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Life Insurance for Bungee Jumping Enthusiasts in Canada

Life Insurance for Bungee Jumping Enthusiasts in Canada
Life Insurance for Bungee Jumping Enthusiasts in Canada

Bungee jumping is an exciting and thrilling activity that entails jumping from a high structure while being connected to a large elastic cord. Like any extreme sport, bungee jumping comes with inherent risks. In this article, we will explore the life insurance options available to individuals who participate in bungee jumping activities in Canada.

What is Life Insurance for Bungee Jumping?

Life insurance for bungee jumpers works the same as typical life insurance, except the premiums are higher to account for the increased mortality risk. When applying for life insurance as a bungee jumper, it is essential that you disclose this hobby, as failing to do so could result in denial of a claim later.

Insurers will place bungee jumpers into a higher risk class when underwriting policies. This results in paying higher monthly or annual premiums compared to the average person applying for life insurance. However, despite the increased cost, having coverage provides invaluable peace of mind.

Types of Life Insurance for Bungee Jumpers

Types of Life Insurance for Bungee Jumpers
Types of Life Insurance for Bungee Jumpers

There are a few main types of life insurance policies suitable for Canadians who participate in high-risk hobbies like bungee jumping:

Term Life Insurance for Bungee Jumpers

For bungee jumpers, term life premiums will be higher than average due to the increased mortality risk. However, it remains a relatively affordable option, especially when purchased at a younger age. Term life gives coverage during your peak earning years when dependents rely on your income. There are Term 10 life insurance, Term 20, Term 30, Term 40 , Term to age 65, etc.

Further reading: How Does Term Life Insurance Work?

Permanent Life Insurance for Bungee Jumpers

Whereas term life is temporary, permanent life insurance for bungee jumping provides lifelong financial protection. As long as you keep paying the premiums, the coverage never expires. Permanent policies for bungee jumpers are more expensive than term life but provide lifelong peace of mind. These policies also accumulate a cash value that you can borrow against if needed. Two main types of permanent policies are Whole life insurance and Universal life insurance.

Further reading: How does permanent life insurance work?

Accidental Death Coverage for Bungee Jumpers

An accidental death rider provides extra coverage in the event you die specifically due to a bungee jumping accident. This rider adds an additional payout on top of the regular death benefit. Bungee jumpers can have additional peace of mind, as they know that their families will be looked after in the event of the worst happening.

In summary, term, permanent, and accidental death coverage each have unique benefits for bungee jumpers seeking to protect their families financially in case of tragedy. Work with an insurance advisor to determine the right product mix for your needs and budget.

Alternatives to Traditional Life Insurance

In addition to typical life insurance policies, bungee jumpers in Canada have a few other options for coverage:

Accidental Dismemberment and Death (AD&D) Insurance

AD&D insurance offers coverage in the event of accidental death, dismemberment, or serious injury resulting from an accident. It provides broader coverage compared to just accidental death insurance. Bungee jumpers may want to consider AD&D coverage in case they suffer serious non-fatal injuries that impact their quality of life.

Sports Insurance

Some insurance providers offer specialty policies to cover risks associated with extreme sports like bungee jumping. These sports insurance plans can cover medical costs, trip cancellations, loss of income, and other expenses stemming from accidents.

High-Risk Life Insurance

Insurance companies have developed specialized coverage for high-risk individuals, like bungee jumpers. It may be possible to get approved through one of these high-risk life insurers even if traditional providers reject you. The premiums are likely to be higher, but they do offer an option for getting coverage.

How Life Insurance Works for Bungee Jumpers

To get life insurance as a bungee jumper in Canada, the process typically works like this:

  • Disclose the bungee jumping hobby on the application – Don’t hide this high-risk activity, or your claim could be denied later.
  • Get rated for the higher risk – Insurance provider will place you in a higher premium class due to the dangers of bungee jumping.
  • Pay the higher premiums – Expect to pay 50-100% more compared to low-risk individuals.
  • File a claim if serious injury or death – Make a claim against the life insurance policy if injured bungee jumping or in the event of death.

The insurance company will investigate the claim and payout if the policy covers bungee jumping incidents. Be sure to read the fine print and ask questions when applying to understand exactly what is covered.

When You Need Life Insurance for Bungee Jumping

There are a few situations when having life insurance coverage makes sense if you participate in bungee jumping:

You Have Financial Dependents

If others are depending on your income to pay the mortgage, bills, education costs, etc., then life insurance provides protection. The payout can help secure their finances if you pass away prematurely.

You Want to Cover Potential Lost Income

A serious injury sustained bungee jumping could prevent you from working and earning an income for a prolonged period. Life insurance can help replace this lost income if you are injured and out of work.

For Peace of Mind

Knowing your family is financially provided for in case of an unexpected tragedy can give you peace of mind. You can focus on enjoying bungee jumping without worrying as much about the risks.

Read more: Family Life Insurance

Pros and Cons of Getting Life Insurance for Bungee Jumping

Pros

  • Protects family finances in the event of premature death
  • Can still get coverage despite high-risk hobby
  • Payouts can cover lost income from injuries
  • Peace of mind for thrill seekers and their families

Cons

  • Higher premiums compared to low-risk individuals
  • It may not pay out if death is considered suicide
  • Questionnaires can seem invasive to privacy
  • Coverage may be denied by some providers

Overall, life insurance is recommended for bungee jumpers in Canada who have financial dependents or want coverage in case of lost income from injuries. Just be prepared to pay higher premiums and ensure the policy covers high-risk activities like bungee jumping.

Cost of Life Insurance for Bungee Jumpers in Canada

Cost of Life Insurance for Bungee Jumpers in Canada
life buzz quote in canada new 8 1
Cost of Life Insurance for Bungee Jumpers in Canada

The cost of life insurance for Canadians who bungee jump can vary greatly depending on factors like:

  • Age
  • Gender
  • Health status
  • Amount of coverage desired
  • Type of policy

To get an idea of the cost, here are sample quotes from top Canadian life insurance providers:

$500,000 Term Life Policy

  • 25-year-old male: $18 – $28 per month
  • 35-year-old male: $30 – $60 per month
  • 25-year-old female: $15 – $22 per month
  • 35-year-old female: $25 – $48 per month

$500,000 Permanent Life Policy

  • 25-year-old male: $60 – $120 per month
  • 35-year-old male: $100 – $220 per month
  • 25-year-old female: $50 – $100 per month
  • 35-year-old female: $80 – $180 per month

These are just estimates – your actual quote will vary based on your unique situation. It pays to compare quotes from multiple top Canadian life insurance providers.

Who Needs Life Insurance for Bungee Jumping?

The following groups should strongly consider getting life insurance if they participate in bungee jumping:

Jumpers with Families Depending on Their Income

If you have children, a spouse, or others relying on your income, then life insurance is highly recommended. It will protect your dependents if you suffer a serious bungee jumping injury or death.

Those Who Jump Frequently or At High-Risk Locations

If you bungee jump often, jump from extreme heights or jump in remote or hazardous settings, your risk profile goes up. Frequent jumpers and high-risk jumpers need coverage.

Jumpers Who Don’t Have Savings or Assets

Life insurance provides a payout to cover final expenses, medical bills, etc. This is especially important if you lack significant assets or savings your family can rely on.

Older Jumpers

As you age, injuries and death become more likely. Older bungee jumpers, especially those with dependents still relying on them financially, should get insured.

Tips for Getting Life Insurance for Bungee Jumping

Follow these tips when shopping for and applying for life insurance as a bungee jumper:

  • Always disclose bungee jumping on applications – hiding this risks denied claims.
  • Compare quotes from providers comfortable with covering high-risk sports.
  • Look into accident, sports injury, or AD&D insurance for added protection.
  • Ask about exclusions – some policies may not cover “extreme” bungee jumping.
  • Know if your policy covers just death or also disability from injuries.
  • Consider permanent insurance if you want lifelong coverage.
  • Apply for coverage well in advance of your next bungee jump.

Following these tips helps ensure you get adequate life insurance coverage at reasonable rates, given the risks of bungee jumping.

How to Buy Life Insurance for Bungee Jumping

Here are some tips on how to purchase life insurance as a bungee jumper in Canada:

Work With an Insurance Broker

An experienced insurance broker in Canada understands the market and can help find you coverage from providers who are comfortable with covering bungee jumpers.

Apply Online

Many insurance providers allow you to get a fast quote and apply digitally on their website or via mobile app. This can expedite the process.

Apply Over the Phone

If you prefer human interaction, call insurers directly to inquire about coverage and get the application process started.

Take a Medical Exam

Depending on the insurer, you may need to take a medical exam or paramedical exam during underwriting. This evaluates your health.

Disclose Your Hobby

Always be upfront about your bungee jumping during the application process. Dishonesty can void your policy.

Compare Multiple Quotes

Shop around and compare quotes. Rates can vary significantly between different life insurance companies.

Further reading: 20 Largest Life Insurance Companies in Canada

Read the Fine Print

Review the full policy before signing to ensure bungee jumping deaths and injuries will be covered by your chosen insurer.

Where to Buy Life Insurance for Bungee Jumping

Where to Buy Life Insurance for Bungee Jumping
Where to Buy Life Insurance for Bungee Jumping

Canadians have several options for where to actually purchase life insurance coverage as a bungee jumper:

Directly From Insurers

Large insurance providers in Canada like Manulife, Sun Life, RBC Insurance, and others allow you to get quotes and buy policies online.

Through Insurance Brokers

Broker like IDC Insurance Direct Canada can simplify shopping multiple insurers.

Via Online Marketplaces

You can use sites like RateHub and Kanetix to compare quotes from many companies.

From Financial Institutions

Some banks like TD, Scotia, and credit unions sell life insurance products.

Through Employers

Employee benefit plans sometimes offer optional life insurance you can purchase.

Be sure to shop around through different channels to find your best life insurance option as a bungee jumper.

How to File a Life Insurance Claim as a Bungee Jumper

If you are injured bungee jumping or die participating in the sport, here are the steps your beneficiaries should take to file a claim:

Notify Your Insurance Provider

Contact your insurer immediately and inform them of the death or injury. There may be a limited window to start a claim.

Provide Documentation

Supply documentation like death certificates, doctor records, and police reports to prove cause and claim details.

Allow Investigation

As part of the verification process, insurers will initiate an inquiry into the specific circumstances pertaining to the incident of death or injury.

If necessary, get assistance from legal counsel to ensure you receive the full life insurance benefit you are entitled to. Be sure to follow all claim instructions provided in your policy documents. Make copies of everything you submit and keep track of all claim communications.

In addition to Life insurance for Bungee Jumping, we offer other helpful guides on life insurance for extreme sports enthusiasts in Canada. These include life insurance for Race Car Drivers, life insurance for Rock Climbers, etc. Read on to learn strategies for finding affordable life insurance when having extreme sports hobbies. 

Conclusion

Bungee jumping is an exciting but dangerous extreme sport. Canadians who bungee jump, especially those with financial dependents, should strongly consider getting life insurance.

Term and permanent policies are available from most insurers, often with accidental death or disability add-ons. Individuals with higher risk profiles will need to anticipate paying higher insurance premiums as a result of the increased probability of incurring losses compared to those with lower risk profiles. Shop around, disclose your hobby, and read policies closely. With proper coverage, you can enjoy bungee jumping with greatly reduced worries for your loved ones. Just take proper precautions, jump safely within your limits, and relax, knowing your family’s finances are protected.

If you are a bungee jumping enthusiast interested in getting life insurance coverage, visit Life Buzz today. At LifeBuzz, we make it easy to compare quotes from top Canadian life insurance providers so you can find the most affordable coverage. Get a fast, free quote online now and protect your loved ones with peace of mind.

Frequently Asked Questions (FAQs)

When should I apply for life insurance for bungee jumping in Canada?

Apply for life insurance as soon as you start bungee jumping to get coverage at the lowest prices. Waiting until you are older only increases costs.

What activities make bungee jumping life insurance more expensive in Canada?

Frequent jumping, jumping from extreme heights, risky acrobatics, and jumping while impaired can raise premiums for Canadian bungee jumpers.

Can I still get life insurance for bungee jumping in Canada if I have medical issues?

Yes, you can get coverage, but premiums for pre-existing health conditions are further increased. Some insurers may decline applicants with too many issues.

Permanent life insurance provides lifelong coverage but can be costly for high-risk bungee jumpers. Consider more affordable term life policies instead.

Do life insurance policies in Canada allow bungee jumping?

Most policies do cover bungee jumping, but risky jumps from extreme heights may be excluded. Carefully read the fine print before purchasing a policy.

Why is life insurance for bungee jumping more expensive in Canada?

The increased risk of death associated with bungee jumping leads Canadian insurers to charge higher premiums to cover the added risk they take on.

How long after getting life insurance for bungee jumping in Canada can I jump?

Wait until the policy is formally issued and coverage is active before bungee jumping. Jumping too soon could invalidate your policy.

Can I get life insurance for bungee jumping in Canada with a criminal record?

Yes, you can still get coverage, but expect to pay higher premiums. Your policy may exclude payouts relating to any criminal activity.

What is the difference between individual and group life insurance for bungee jumping in Canada?

Group policies are offered through employers, while individual policies are purchased directly from the insurer. Both cover bungee jumping.

Does life insurance for bungee jumping in Canada cover lost income if injured?

Disability income riders can provide monthly payouts that cover lost wages while recovering from major injuries sustained bungee jumping.

Who needs to know I have life insurance for bungee jumping in Canada?

Inform any beneficiaries listed in your policy. Also, consider telling your next of kin so they can file a claim if a tragedy occurs.

How much life insurance for bungee jumping in Canada should I get?

When deciding on a policy amount, you need to focus on factors in final expenses, debts, and income replacement for 10-20 years to cover surviving dependents.

Where can I buy specialty life insurance for bungee jumping in Canada?

Some insurers like Canada Protection Plan cater specifically to higher risk clients like bungee jumpers. An insurance broker can advise as well.

Why should I buy life insurance for bungee jumping in Canada while young?

Premiums for bungee jumpers are significantly lower when purchased early while young and in good health. Rates increase as you age.

How often should I review my life insurance for bungee jumping in Canada policy?

Review your coverage at least every few years. Life insurance needs can change when family, income, or bungee jumping activities change.

What does life insurance for bungee jumping in Canada NOT cover?

Most policies exclude intentionally self-inflicted injuries, acts of war, and extreme negligence like jumping while heavily intoxicated.

How does life insurance for bungee jumping in Canada pay out claims?

Claims are paid to your listed beneficiaries in the form of a tax-free lump sum death benefit. The funds can be used for anything.

Can life insurance for bungee jumping in Canada be purchased online?

Many Canadian insurers allow you to get quotes and apply digitally on their website. Working with a broker is also an option.

Is life insurance for bungee jumping in Canada renewable?

Term life policies must be renewed at expiry or when coverage ends. Permanent life insurance remains in force, provided you pay premiums.

Do I need a medical exam to qualify for life insurance for bungee jumping in Canada?

A medical exam may be required depending on the insurer. No exam and simplified issue policies are also available.

What are the biggest risks when bungee jumping that life insurance for bungee jumping in Canada protects against?

The main risks are death from equipment failure, incorrect bungee cord length, hitting objects, and impact injuries at the bottom.

Will life insurance for bungee jumping in Canada cover me if I am injured overseas?

Coverage is worldwide as long as your death or injury occurs participating in an activity covered under your Canadian insurance policy.

Can I get life insurance for bungee jumping in Canada if I have a family history of heart disease?

Yes, you can still get coverage, but expect to pay higher premiums due to the added risk factors. Certain terms may apply.

What is the exclusion period on life insurance for bungee jumping in Canada policies?

The exclusion period is the initial period when newly issued policies do not cover claims. This period is usually between 6 to 24 months.

Who regulates life insurance for bungee jumping providers in Canada?

Life insurance companies are regulated federally by The Office of the Superintendent of Financial Institutions (OSFI) and provincially by insurance regulators.

Article Sources:

Delve into the principles that guide our dedication to truthfulness, clarity, and editorial autonomy by exploring the Lifebuzz.ca Editorial Policy. This is the cornerstone of our esteemed status as the premier trusted source for life insurance information in Canada.

  1. High-Risk Summer Sports and Life Insurance – https://www.cpp.ca/
  2. Life Insurance for those who like to Bungee Jump! – insurancebrokersusa.com
  3. BUNGEE JUMPING INSURANCE – sportscoverdirect.com
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Written by Ben Nguyen

Ben Nguyen is an award-winning insurance expert and industry veteran with over 20 years of experience. He is the chairman and director of IDC Insurance Direct Canada Inc., one of Canada's leading online insurance brokerages.

Ben is renowned for his extensive knowledge of life, health, disability, and travel insurance products. He is the prolific author of over 1,000 educational articles published on LifeBuzz, BestInsuranceOnline, and InsuranceDirectCanada. His articles provide Canadians with advice on making smart insurance decisions.

With a Bachelor's degree in Actuarial Science and a Fellow of the Canadian Institute of Actuaries (FCIA) designation, Ben is frequently interviewed by media as an insurance industry spokesperson.

He has received numerous honors including the Insurance Council of Canada’s Pivotal Leadership Award, the Canadian Insurance Hall of Fame induction, and the President’s Medal from the Canadian Institute of Actuaries.

Ben continues to shape the vision and strategy of IDC Insurance Direct as chairman. He is dedicated to advancing the insurance industry through his insightful leadership.

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