Having Life Cover and Income Protection are Important for Skydivers
Skydiving is an extreme sport that can become addicting, as extreme adrenaline sports can. It is also something that many people decide to try for a taste of fun and adventure. This is an adrenaline fuelled activity that can be really exciting and even if you only ever do it once in your lifetime, it is something that you will remember. Of course, there are some people that engage in this activity on a regular basis, from adrenaline junkies to skydiving instructors. These are the people who enjoy the thrill of this activity on a regular basis but also face the dangers of skydiving on a regular basis. But what how does this dangerous sport reflect on your life insurance or income protection insurance?
The nature of skydiving means that it is very important for those engaging in this activity on a regular basis to safeguard their future or the future of their loved ones in case any mishaps occur. There are certain risks associated with skydiving, ranging from the risk of injury when landing through to the risk of faulty equipment that could lead to disaster or even fatality. The more you skydive the more often you are exposed to these risks, which is something that you have to bear in mind. A skydiving instructor or someone else who skydives on a professional or regular basis can be literally taking their lives into their own hands, and these risks can affect insurance in a major way.
A mishap or accident that occurs when you are skydiving could end up having serious repercussions, such as leaving you without the ability to work and earn money for a while or worse still leading to fatality. This is why skydivers need to take steps to ensure they have some form of protection in place for themselves or their loves ones in the event that something like this does happen.
Both income protection insurance cover and life insurance cover can prove invaluable for skydivers, as these plans provide peace of mind and protection for both you and your loved ones for the future. While income protection insurance protects you against total loss of income in the event of a debilitating injury or illness, life insurance cover provides financial protection for your loved ones in the event of your untimely demise.
Both of these policies offer benefits for you risk takers that might just allow you to continue with this extreme sport with the peace of mind of having your family and household supported in the event of a catastrophe.
Life Insurance for Skydivers – What You Should Know
If you have a family and dependents who rely on you and your income, life insurance is a must.
After all, being in this extreme sport should have armed you with the realisation that there are serious risks involved. If something were to happen during one of those dives, life insurance will cover the financial expenses as well as shield your family from financial crisis.
With the proper life insurance policy, you can provide for your loved ones should the worst happen and your family will receive a payout to ensure that they are not left struggling financially. Remember, if you are no longer around to care for your family, they will not only lose you as a family member but they will also lose an income that they may have come to rely on.
Life insurance is a must for everyone, but especially those who take risks with their life in an effort to enjoy an extreme sport. Finding the right policy can make that jump much more enjoyable, knowing that if something does happen that you’ve covered your family and household. The benefit from your life insurance helps to ensure that your loved ones are still able to manage financially without your income, so they do not have the added worry of finances on top of the grief of losing a member of the family.
Why do You Need Income Protection for Skydivers?
If you and your family rely on your income solely, it would be devastating if you were in an accident or became ill, keeping you from working. The bills still need to be paid, and food still needs to be on the table.
But with no income to rely on life can become very difficult, which can make it even harder to recover from your illness or injury. With income protection cover, you can be sure that you continue receiving a pre-arranged percentage of your income even while you are unable to work, so you can continue caring for your family, pay the bills and give yourself time to recover.
Things You Need to Know when Applying for Income Protection for Skydivers
This insurance is a must if you don’t have at least 6 months to a year of bills, including mortgage payments in your savings account. Even then, that money could be best served somewhere else. Income protection insurance is geared toward helping people stay in their homes by providing income should something happen that prevents you from working.
What are the different choices and how do you go about choosing the right policy? Here are some components that might clarify the different policy choices and give some clarity;
There are different types of disabilities that are covered, the definitions of disabilities are:
- Duties based: This is a class of Income Protection Insurance that will help you should you not be able to perform your duties in your regular job due to illness or injury. It could include manual work, supervision, deskwork and other duties that you perform regularly.
- Income based: If you’ve become ill or unable to earn a living, or have even suffered pay cut at work due to the illness or accident.
- Hours based: This is for people who cannot complete their duties for more than just a few hours per week – because of illness or accident.
Other things to consider when shopping for an Income Protection Insurance policy are the things that can increase or decrease coverage and premiums.
The two types of Income Protection Insurance:
- Agreed Value: This is based on your present income at the time of application, and will determine your monthly benefit should something happen. This is good if you’re not sure your future income will be as good as present.
- Indemnity Value: If you’re planning on getting increases at work, this would be the best policy choice because when you file a claim for benefits, the income you are earning at the time is what the benefit would be based on. This is good if you have a regular job with regular pay increases.
Some of the price and premium costs can be evaluated, and lowered by your choices on the other components within the policy you choose, such as:
- The waiting period: This is a big one because if you have a savings account and can wait up to three or six months for your benefits to begin, you can save yourself a lot of money on premiums. There are exceptions to this waiting period, however, should you not be able to work due to an accident, an accident benefit might waive the waiting period.
- The Benefit Period: This option will also affect your premium, and depends on how long you choose to receive benefits. The choices are often one, two and up to five years. You can also choose to receive benefits up to a specific age, but remember, the longer the benefit period the higher the premium.
Some things that can affect your premiums, and how they are calculated are:
- Your age
- Pre-existing conditions
Coverage for sports, whether extreme or not can add to your premiums. Skydiving is considered a high risk sport, so when applying for income protection insurance, the policyholder will want to know more. They might:
- Cover you at no additional cost if the sport is low risk
- Add premium loading if your risk level is high
- Exclude your sport if too risky, and not pay if injury incurred during skydiving.
Many other things can affect the cost of your Income Protection Cover, such as age, gender, occupation, lifestyle, and pre-existing conditions. Talk with an insurance expert to determine what policy is best for you and your family.
Comparing Protective Insurance Plans for Skydivers
Because of the nature of skydiving and the risks involved, you will most likely find that you will pay more for your income protection and life insurance if you are a skydiver. However, it is still possible to find deals on this type of cover, even if you are classed as a higher risk client.
By making sure you compare a range of plans and providers, you can increase your chances of getting a fair policy and premium. However, you need to be careful that you do not compromise on coverage by focusing solely on the cost. Try to find a plan that is going to work to fit your needs based on your income and expenses, but also offers adequate levels of protection.
This is something that you can do with ease and convenience by comparing plans online, as you will find plenty of choices on the Internet with a wide range of plans and providers to choose from.