There are many things that affect life insurance rates, such as your health and your age. However, did you also know that your lifestyle can greatly affect your life insurance rates?
In particular, did you know that your hobbies can not only affect your life insurance rates, but also affect your acceptance for life insurance?
Most of the time, our hobbies don’t interfere with our ability to qualify for life insurance. After all, a leisurely round of golf or a weekend bicycle ride certainly doesn’t increase your likelihood of dying all that much.
However, there certainly are some hobbies – particularly those that provide that all-elusive adrenaline rush – for which you may end up paying for in terms of life insurance denial and/or higher life insurance rates.
Although each life insurance company views risks differently, there are a few activities that are deemed to be risky across the board:
- Diving
- Sky diving
- Rock climbing
- Aviation
- Motor sports
Other activities that may raise a red flag with your life insurer include:
- Surfing
- Hang gliding
- Skiing/snowboarding
- Bungee jumping
- White water rafting
Many individuals naturally assume that because they are in good health that they are eligible for low life insurance rates. However, most life insurance companies don’t look at it that way. In fact, if you actively participate in certain activities you could be either be placed in a higher risk class (thereby costing you more money in premiums) or simply excluded from coverage altogether.
Your life insurer will likely ask you a host of questions regarding your “risky” hobby, including: how many times a year you participate in the activity; how long you have been participating in the hobby; and how many hours you have logged in with the sport.
One thing’s for certain: don’t answer any questions about your sport dishonestly; otherwise, the insurer may deny your family your life insurance claim if you die as a result of your dangerous hobby.
Regardless of your participation in hobbies deemed dangerous or risky by your insurer, you should be able to find an insurance company that will offer you a life insurance policy; you just may end up paying more for it.
