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Life insurance for SCUBA divers

Posted by on in Family Protection

Life insurance for SCUBA divers.

 

Most traditional life insurance companies treat SCUBA diving as a risky sport. Scuba diving is lumped in with other “hazardous sports and hobbies” such as hang gliding, skydiving, motor racing and mountain climbing.

 

If a scuba diver is applying for life insurance with a traditional, fully underwritten, life insurance company they will be asked to complete an additional questionnaire related to their diving activities. The answers to these additional questions may result in limitations to their coverage or an out-right decline of coverage.

 

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Term Life Insurance - Two important features most people forget

Posted by on in Family Protection

I wanted to remind you of two important features of term life insurance.

 

Term life insurance policies are typically both renewable and convertible and these nifty features are built in to most term life insurance contracts.

 

Let’s first talk about what makes the insurance protection renewable.  Term life insurance increases in cost at the end of each term. The terms are typically 10 and 20 years terms. The premium changes are written in the policy and are guaranteed. This means that with a ten year term policy that the premium will increase in the 11th year and on the 21st year if you have a twenty year term. Each time the premium increases we call it a “renewal”.  

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