If you consider yourself an adrenaline junkie, you likely seek out as many thrills as possible. This could mean hobbies such as bungee jumping or choosing a profession like firefighting.
No matter how you choose to get your rush of adrenaline, there are some things to consider, such as high-risk life insurance. Living a dangerous lifestyle, whether through your hobbies or career, can mean your coverage rates will likely be high due to increased risk.
Higher insurance rates shouldn’t deter you from seeking thrills in life, but it is crucial to understand why coverage is so important and what kind of policies you may need to fit your lifestyle.
Why do I need life insurance?
Before diving into your specific needs as an adrenaline junkie, it’s essential to understand why you need life insurance in the first place. While it’s easy to brush off this policy, especially if you are younger, having life insurance is crucial for your family in the event of your death.
While it’s likely no one wants to consider the worst-case scenario of the end of their life, being prepared can make a huge difference for those you leave behind. When you pass away, your family will be left with a loss of income and the potential debt you may leave behind. Without a life insurance policy, your family may struggle to keep up with bills or pay down your debt.
Life insurance can also help with funeral expenses. A memorial service can cost anywhere from $2,000 to $10,000, depending on your last wishes and what your family prefers. This can be a large amount of money for your loved ones to pay without any assistance.
If you purchase a life insurance policy, your loved ones will receive a lump sum that they can put towards expenses. The money will be tax-free and theirs to use as they wish.
What jobs are considered high-risk?
If you’re considering purchasing life insurance, you’ll likely want to know if your job is considered high-risk. Currently, there are ten jobs labeled as the highest risk.
- Fisherman and Hunters — 131 fatal injuries per 100,000 workers
- Loggers — 91 fatal injuries per 100,000 workers
- Roofers — 47 fatal injuries per 100,000 workers
- Construction Workers — 43 fatal injuries per 100,000 workers
- Aircraft Pilots and Flight Engineers — 34 fatal injuries per 100,000 workers
- Waste and Recyclable Collectors — 33 fatal injuries per 100,000 workers
- Iron and Steel Workers — 32 fatal injuries per 100,000 workers
- Truck Drivers — 25 fatal injuries per 100,000 workers
- Miners — 21 fatal injuries per 100,000 workers
- Farmers — 20 fatal injuries per 100,000 workers
While these are certainly not all the high-risk jobs people perform daily, they are some of the most dangerous. It’s worth noting that your occupation can also affect your car insurance.
If you’re uncertain whether or not your profession falls into the high-risk category, speak to an insurance agent. They can help you determine what policy may be right for you.
Which hobbies are considered high-risk?
Your profession isn’t the only aspect that can make you a candidate for high-risk life insurance. Even if you do a very safe job, your hobbies can also affect your premiums.
While lying to an insurance company about your hobbies can be easy, it’s not a wise choice. If you omit the truth about your hobbies to your provider, only to pass away doing your high-risk activity, your family could be denied your policy.
Even though it may be tempting not to be truthful, you must be in case the worst should happen. Ten hobbies are considered the most dangerous, so if you are participating in any of these regularly, be sure to tell your agent.
- Hang Gliding — 1 in 1,000 chance of fatality
- Motocross or Motorcycle Racing — 1 in 1,000 chance of fatality
- Rock Climbing — 1 in 1,750 chance of fatality
- Boxing — 1 in 2,200 chance of fatality
- Cliff Diving or Base Jumping — 1 in 2,300 chance of fatality
- Heli-Skiing — 1 in 5,600 chance of fatality
- Ski Jumping — 1 in 8,300 chance of fatality
- Sky Diving — 1 in 160,000 chance of fatality
- Scuba Diving — 1 in 200,000 chance of fatality
- Bungee Jumping — 1 in 500,000 chance of fatality
There are many other dangerous and high-risk hobbies out there, but these ten top the list. If you enjoy the adrenaline rush from a thrilling hobby, discussing your options with your insurance provider is essential.
The last thing you want to do is leave your family with no insurance payout after an accident because you were dishonest with your insurance company.
How do I get high-risk life insurance?
If you’re ready to start looking into life insurance policies, you want to ensure you get the right coverage for your needs. You may think high-risk life insurance will be costly, but this isn’t always the case.
Many insurance companies offer reasonable rates for adrenaline junkies or those with high-risk jobs. The cost of your premium will depend on your specific activities and the rates set by your provider.
When you’re ready to start looking, shop around and speak with many different insurance companies to find the best policy that suits your needs. Be upfront and honest about your profession, hobbies, and other factors of your lifestyle that make you high-risk.
Once you’ve found a policy, that doesn’t mean you’re locked in forever. While the process can be tricky, it’s not impossible to change your life insurance policy to another provider if you find a lower rate.
Specialized Insurance for High-Risk Individuals
If you work a dangerous job or enjoy some thrilling hobbies, you might not think twice about how these factors can affect your life insurance policy. In fact, if you’re young, you may not even be considering coverage.
However, it’s essential to have a policy in place if you are an adrenaline junkie. Since you are putting yourself in danger frequently, you’ll want to have something to leave your family in the event of your death.
Life insurance policies for high-risk individuals don’t have to be expensive. There are many affordable options if you shop around. Once you’ve found the perfect coverage, you can rest easier knowing your loved ones will be looked after.
Alexandra Arcand writes and researches for the insurance comparison site, Clearsurance.com. She is an insurance expert who is also married to a firefighter, so she understands the importance of high-risk coverage.
