You could be the healthiest person walking around. You might eat right, never smoke and exercise regularly but if you partake in certain activities or have specific hobbies you could see an increase in the amount of life insurance that you end up paying. Insurance companies like safe bets so if you have a thrill seeking streak you could end up paying large rates but if you do have a thrill seeking streak, life insurance is something that you can’t afford not to have.
Your overall lifestyle is taken into account when you are applying for term life insurance coverage. It is because of this that applicants who risk their lives on a regular basis or who are subjecting themselves to potential disability on a regular basis will pay higher premiums but this shouldn’t discourage people from taking up the cover that they need as there are a number of insurance agents out there who can provide you with some very competitive rates when it comes to your term life insurance policy.
There are two ways in which you could be risking your health through the lifestyle that you lead; it could either be through the job that you do or it could be because of the hobbies that you undertake. If your life/health is put at risk through the job that you do then this doesn’t necessarily mean you will be presented with unreasonable term life insurance rates. You will still get affordable coverage as long as you obtain licenses and take all the classes you need to make sure you are more experienced and prove you are safe to undertake the job. For example commercial airline pilots are not subject to extra fees as they will have all the licenses they need and will be trained to the highest level in order to carry out their job in a safe manner.
Some other occupations where your no medical exam term life insurance may suffer is if you are a miner, construction worker, timber cutter or if you work as an extreme sports instructor or an expedition leader. Within occupations such as these you are risking your health and life in general on a daily basis but again, as long as you have the correct licenses and training your insurance premium shouldn’t be affected too much, especially if you compare quotes from several providers. Hazardous activities and hobbies however is where your coverage may see more of an increase.
Aviation, bungee jumping, racing, hand gliding, parachuting, rock climbing and scuba diving as well as skiing and skydiving are all prime examples of activities that will scare providers into charging you more for your policy. However for those of you who choose to live life on the edge, you need to make sure that you have adequate life insurance in place as the risk of you losing your life is increased dramatically.
Being in a situation where you can’t afford not to have life insurance but you can’t afford to pay your premiums is like going round in circles. Well in order to break this circle and get you back on the straight and narrow, many providers are offering you term life insurance with competitive rates that is specifically tailored for your extreme lifestyle.
There are now many affordable term life insurance rates available for people who have hazardous activities in their life. You simply just take out the premium for as long as you need it. For example if you are doing some work for a construction company and you are on a seven year contract you could take out term life insurance for a ten year period so you are covered for the time you are under contract. Or if you love your extreme sports but you have just started a family you could take out a term policy for say twenty years, the time it takes for your child to become financially independent.
There are more companies than you realize who will give you a good deal on a policy even if you do have a hazardous lifestyle. So make sure you do some quote comparison to guarantee yourself the best rates.