Some people have rather extreme habits of jumping out of cliffs to skydive and ascend the treacherous ice formations in the Arctic. Many people enjoy challenges and they may also have dangerous jobs. These people simply can’t live a day without feeling an adrenaline rush. Despite their risky activities, it is still possible for them to obtain proper life insurance coverage. In this case, we should find relatively reasonable rates. It is clear that we could be denied coverage if we try to apply for standard life insurance policy. Even if we have a good deal, the hazardous avocations will certainly come with higher premiums. We still can keep our personal premiums from soaring by doing specific steps.
Underwriters will likely rule out any option for most favourable rates due to these kinds of activities. Insurers don’t want to deal with people who have excessively high risks. It means that we should take all safety precautions. Despite their extreme nature, these activities are actually quite safe, if we always pay attention to safety concerns. The life insurance industry is big and some insurers will try to find less competitive niches, for example by looking consumers with extreme sports preferences. We should know that insurers are usually quite good about their research and if we lie, they will catch us. After a couple of years, insurers are able to reject claims and nullify the contract. It may happen if we misunderstand the information. Insurers are allowed to do this to prevent fraud and violations by consumers.
Because many extreme sports are performed in remote locations, we may think that it’s easy to lie. But, if we are caught lying, the violation will go on our record. It means that after our contract is nullified, it is impossible for us to find reasonable rates, even for standard life insurance or car insurance policies. If the violation is severe enough, we won’t be accepted for any kind of insurance.
Even if we don’t do extreme sports, there could be some activities that increase our life insurance rates. If we do the following hobbies, we should expect to pay for higher premiums:
- Fishing: Sure, it is a wonderful hobby. We get plenty of exercises and fresh air. However, boat accidents are real occurrences and if we spend more time on the water in one year, the risk of drowning is elevated.
- Off the grid cabin life: Some people spend a few months each year living in a log cabin in the middle of forest that can be reached by hours or even days of walking. We will be far from emergency services and various bad things may happen. As an example, contact with equipment and objects when cutting trees for firewood may cause injuries.
- Amateur flying: Many people fly with ultra-light or small aircrafts as their hobby. However, this also represents added risk to our lives. We often hear crashes of small planes with amateur pilots in them.
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