One question we get on a regular basis is why life insurance for scuba divers can be more expensive. It’s a great question, and there are several reasons why it might cost more.
However, for the average diver, life insurance won’t be more expensive; the additional costs are attributed to those who do more than recreational diving, or those who push the boundaries of casual diving. We’ll explain more below, but understand you are likely not a risk if it’s a simple hobby.
In any case, when you apply for coverage, you’ll need to have details readily available about your diving practices for the carrier to grant you top notch rates.
Cheaper Life Insurance For Scuba Divers
Scuba divers are a diverse crowd, from very basic divers barely doing more than snorkeling, to those who dive salvage wrecks for exploration or occupation, to those who take it to the physical limit to go where no man has gone before.
As with the other hobbies, there are measurable factors on what determines the different levels of risk a participant is enduring. We’ll start with the basic questions virtually every diver will be asked prior to being underwritten.
- Why do you dive?
- What is your level of experience?
- What is your diving frequency?
- How deep do you go?
- What safety precautions do you utilize?
These may seem like somewhat open ended questions, and this is typically how they’ll be asked of you on an application or avocation questionnaire. Remember to be honest and answer thoroughly. The more information you can provide, the better your possible outcome.
Why do you dive?
It may seem like a funny question at first, but it’s practical. Do you dive for fun? Do you dive for work, or as a small portion of your occupation? Are you a rescue diver? Are you a research diver? Do you dive for sport? Are you an underwater photographer? Are you a free diver? Do you dive under ice or in caves?
Your response to these by themselves do little more than point the underwriters in the right direction on follow up questions. For example, a recreational diver won’t need to provide the same level of training and certification as one who is a marine biologist and dives for extended periods of time for underwater research, and their questions will differ.
What is your level of experience?
Experience is not limited to education or certifications received, however it is integral to present these if you can. If you have been diving for 20 years, say so; this helps identify you have a strong track record of diving, and a likelier chance of knowing how to avoid sticky situations.
If you’re certified, by the SSI, PADI, NAUI, or other organization, have your paperwork or verification numbers handy to provide your agent. Declare your certification level (Recreational, Technical, Instructor, Master). If you’re specialized in one area, say so. If you have additional training, like CPR, provide this, as well.
What is your diving frequency?
Related to your experience, your frequency of dives help your life insurance agent and underwriter to understand how much underwater time you’ve logged, both past and present. The more frequency, the better, in most cases. While it seems backwards because you’re seemingly at risk for more hours, it relates to higher levels of experience.
How deep do you go?
Your depth matters, a lot. This is one of the determining factors for several companies when deciding what amount of fee, if any, they’ll be attaching to your premiums (see flat extra fees above). In addition, certain depths mean no offer from many companies, too.
There are two ways you’ll be asked to define your diving depth:
They are self-explanatory, yet mutually exclusive. Even if your average dive is very shallow, if your maximum dives are quite deep, this will have a large impact.
What safety precautions do you utilize?
Your precautionary safety measures play a greater role in your purchase for life insurance as a scuba diver than you may thing, so don’t discount your reply to these when asked. Here are a few:
- Do you dive alone, with a diving partner, or in a group setting?
- Do you dive in all seasons and in all weather patterns?
- What geographic locations do you dive in?
- What kinds of equipment do you use?
- Do you dive with back up tanks?
Depending on specialties, you may also be asked about tools, occupational protocols, and more.
Beware of “group” type plans.
If you’re a scuba diver looking for life insurance, you obviously want to compare all possible products, types and companies. While we can assist you in your needs for insurance through major insurance companies across America, we don’t offer “group” plans.
And this is on purpose.
Group life insurance for divers through programs like the Divers Alert Network, or DAN, tend to be a waste of money. There are exclusions, maximum death benefits, constant premium increases, and they only pay out if you die while on a dive. These plans are not for everyone.
Where To Apply
|Company||Rate Available||Annual Dives||Max Depth||Notes|
|American General||Preferred Best||10||100′||Certification required, or instructor driven. Open only.|
|AXA Equitable||Preferred Best||N/A||100′||$2.5 flat fee 75-100′, $7.5 flat fee penetration.|
|Banner||Preferred Best||N/A||75′||$2.5 flat fee to 75′.|
|Fidelity||Standard||Vacation Only||100′||No exam required.|
|Genworth||Preferred Best||N/A||100′||$2.5 flat fee for penetration or greater than 125′.|
|ING Reliastar||Preferred Best||N/A||100′||Certification required, over 100′ adds flat fee.|
|Lincoln||Preferred Best||N/A||100′||Certification required.|
|MetLife||Preferred Best||N/A||100′||Certification required, or instructor driven. $2.5 flat fee over 100′.|
|Minnesota Life||Preferred Best||N/A||100′||Certification required, or instructor driven. Open only.|
|Mutual of Omaha||Preferred Best||N/A||100′||Certification required. $2.50 flat fee open, $5 flat fee overhead.|
|Protective||Preferred Best||Individual Consideration||75′||Certification required, or instructor driven. Open only. $2.5 flat fee over 100′.|
|Prudential||Preferred||N/A||100′||Certification required, or instructor driven. Preferred over 100′.|
|SBLI||Preferred Best||10||75′||Certification required, or instructor driven. $2.5 flat fee over 100′.|
|Transamerica||Preferred Best||N/A||75′||<75′ Preferred Best. <100′ Preferred. <250′ up to $5 flat fee. >250′ up to $10 flat fee.|
These are subject to change at the discretion of the carrier, and are not guaranteed for all applicants.
If you have questions, reach out to us or begin the process of applying by requesting a quote in the sidebar. We’ll help you navigate the waters from here, and help you get the best possible rates.