Ben Nguyen 
Skydiving is an extreme thrill-seeking sport that provides an unparalleled adrenaline rush for adventure junkies. However, as with any high-risk activity, skydiving has real dangers that must be considered.
As a result, having proper life insurance for skydivers in Canada is critical to protect your loved ones financially in the event of an unfortunate accident. However, the increased risks associated with skydiving can make getting affordable coverage more challenging.
This all-encompassing guide will examine everything Canadian skydivers need to know about securing comprehensive life insurance policies.
Understanding the Risks and Dangers of Skydiving
While equipment, training, and safety regulations have improved drastically over the past decades, skydiving still inherently comes with substantial risks of injury or death for participants. Some key statistics on the dangers of skydiving include:
Skydiving Fatality Rates
According to data from the United States Parachute Association, in 2021, there were ten skydiving fatalities out of approximately 3.57 million jumps in the United States. This equates to an overall fatality rate of around one death per 357,000 jumps.
The Canadian Sport Parachuting Association reports comparable skydiving deaths in Canada, with one fatality per 148,000 jumps recorded in 2014.
While the probability of dying during a skydive is low, it is still roughly 30 to 50 times higher than the average chance of dying from an injury in a given year, according to the National Safety Council.
Skydiving Injury Statistics
Looking beyond fatalities, data from the US reveals that skydivers also sustain non-fatal injuries significantly.
- According to the United States Parachute Association, there are approximately three skydiving injuries for every 10,000 jumps nationally.
- An analysis of National Electronic Injury Surveillance System data found that between 2006 and 2016, an average of 1,584 skydiving injuries were treated in US emergency rooms annually.
- Estimating conservatively using the US rate, we can extrapolate that there are likely 150 to 200 skydiving injuries annually requiring medical treatment in Canada. However, the lack of centralized data makes injury rates challenging to pinpoint.
- The most common skydiving injuries are fractures, sprains, cuts, bruises, dislocations, and head/neck trauma from hard landings or parachuting mishaps. Eye injuries are also frequently seen.
While death or severe disability from skydiving is rare, an injury can still result in exorbitant medical bills and lost wages and impact one’s quality of life.
Primary Risk Factors in Skydiving
Skydivers need to understand what increases their risks so they can take proactive steps to avoid common issues. The main risk factors include:
- Improper parachute deployment or malfunction – Deploying the parachute at the wrong altitude or entanglement during deployment can be catastrophic. As per the United States Parachute Association, this accounts for approximately 30% of skydiving fatalities annually.
- Botched or dangerous landings – Hard landings are skydivers’ most common cause of non-fatal injury. Landing hazards like water, trees, or buildings also heighten risk. Proper training is critical.
- Intentional extreme maneuvers—Experienced skydivers sometimes attempt dangerous maneuvers like swooping, high-speed spirals, or skimming water, which substantially increases risk.
- Equipment failure – While rare with proper maintenance, defective parachute rigs or components can be deadly. Outdated gear increases risk.
- Collisions or entanglement – Mid-air collisions between skydivers or entanglement during formation diving have led to deaths.
- Unregulated drop zones – Jumping at unregulated sites with poor safety standards is far riskier than controlled drop zones.
- Insufficient training – Inadequate parachute control skills and poor understanding of emergency procedures are dangerous.
- Medical issues – Undisclosed pre-existing medical conditions can be exacerbated while skydiving and lead to injuries or health emergencies.
Skydivers can mitigate many risks with proper precautions, using certified instructors, staying current on training, and having medical clearances. However, the risk can only partially be eliminated.
Securing Life Insurance for Skydivers in Canada
Given the extreme risks, many skydivers wonder if they can get insured. The good news is that most life insurance providers in Canada will offer policies to individuals who participate in skydiving and other extreme sports. However, there are some important considerations to keep in mind.
Disclosing Your Hobby is Critical
You must fully disclose your skydiving activities when first applying for life insurance coverage. Failing to do so and then dying in a skydiving accident could allow the insurance company to void your policy and not pay death benefits to your beneficiaries.
While rates may be higher, disclosing the risks allows the insurer to make informed decisions and helps ensure your family will receive the payout in the worst case. Be upfront about your hobby when seeking coverage.
Impact on Policy Rates and Availability
Insurers classify skydivers as high-risk, given the potential for bodily harm. As a result, you can expect to pay higher monthly premiums than the average policyholder.
Some insurers may decline to cover skydivers altogether if they feel the risks are too great. However, coverage can still be found if you compare multiple providers. It is recommended that you work with an independent broker who deals with many carriers.
In rare cases, an insurer may issue a policy explicitly excluding death resulting from skydiving accidents. Before purchasing a policy, ensure you understand precisely what activities are covered or excluded.
What Factors Do Insurance Companies Consider for Life Insurance For Skydivers?
When evaluating a skydiver for coverage, life insurance companies will take several factors into account to determine the policy rates and availability:
- Frequency of jumps – Occasional and recreational skydivers are viewed as lower risk than individuals who dive 10+ times annually. Frequent diving can prompt rate increases or rejections.
- Experience level—Skydivers with substantial experience and years in the sport are generally at a lower risk than beginner jumpers with minimal skills. Advanced certifications help lower rates.
- Jump type – Solo diving is riskier than tandem skydiving attached to an instructor. High-performance maneuvers like BASE jumping also raise concerns. Sticking to conventional skydives lowers risk profiles.
- Equipment used – Insurers favour skydivers who use complete, well-maintained, modern parachuting gear from reputable manufacturers over outdated equipment.
- Drop zone – Jumping at a regulated drop zone with strict protocols is preferred over unregulated and potentially unsafe skydiving facilities.
- Past injuries—Disclosing any skydiving-related injuries helps insurers accurately gauge risk. Multiple past injuries are seen as higher-risk indicators.
- Age – Older skydivers face more age-related health risks that could be exacerbated while diving and lead to injury.
- Medical history – Undisclosed pre-existing conditions combined with high-stress skydiving raise red flags for insurers about potential issues.
Being honest about your specific skydiving activities and risk factors when applying gives you the best shot at obtaining reasonably priced coverage.
Potential Reasons for Coverage Denial
If you find it impossible to get life insurance from any provider, it is likely for one of these reasons:
- You failed to disclose your hobby and are seen as intentionally hiding material facts.
- You participate in extremely high-risk activities like illegal BASE jumping or attempts at records.
- You have undisclosed major health issues that interact poorly with skydiving.
- You had a recent skydiving severe injury or multiple past injuries.
- You use inadequate safety gear and refuse safety training.
- You seem generally reckless in your behaviour and extreme in risk-taking.
In rare cases where coverage is repeatedly declined, you may have to reconsider.
What Are The Types of Life Insurance for Skydivers in Canada?
While costs may be higher, the good news is that skydivers can access the same standard types of life insurance policies as typical consumers. Some options to consider include:
Term Life Insurance for Skydivers
Term life insurance provides affordable death benefit coverage for a set period of time, typically 10 to 30 years. It does not have a cash value component.
Given the lower premiums, term life insurance tends to be the most budget-friendly option for higher-risk individuals like skydivers.
Term life allows you to match the coverage period to your needs, such as covering until children become financially independent adults. It can then be renewed after the term expires.
Whole Life Insurance for Skydivers
Whole life insurance remains in force for your entire lifetime after purchase. Premiums are fixed when you first buy the policy and remain level year after year.
Whole life accumulates cash value that grows on a tax-deferred basis at a set interest rate. This cash can be accessed via policy loans if needed.
The guaranteed permanent coverage of whole life insurance appeals to some skydivers who want lifelong coverage that is not impacted by changes in health. Premiums for whole life are substantially higher than term.
Universal Life Insurance for Skydivers
Universal life insurance offers lifetime coverage similar to whole life but with more flexibility. You can adjust your death benefit and premium payments up or down over time subject to limits.
The premiums paid in excess of policy costs go to building up a cash value that earns interest. This excess cash value grows tax-deferred and can be used to supplement retirement income in the future via withdrawals or policy loans.
The adjustability of universal life insurance may appeal to skydivers whose incomes and budgets evolve constantly as they progress in their careers and family situations.
Accidental Death Policies
Given the risks of skydiving, an accidental death and dismemberment (AD&D) policy may make sense as a supplement to standard life insurance.
AD&D insurance pays out an additional death benefit if you die due to a covered accident. Some policies also pay partial benefits for serious injuries like lost limbs or paralysis.
Purchasing a separate AD&D policy or rider with your base life insurance coverage provides extra protection in the event death comes from an extreme sports accident. This added benefit helps offset the higher premiums you’ll pay as a skydiver for the life insurance policy itself.
Group Life Insurance for Skydivers
If you have employer-provided group life insurance, it may offer more affordable coverage since premiums are typically lower than individual policies, and underwriting is simplified.
However, you need to verify that skydiving accidents are not excluded from your group life coverage, as many workplace plans do not cover hazardous hobbies. Talk to your HR department or check your policy documents to confirm.
Maintaining some level of individual life insurance in addition to employer group life is recommended for supplemental protection.
Choosing the Right Policy
With so many potential options, it can be hard to determine what type of life insurance is best for your personal needs as a skydiver. Here are some key considerations when choosing coverage:
- Your budget – Consider term life or group coverage if seeking lower-cost protection.
- Desired coverage duration – Term life for temporary needs or permanent policies for lifelong protection.
- Financial dependents – More dependents mean a higher required death benefit.
- Age and health – Permanent policies make sense if health issues could arise later.
- Savings goals – Some permanent policies offer cash value savings potential.
- Income replacement needs – Calculate costs your family would incur if you passed away.
Getting advice from an independent life insurance broker can help narrow down your best policy choice based on your unique situation.
Why is Life Insurance for Skydivers Important?
Thrill-seeking skydivers are often focused on the rush of their extreme sport and may figure accidents are unlikely. However, having adequate life insurance remains incredibly important. Consider that life insurance provides the following benefits for a skydiver:
Settling Debts
Even if you maintain excellent finances, an unexpected death can leave behind debts like mortgages, credit cards, personal loans, and car loans. Life insurance provides money to pay off all outstanding debts, so your family does not inherit unwanted obligations.
Final Expenses
Funerals and burials today can easily cost $10,000 or more. Life insurance funds can be used to pay for funeral arrangements so your family is not burdened.
Income Replacement
If you have dependents relying on your income like a non-working spouse or young children, life insurance creates a lump sum that can be invested to generate replacement income streams for the years ahead.
Childcare Costs
Children’s daycare, schooling, food, clothing, and medical expenses can really increase. Your life insurance benefit gives your family the funds needed to maintain the children’s standard of living.
College Savings
Many parents plan to pay for future college tuition costs, which can quickly run over $100,000 for a 4-year degree. Your life insurance payout protects that education funding for your kids.
Charitable Causes
Life insurance allows you to create a sizable donation to a charitable organization or cause you care about deeply. You get to leave a legacy and impact beyond your years.
Mortgage Payoff
Given today’s high property prices, mortgage balances can be sizeable. Life insurance can fully pay off your home’s remaining mortgage balance so your family can keep the house.
Spousal Retirement Funds
If you pass away before retirement, life insurance can provide the lump sum needed for your surviving spouse to sufficiently fund their remaining retirement years.
Business Continuity
Business owners can use life insurance proceeds to keep their company operational, retain key staff, and fund leadership transitions when they pass away unexpectedly.
While skydivers feel invincible flying through the air, having contingency plans through life insurance brings peace of mind despite the risks. Don’t wait until it’s too late.
Read more : Family life insurance in Canada
How Much Does Life Insurance for Skydivers Cost in Canada?
Skydivers will pay higher life insurance premiums compared to average consumers due to the increased risk of injury or death from the extreme sport. Exact premium costs can vary significantly based on:
Age
Younger skydivers generally get lower rates, as health risks increase with age. Sample monthly costs for a $500,000 term life policy:
| Age | Average Monthly Premium |
|---|---|
| 30 years old | $75 – $150 |
| 40 years old | $100 – $200 |
| 50 years old | $150 – $300 |
| 60 years old | $200 – $400+ |
Health Profile
Skydivers in good health get lower premiums than those with chronic conditions like heart disease or diabetes that could be exacerbated while jumping.
Coverage Amount
More death benefit coverage equals higher monthly premiums.
| Coverage Amount | Average Monthly Premium |
|---|---|
| $250,000 | $40 – $100 |
| $500,000 | $75 – $150 |
| $1 million | $150 – $300 |
Jump Frequency
Frequent skydivers pay more than occasional recreational jumpers. Jumping 10+ times annually raises concerns.
| Jump Frequency | Average Monthly Premium |
|---|---|
| Occasional recreational | $75 – $150 |
| Frequent (10+ times/year) | $100 – $200+ |
Jump Type
High-risk maneuvers like BASE jumping garner higher premiums than conventional skydives.
| Jump Type | Average Monthly Premium |
|---|---|
| Conventional skydives | $75 – $150 |
| High-risk BASE jumping | $200+ |
Term life policies offer the most affordable premiums of life insurance for skydivers looking to minimize costs. Permanent life insurance or group policies may be lower cost depending on circumstances.
Comparing quotes from various providers can help identify the best rates. Expect to budget around 25-50% more compared to non-skydivers based on the risks.
What Are the Pros and Cons of Life Insurance for Skydivers?
Potential Advantages
Financial protection for family – Beneficiaries receive tax-free death benefit to cover debts, expenses, income replacement, etc.
Peace of mind – Provides reassurance that family will be taken care of financially if an accident occurs.
Affordable when young – Life insurance costs significantly less for younger/healthier skydivers compared to waiting until older.
Covers final costs – Payout helps cover expensive funeral and burial costs so family is not burdened.
Replaces income – Lump sum can be invested to generate income for dependents to maintain their standard of living.
Education funds – Death benefit can pay for children’s future college tuition when parents pass prematurely.
Charitable giving – Allows the skydiver to leave a legacy gift to a cherished cause.
Potential Disadvantages
Higher premiums – Monthly costs likely 25-50%+ more than average policyholders.
Pre-existing conditions – Undisclosed medical issues that interact poorly with skydiving can be problematic.
Risk of denial – Failure to disclose hobby may void policy if accident occurs.
Policy exclusions – Some insurers exclude death from skydiving accidents specifically.
Safety diligence required – Must maintain records and take training courses to get best rates.
Higher risk when older – Getting life insurance after 50 becomes more difficult and expensive.
With smart planning, the benefits of proper coverage outweigh the costs for skydivers looking to protect their families in a worst case scenario.
How To Get Affordable Life Insurance for Skydivers?
If the higher premiums associated with skydiving give you pause, there are proactive steps you can take to maximize your chances of getting coverage approved at reasonable rates:
Compare Quotes From At Least 5 Providers
Every life insurance company evaluates risks differently. Getting quotes from at least five carriers ensures you find one willing to take on coverage at an affordable premium. Working with a broker expedites this process.
Take Regular Training Courses
Insurers like to see that you take regular skydiving skill training courses to stay current on procedures and safety best practices. This lowers accident risk in their eyes.
Consider Group Life Through Work
Group life from your employer avoids medical underwriting, so skydiving may not be assessed if it’s not relevant to your actual job. This offers a potentially lower-cost option.
Jump Only at Regulated Drop Zones
Sticking to regulated drop zones with strict safety protocols is preferable to using unregulated facilities. Consistency builds a favourable risk profile.
Use a Conservative Parachute System
Avoid experimenting with wingsuit flying, propulsion devices, or other exotic equipment. Stick to proven, mainstream parachuting systems.
Maintain Detailed Records
Keep meticulous notes on all your jumps, any certifications or training, and any past injuries or incidents. This shows you take safety seriously.
Make Conservative Choices
Insurers get nervous about skydivers attempting dangerous stunts or maneuvers. Stick to normal jumps to ease concerns.
Get Regular Medical Checkups
Visit your doctor annually to disclose your skydiving and rule out any emerging health issues that could impact your insurability.
With preparation and smart decisions, Canadian skydivers can still find life insurance providers willing to offer policies at reasonable rates. Be your own best advocate by minimizing red flags.
How to Buy Life Insurance for Skydivers?
Given the complexities of finding affordable life insurance for skydivers, working with a specialized broker is highly recommended. The right broker will:
- Have access to policies from over 10+ Canadian life insurers for life insurance for high risk occupations in Canada example : life insurance for firefighters, life insurance for truck drivers, life insurance for police officers, life insurance for scuba divers .
- Help you compare quotes and find the lowest premieres
- Identify providers open to covering skydivers
- Advise whether group life through work is an option
- Guide you in disclosing your hobby ethically and fully
- Explain the factors that influence your rates
- Assist with adding riders like accidental death coverage
- Avoid unnecessary medical tests to reduce hassles
- Design customized packages that fit your budget
As Canada’s leading life insurance advisory firm, Lifebuzz has helped thousands of higher risk clients like skydivers get insured. We have established relationships with all the top providers in Canada.
To evaluate your coverage options and specific situation, schedule a free consultation with our licensed advisors today. Protect your family’s financial future despite your daring hobby.
Critical Considerations When Buying Life Insurance for Skydivers
Review this checklist before purchasing a life insurance for skydivers:
Have You Fully Disclosed Your Hobby?
- Be upfront about your skydiving activities when applying. Failing to disclose is considered fraud.
Do You Understand Your Policy’s Coverage?
- Verify skydiving deaths are covered and not excluded from your policy.
- Review the limitations and exclusions sections for clarity.
Is Your Premium Affordable Long-Term?
- Account for the higher premium costs driven by skydiving risks.
- Ensure you can budget to pay premiums every year for the policy duration.
Does the Death Benefit Meet Your Needs?
- Factor in all the potential costs your beneficiaries would incur in the event of your death.
- Select a sufficiently high death benefit amount.
Have You Added Accidental Death Coverage?
- Consider purchasing accidental death coverage or riders given accident risks.
Are Beneficiaries Properly Named?
- Designate clear beneficiaries like your spouse or child as the recipients of the death benefit.
- Update as life circumstances change over time.
Does Your Family Know About Your Coverage?
- Make sure your loved ones are aware that you have life insurance and who the beneficiaries are.
Following this checklist helps ensure your life insurance coverage as a skydiver is solid and comprehensive. Don’t take chances – protect your loved ones today!
Read more: Life Insurance for Truck Drivers in Canada
Conclusion: Life Insurance is Vital for Skydivers
While skydiving offers a thrilling risk-taking experience, it can leave your family vulnerable financially in the event of an accident. Having appropriate life insurance coverage as a skydiver is essential to protect your beneficiaries.
The good news is that life insurance for skydivers is still attainable in Canada. While premiums are often higher, coverage options exist if you take the time to properly research and disclose your hobby.
Work with a knowledgeable life insurance broker to educate yourself on the available policies and find an affordable option that fits your financial situation. Take steps to minimize risk factors and boost your insurability when applying.
Despite the joys of skydiving, don’t neglect protecting your family’s future. With preparation and expert help, Canadian skydivers can secure the life insurance coverage they need.
Expert Help is Available
Obtaining comprehensive life insurance to protect your loved ones does not have to be difficult, even as a skydiver. Life buzz has assisted thousands of Canadians who are considered at higher risk of getting insured. We’re here to help you navigate the process.
To review your coverage options, connect with our team of advisors for a free consultation. Let us eliminate the hassle so you can focus on living life adventurously.
Frequently Asked Questions on Life Insurance for Skydivers
Do all life insurance policies cover death from skydiving accidents?
Not necessarily. Some life insurance policies contain exclusions specifically for hazardous hobbies like skydiving. Others may cover skydiving deaths but charge substantially higher premiums. Carefully review policy terms before purchasing coverage as a skydiver.
If I stop skydiving, will my life insurance rates decrease?
Yes, if you stop skydiving for 1-2 years, you can typically re-apply and get re-underwritten for lower premiums commensurate with normal non-skydiving risks once you have safely exited the hobby.
Can life insurance be denied solely because I go skydiving?
It is rare to be denied life insurance only for recreational skydiving a few times annually at regulated drop zones. Denial is more likely if you competitively BASE jump or have severe undisclosed medical issues exacerbated by jumping.
At what age is life insurance for skydivers most affordable?
Life insurance for skydivers will be most affordable when purchased between the ages of 25 and 40, as premiums rise significantly after 50 years old.
When is the best time for a skydiver to get life insurance for skydivers?
Experts recommend getting life insurance for skydivers as soon as you start the hobby, even in your 20s or 30s while young and healthy, rather than waiting until older when rates climb.
Is life insurance for skydivers more expensive for males or females?
Life insurance for skydivers costs more for males than females on average, similar to typical life insurance pricing, as statistics show males have a higher incidence of skydiving injuries and fatalities.
Does life insurance for skydivers cost more for smokers?
Yes, smokers will pay more for life insurance for skydivers, as tobacco use increases the risks and skydiving already carries inherent risks.
How does life insurance for skydivers differ from regular life insurance?
Life insurance for skydivers has higher premiums, may have hobby exclusions, requires extra disclosure, involves additional medical questions, and fewer providers offer it due to the risks.
What medical tests may be required for life insurance for skydivers applicants?
Standard blood work, a medical exam, and potentially an EKG or stress test if over 50 years old or have health conditions.
Are there any life insurance for skydivers policy options without a medical exam?
A select few insurers may offer simplified issue life insurance for skydivers with only a health questionnaire up to policy limits around $500,000.
What health conditions could impact eligibility for life insurance for skydivers?
Heart conditions, high blood pressure, spinal or musculoskeletal issues, vertigo, epilepsy, mental health disorders, and diabetes may limit options and lead to higher premiums or denials.
Can life insurance for skydivers be denied based on past injuries?
Yes, multiple severe prior skydiving injuries like head trauma, broken bones, paralysis, or near death experiences can potentially cause coverage to be denied.
How long after stopping skydiving can you get regular life insurance for skydivers rates?
You can typically get re-underwritten at regular non-skydiver rates around 1 to 2 years after safely discontinuing all skydiving activities.
Is life insurance for skydivers more expensive for solo vs tandem jumps?
Yes, solo skydiving is inherently riskier than tandem jumps with an instructor. Solo jumpers will pay more for life insurance for skydivers.
Do all life insurance for skydivers policies exclude coverage for jumping deaths?
Many do exclude it, but some life insurance for skydivers policies will cover death while jumping, especially if it is occasional recreational skydiving.
What types of life insurance for skydivers have the lowest premiums?
Of available options, term life insurance will have the most affordable premiums for life insurance for skydivers.
Does life insurance for skydivers cover skydiving injuries that cause disability?
Typically no, you would need a separate disability insurance policy should a skydiving injury leave you unable to work.
What is the maximum life insurance for skydivers coverage amount available?
$2 million is a common maximum benefit for life insurance for skydivers, although maximums as high as $10 million are possible depending on age and health.
Can life insurance for skydivers replace income if you can't work after an injury?
No, only a disability insurance policy provides income replacement. Life insurance for skydivers only pays out upon death.
Is it better to get life insurance for skydivers through your employer?
Sometimes, as group life rates through an employer may be lower than individual policies. But verify the group plan has no skydiving exclusions.
Are there any life insurance for skydivers policies that don't require a medical exam?
A few insurers offer guaranteed issue life insurance for skydivers without an exam but maximum benefits are usually only $25,000 to $50,000.
What reasons could cause you to be declined for life insurance for skydivers?
Extremely high risk behavior like illegal BASE jumping, significant undisclosed medical issues, multiple past severe injuries, advanced age, or intentionally hiding your hobby from the insurer.
Who are the best life insurance for skydivers brokers to work with in Canada?
Independent brokers with access to niche high risk life insurance markets tend to be the best options for securing life insurance for skydivers.
At what point is skydiving considered a profession requiring life insurance for skydivers?
If you earn income teaching skydiving, performing demonstration jumps, or competing professionally, you would likely be classified as a professional skydiver for insurance purposes.
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