthouse Financial, Corebridge Financial, and Legal & General America
These companies are mentioned as offering the best possible classification for scuba divers, but specific details about their offerings are not provided.
When choosing a life insurance company as a scuba diver, it's important to consider your diving habits, such as the type of diving, frequency, depth, and certification. Be prepared to answer questions about your diving activities and be honest about your disclosures to ensure that your policy will pay out when needed. Working with an independent agent who understands scuba diving can help you get the best rates. Additionally, getting life insurance early on can result in cheaper rates.
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How does dive depth impact life insurance rates?
Dive depth is one of the factors that life insurance companies consider when determining rates for scuba divers. The greater the depth, the higher the risk classification, which leads to higher premiums or additional fees.
If you dive below 75 feet, some insurers will offer their best rate classes, but there may be limitations on the number of dives per year. For depths between 76 and 100 feet, some companies will still offer their best rates, but others may impose restrictions or add flat extra charges. Dives exceeding 100 feet will typically result in higher rates, with additional fees ranging from $2 to $5 for every $1,000 of coverage. Dives deeper than 130 feet will likely require a flat extra expense, and the charges increase further for depths beyond 150 feet.
The impact of dive depth on life insurance rates is based on the assumption that deeper dives are riskier and have a higher chance of resulting in health issues or accidents. Insurers also consider other factors, such as dive frequency, type of diving, and certifications, when determining rates for scuba divers.
It's important to note that recreational scuba diving usually won't affect your life insurance rates or eligibility unless you dive frequently or professionally. Most divers fall into the recreational category, and affordable rates are widely available for them.
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What questions do life insurance companies ask scuba divers?
Life insurance companies will ask scuba divers a series of questions to assess their risk level and determine their insurance rates. These questions will help the insurance company to understand the frequency, depth, and purpose of the dives, as well as the diver's experience and certifications. Here are some of the questions that life insurance companies may ask scuba divers:
- Are you a professional or semi-professional diver?
- How often do you dive?
- What is the average depth of your dives? What is your deepest dive?
- Do you dive alone or with a partner/instructor?
- Where do you typically dive? (e.g. open water, lakes, oceans, rivers)
- What type of diving activities do you engage in? (e.g. wreck diving, cave diving, commercial diving)
- Do you have any scuba diving certifications? If so, what are they?
- Are you a member of a scuba diving club?
- How long have you been diving?
- How much time do you spend underwater per dive?
- Have you ever had decompression sickness?
- Do you have any planned dive trips in the next 12 months? If so, where and what depths will you be diving at?
The answers to these questions will help insurance companies evaluate the risk associated with the diver's activities and determine their insurance rates and eligibility. It is important for scuba divers to be honest when answering these questions, as lying on a life insurance application can be considered fraud and may void the coverage.
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What if I don't tell the insurance company about my scuba diving?
Lying on your life insurance application about scuba diving is not recommended. Not only is it considered fraud, but it could also result in your coverage being voided. A standard feature of all life insurance contracts is the contestability period clause, which allows the insurance company to investigate your death within the first two years of your contract to verify if you misrepresented any facts on your application. If you lie about scuba diving and die in a scuba diving accident, your insurance provider may refuse to pay out to your beneficiary.
If you are confident that you will not become a scuba diving fatality, you can always buy a policy without diving coverage. This means you won't have to pay extra for being a diver, but your policy will only be valid as long as you don't die while diving. This option provides less coverage but could be more affordable if you're concerned about high premiums due to your scuba diving hobby.
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Frequently asked questions
Yes, most life insurance policies cover scuba diving-related deaths. However, technical divers may have to pay an additional fee or settle for a policy with an exclusion.
If you scuba dive frequently (more than 10 times per year) or at depths greater than 100 feet, you may be subject to higher rates, a flat extra fee, or even denial of coverage. The exact increase in rates depends on the insurance company and your individual circumstances.
Insurance companies typically ask scuba divers a series of questions to determine their risk level. These questions may include the type of diving, frequency of dives, depth of dives, certifications held, and diving locations. Based on these factors, insurance companies will determine your risk classification and the corresponding rates.
