The Importance of Life Insurance & Extreme Sports
There’s been a lot of talk on our blog lately about life insurance, but it’s worth discussing considering how important of a topic it is. Having a life insurance policy is a good idea for people of any age, no matter where they live or whatever else their life may entail. Considering our focus on sports this September, why not talk about the importance of life insurance for those that take part in extreme sports?
Everyone should have a life insurance policy in place, that is no secret. For those risk takers who enjoy activities such as sky diving and bungee jumping for fun, they are really upping their risk for accidents. Given the higher risk, doesn’t it make sense life insurance becomes even more important?
If it is difficult to see the value, think about anyone that may depend on you. If no one depends on you financially, what about your family if you passed away? Would they be able to take care of your funeral costs. Wouldn’t it be nice to take care of that for them and lessen their burden?
All of the above is difficult to think about and we get that, but we want you to be prepared. Part of being prepared is being aware of the coverage you should have in place as you enjoy your thrill-seeking, risk-taking lifestyle.
The first thing to know is if you are purchasing life insurance, questions about the above will be asked. Participating in activities like bungee jumping, sky diving, and even scuba diving increase your risk and your insurance company will need to be aware of that. Once you answer yes to participating in those activities, there may be additional forms that will need to be completed or additional questions your insurance company will want to ask.
Why would your insurance company need to know about these activities? There is a lot of liability that comes with these sports. Anything could happen which is why you will most likely sign a waiver with the extreme sports’ company where you sign off that it is not their responsibility. If it isn’t their responsibility or liability, this means that falls on your shoulders. It is your job to protect yourself in the event of the worst case scenario.
Along with your life insurance company, your health insurance company will also most likely need to know about these risks. Be aware that when your insurance company finds out about all of these risks, there are some companies that may exclude these types of exposures. This is where working with an agency with multiple carriers, like Encharter, can be helpful. If one insurance company has an issue with writing your policy, there are other options and places to shop your policy around.
Lastly, as I briefly touched on above, think about those around you as you take these risks. Having life insurance is the perfect way to insure that while your life may be risky, if something does happen the people you care about most would be taken care of.
More questions about life insurance or would like a quote for life insurance? Our agents can help walk you through the sometimes difficult process and get you on the road to coverage today. Give them a call at 888.865.1244.