What Determines Your Rate?
Life insurance rates for scuba divers are influenced by the risks that scuba diving poses. The first part of the process is the evaluation for these risks. The main factors that are used to determine whether scuba diving poses risks include the participants’ experience, the type of diving they do, the equipment they use and the type of diving they do. The only thing that is certain is that rates may fluctuate based on the underwriting results to the questionnaire.
Rate variations are also influenced by the scuba diver’s past activities. For example, if a scuba diver has had heart surgery after a diving accident and it was deemed a result of the accident, the resulting rate may change as well. This is also true for if the accident was the result of reckless behavior. In many cases, a diver who is a recreational scuba diver may get a good deal on rates. However, it is worthwhile to know that premiums may increase once the policy is purchased. This is why it is important to disclose any existing conditions.
Finally, when you file a life insurance claim after a diving accident, it will result in the withdrawal of the policy. This will cause you to have to repay the premiums that you have not had a chance to spend.
Scuba Diver Certifications
Scuba divers have the same need for life insurance as any other person. However, getting the best scuba diving insurance quote can be a bit tricky.
The problem lies in the fact that scuba divers have unique risks that most people don’t run into – such as the possibility of an accidental drowning if scuba gear malfunctions. There are a number of reasons why you’d want to get the best insurance quote, but as always, it’s important to shop around and get estimates from multiple sources in order to get the best deal.
Most life insurance companies will use a preferred rate table which takes a dive experience into consideration and gives certain scuba divers lower life insurance rates than others.
For most policies, whether it is term or permanent, the right age, minimum health standards and a good driving record are the main things that reduce premium rates. The older you are the higher your rates will be.
The number of dives that you make a year, and the number of years you have been diving, can also lower your premium rates. It is not based on how deep you go or how long your dives are, just the number of dives and years as a diver.
There are two rating tables from different insurance companies, one piece of information that is used is the number of diving days per year, the other whether or not a diver has a degree from an accredited educational institution. In the end, it is the total diving time that can really reduce the price, but only if the diver is over 30 years old.
A diver with ten years diving may not give her so much credit for her years of diving as will a younger diver with only one year of diving.
Type of Scuba Diving
As far as the likelihood of any of your diving buddies diving too deep or underestimating the length of their dive goes, it’s nothing compared to the inadequacy of their life insurance policy. If you are a scuba diver, you certainly have a life insurance. It’s not like a car insurance or house insurance though. You usually have to actively decide to have one.
Even if you are a professional diver, your premiums will depend on the type of diving you do ” which necessitates having a different policy than a recreational diver ” and how deep you dive.
For instance, if you go cave diving, there are some companies that will charge you an additional premium. Even if you are a professional diver, your policy will be affected by the training or certifications you have done. The deeper you go, the higher your rates will be.
The depth of the dive also determines whether there is any excess coverage for a traditional life insurance policy. The excess coverage is the amount that is paid in the event of an accident. If you were to die in a shallow dive, your beneficiary will probably not benefit at all unless you had a large amount of insurance. They may be better off with a top-up life insurance policy instead.
Max Diving Depth
If you get life insurance, your premiums will be calculated based on your life expectancy. Regulations require that premiums must be based on your age, gender, health, and pre-existing conditions. Divers with a greater maximum diving depth will have higher life insurance premiums – even though it’s highly unlikely that they will ever reach that depth while diving. And even if they actually did, it’s safe to assume it would be a horribly painful experience.
But unfortunately, diving insurance premiums tend to be a little higher than regular life insurance premiums. This is because there is a greater chance of a diving incident (and death) than an non-diving related one.
Divers are higher-risk life insurance applicants than most other sports enthusiasts because of the inherent risks associated with scuba diving and the possible injuries that result from it. And therefore, you can expect to pay higher life insurance rates for a policy.
For example, one of the biggest risks presented by scuba diving is the possibility of decompression sickness. Decompression sickness occurs because scuba divers don’t allow their bodies enough time to decompress, which can result in the formation of gas bubbles in their bloodstream and other tissue. There are several types of decompression sickness, ranging from mild to fatal.
If decompression sickness leaves a diver disabled, it would make it nearly impossible for him or her to continue to work. And that’s another reason why life insurers consider scuba diving to be a high-risk activity. In many cases, it may require lifelong care, which would be very hard for a disabled person to afford. And thus, life insurers charge higher life insurance rates for scuba divers to cover the cost of disability.