Hobbies that may make your Life Insurer Squeamish

Things like smoking or having a high risk job will affect your life insurance policy – namely the premiums will be higher in relation to the risk you take. Most people, however, do not think of their hobbies when they take out a policy (or their policies when they take up a hobby). However some activities that you perform as a hobby in your spare time will make your insurance company very nervous. An obvious example;  having “skydiving” as a weekend hobby will affect your policy – It will cost you a lot more than someone who doesn’t go skydiving as you have a greater risk of being killed while enjoying this hobby.

Failure to inform your life insurance company of a potentially dangerous hobby could result in the company not paying out in the event of a death while partaking in that hobby, or as an effect of that hobby.

So what hobbies do life insurance companies consider high risk ?

  • Skydiving (as mentioned),
  • Bike, Boat, or motor vehicle racing,
  • Bungee Jumping (as a continuous hobby – not just a one off),
  • Hang Gliding, hot air ballooning, or any form of flying,
  • Parachuting,
  • Rock, or other forms of climbing (buildings, bridges, etc etc),
  • Scuba diving, or any form of deep diving,
  • Surfing, both normal and wind surfing,
  • Skiing, or snowboarding racing.

There are other hobbies not listed above, so you are advised to consult your insurance company when applying for life insurance if you have a hobby that is considered unusual, or involves anything that may be fatal.

Most people tend to tend to forget these activities when applying for a life insurance (Failure to do so could invalidate your policy, resulting in no payment in the event of a serious accident causing death), particularly in the case of hazardous activities. If you were a regular parachutist when you took your policy out at the age of 25, but stopped doing the activity a few years later, you should contact your insurance company and have the details of your policy reviewed (with parachuting being removed) – You may find your premiums drop considerably.

If your insurance company are uncomfortable with your hobby (either at the start of the policy) you can usually find specialist insurers who offer coverage for your hobby. Check with other people who do the same hobby, or with the club you attend to find the name of a suitable insurer. Obviously the premiums for these policies will be higher than regular policies.

The bottom line is, if you do anything that may put your life in danger, either at home or at your job, you should consult your broker to make sure you have sufficient coverage from your life insurance policy.

Should I invite an life insurance agent into my home, or use an internet life insurance broker?

Life insurance is a difficult subject, it is a decision we all have to make, and a thing we all should have. Whether it be a simple policy that will pay out when we die so that our families are not overly burdened by our passing, or an investment for our retirement. The industry is full of difficult language, clauses, contracts, exceptions and fees. It is a minefield waiting to catch the unwary, and one that some people dread to walk upon.

That’s why we have insurance broker, and life insurance agencies. They are there to make the minefield seems a little less perilous, safer to walk through. They are there to make sure that you connect with the policy that suits you best, not one that suits the pockets of the insurance company better. They act as intermediaries between you and the complex facts, forms and figures required by insurance companies before they will agree to cover you.

In the old days it was common to get yourself an insurance agent, and they would come around to your house, partake in a coffee and some biscuits while they laid out their plans and proposals on your dining table. The whole night would be spent going through the facts, and figures, dealing with difficulties and coming up with a plan that you could both afford, and would cover you sufficiently in the event of your death.

More than likely, your insurance agent was a local person. Someone you would see in the local supermarket, who happened to be in the business and only covered the immediate area of their residence, more of a friend or acquaintance than someone trying to sell you something.

Times moved on, and we moved into the internet age.

Today you can have a similar discussion with a life insurance broker on the internet. They will discuss the same things, offer the same facts and figures (probably more now as they have so much more to offer at their fingertips than your neighbourhood agent had in their briefcase) and propose similar services. The only difference is they are not sitting in your home.

Or is that the only difference?

Consider the old scenario again. You would phone up your agent, arrange a time for them to come round and then spend the evening going over things. It wasn’t exactly dynamic was it? You had to dedicate an evening to the process, the only facts you were presented with were the ones they brought with them, and you sort of felt under a little pressure to sign something before the evening was out in case you were guilty of wasting their time. (If you didn’t sign the contract you would have to avoid them if you saw them in the street in the ensuing weeks).

Today’s world doesn’t work like that anymore. In today’s world we expect someone who is providing us with a service to have the world of technology at their fingertips, to be able to offer us any answer to any question. We expect them to be there when we decide, not at a mutually acceptable time; be it 3:30 in the afternoon, or at 8pm when we get home from work. We have the ability to double check any fact or figure they may quote us, instantly using the same internet technologies that they are using. And, a big and, we have the choice to say yes, or to say no, to move on and find someone else to help us – no hard feelings.

In short, in today’s world, we want answers to be fast, efficient and accurate. Forget the social chit-chat, we are discussing business, and when we are finished we want to continue with our normal lives satisfied with a job well done – mission accomplished.

An online broker offers all of that. They are sitting in their office when you speak to them (it can be a chat session, Skype phone call, or just exchanges of emails) so they have all of the facts and figures of their whole company at their fingertips (no more – “let me check with head office” – they are in the office). They are at work, and have lives of their own, so it is not in their interest to try and spend hours talking to you. They will professionally convey the facts and figures, discuss your concerns and worries, make suggestions about policies and terms and let you make the decision. There is no pressure to sign the deal before they leave, they can pick up the conversation tomorrow or the next day.

If you need time to look at the policy, simple, they email it to you and you take your time to read it, no one looking over your shoulder. You can still question any part of it as you would to an agent sitting next to you, or you can end the conversation there and say you will contact them again when you have looked through the documents.

Of course an Internet broker does lack some of the personal touch that a visiting agent used to have. But ask yourself a question; when was the last time you asked the man from the electricity company to come round for dinner when you were deciding which energy plan to use in your house? You didn’t did you? It was a service you needed, you handled it like any other service you need in today’s world, online or via the phone.

 

Pilots and Life Insurance Coverage

For the most part it is a good idea for everyone to have some form of life insurance coverage. There are so many people that do not have the life insurance coverage that they need. Many of these individuals find out that the hard way that having coverage is important. It truly is the difference from being able to leave something behind to loved ones or leaving loved ones with a mountain of debt and worry. There are some people, such as pilots, that really feel they need to have the protection and security that life insurance offers. Life insurance for pilots is available. Those people that want this type of insurance must take the time to identify the companies that are willing to provide the service. Because pilots do work that some consider to be “high risk”, they worry that they will have an issue getting life insurance or feel that their insurance premiums will be high. This may not always be the case. It is best that people looking for life insurance for pilots to take the time and research various companies in order to find the ones that are willing to offer such insurance at the best rates.

Why Should Pilots Obtain Life Insurance Coverage?

Some people may wonder why should pilots obtain life insurance coverage? Well, many pilots are aware that their jobs have a certain level of risk. These individuals may love what they do, but they understand that at any time circumstances beyond their control could put them in a place where their lives are at risk. Thus, for these reasons life insurance for pilots is in fact a necessity. Life insurance for pilots provides a number of benefits to both the pilots and their beneficiaries. It really does allow pilots to have the security of knowing that their families will be provided for in case an accident of some sort takes them away from their families. Life insurance for pilots is offered in different options that will allow the beneficiaries to receive monetary benefits over time or all at once. Pilots seeking life insurance must be very clear about what is best for their families in case of their demise. In any case, it is always better to be safe than sorry. Life insurance for pilots provides the security that pilots need to be able to do their jobs or hobbies without worry.

Life Insurance Options for Pilots

There are different life insurance options for pilots. Pilots should take the time to contact a life insurance broker and inquire about the various benefits that are available for them. Life insurance for pilots is available for both commercial and private pilots. Some commercial pilots may be able to obtain life insurance policies via their employers. However, those seeking additional coverage will find that the type of flying one does will affect insurance rates. For example, commercial pilots that merely transport people between licensed airports should be able to receive standard rates for their life insurance policies. However, pilots that fly to and from non-licensed places such as flying in remote areas and those that do a lot of charter and cargo flights will find that their life insurance rates will be higher as it is more difficult to ensure the protection of a pilot in remote areas which in turn increases risk. Likewise, life insurance for pilots that fly privately is also affected by certain factors. The more experience and hours of flying a pilot has, the more likely he/she will qualify for standard life insurance rates. Young, inexperienced pilots are a risk, and this is reflected in the life insurance rates. Plus, the type of geography associated with flying is also important. Pilots that travel over mountains will be more money for life insurance than those that fly over fields. These are some factors that should be noted when applying for life insurance for pilots.

Life Insurance and Security 

Ultimately, life insurance for pilots provides a certain level of security that is highly needed. Many pilots simply want to know that should anything happen to them their families and loved ones are taken care of fully. The job of a pilot can be very adventurous. Traveling to and from to different places can be exciting. However, the other side are all the possible issues that can make being a pilot risky. Sudden changes in the weather, run way issues and terrain problems can cause disturbances that can threaten the life of any pilot. For these reasons, life insurance of pilots is something that is needed as it provides security.

In all, pilots should consider obtaining life insurance for pilots in order to have the security of protection while completing their jobs.

Grandparents Insuring Their Grandchildren

We all know how much grandparents love their grandchildren. It’s as if grandchildren are the younger versions of their mothers and fathers. Grandparents love their grandchildren, and they absolutely love being able to care for them. A number of grandparents are considering the financial futures of their grandchildren. This is especially the case if the parents are not in the best financial situation. A number of grandparents have considered obtaining life insurance for a grandchild in order to make sure that their grandchildren are thoroughly protected financially. While life insurance for a grandchild is nothing new, the concept of grandparents taking out life insurance policies on their grandchildren may be something that more individuals will consider. With many grandparents in their senior years, a number of them may have the resources to assist their grandchildren. For those grandparents that want to leave behind something for their grandchildren’s future, obtaining life insurance for a grandchild seems like a very good option.

What is Grandchild Insurance?

Life insurance for a grandchild is something that is not mentioned as much as other life insurance options. However, this type of life insurance is readily available for any grandparent that is interested in investing in their grandchildren’s future. Life insurance for a grandchild can be purchased from a major life insurance company. There are some stipulations for this type of insurance. Usually, there is an age limit to which the life insurance policy applies. These particular life insurance policies usually allow for coverage to begin several weeks to a few months after birth up to age 21 and in some cases 25. The life insurance for a grandchild must be purchased during these ages to ensure coverage. The reason that so many insurance providers promote life insurance for a grandchild is that grandparents can help build their grandchildren’s financial futures. Likewise, grandparents can obtain low rates on premiums for life insurance for their grandchildren. In many circumstances, this type of insurance is usually a lot easier to obtain than other insurance products. With life insurance for a grandchild, there is usually is not a health exam required and the premiums are so low that it is actually advantageous for grandparents to consider assisting their grandchildren’s financial future.

Why Many Grandparents Want to Insure Their Children?

There are a number of reasons why many grandparents want to apply for life insurance for a grandchild. As is the case, many grandparents see themselves as second parents to their grandchildren. Oftentimes grandparents are found buying gifts and providing financial support to on a consistent basis. This is especially case if the mother and father are not in the best financial situation. Circumstances such are the reason why life insurance for a grandchild is another reason why some grandparents choose to obtain this type of coverage. Even if the mother and father are not able to properly care for the grandchild after the grandparents’ demise, the child will still have a base of financial security. Life insurance for a grandchild is an excellent way for grandparents to give their grandchildren a head start in life. The money that is set aside in the insurance policy will grow over time and in some cases the grandchildren will be able to borrow against the money if so desired. These are just some of the many reasons why grandparents want to obtain life insurance for a grandchild.

What Are the Benefits of Grandchild Insurance?

Whenever life insurance for children is mentioned, there are a number of people that are somewhat on the fence about its value. Some people wonder why should anyone take out life insurance for a grandchild? This is a very good question because it really gets people thinking about all the things that could happen that would put a child’s financial future in jeopardy. The whole purpose of life insurance for a grandchild is to allow grandparents to make sure that their grandchildren’s future is secure. This type of life insurance provides benefits over the course of a child’s entire life. This is incredibly beneficial as most people usually have to buy their own life insurance when they are older. Also, life insurance for a grandchild is a benefit because it allows the money to accrue and eventually the child is able to borrow against the money if so desired. This is a benefit for any child that may want to obtain money for educational purposes. Likewise, if at some point the child wants to obtain additional coverage, they can do so and usually there is no health exam required. All these examples are reasons why many grandparents choose to obtain life insurance for a grandchild.

Thus, one of the best gifts that grandparents can give to their grandchildren is a life insurance policy for a grandchild. It is one of the best ways to ensure that grandchildren are financially secure in the future.