How Some Hobbies Increase Your Whole Life Insurance Rates

How Some Hobbies Increase Your Whole Life Insurance Rates

Hobbies are great because they give you a chance to get away from work, relax and do what you love. People have different hobbies depending with their preferences and way of life. Some are mild and some are wild. Thrill-seekers may view extreme activities as a way of life but most life insurance companies tend to feel different.

If you love taking part in #extreme #activities or s#ports, you certainly need life cover because you constantly put yourself at risk. However, if you practice these extreme activities, you will definitely get high whole life insurance quotes to any office you will visit.

How insurance companies view your extreme activities

Insurance companies that offer life policies have what they call 'dangerous activities', which increase your life premiums. Some insurance companies may deny you a life cover altogether if they term your activities too risk for them.

To understand these companies better, think of it this way, these companies are playing safe bets, and individuals who are very high risks up the rate. If you have a streak of thrill-seeking activities, make sure that you have sufficient coverage and you are getting the best rates possible.

Some of the activities that amount to dangerous #behaviour

You certainly are aware that hang gliding and base-jumping are dangerous activities that any insurance company would think twice before giving you a life cover. Other activities that insurance companies may consider dangerous include aviation, skiing, surfing, scuba diving, bungee jumping, parachuting, white water rafting, hot air ballooning, mountain climbing, rock climbing, car racing and powerboat racing.

Nevertheless, even hobbies you may not consider that serious can affect your premiums due to the statistics. For instance, more people incur injuries playing pool than mountain climbing. Statistics also indicate that more people get hurt fishing than playing tennis.

What they do not know will not hurt them

If you engage in any of the above activities, you might conclude that it is not necessary to reveal this to your company during the application process. However, if you exclude such information from your application, the insurance company will contest the payment of the policy because of how it approved and issued the policy.

If you pass away within the incontestable period, which for most companies is usually within 2 years. The bottom line is, if you leave out any relevant information in your life insurance application, you could be jeopardizing your beneficiaries' claim to the insurance proceeds.

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Author: Regular Articles
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