Will sports affect my life insurance policy?

5 April2021
White water rafting

When you apply for a life insurance policy, you will be asked a set of questions. These questions serve a purpose: your insurer is trying to decide how much of a risk it would be to insure you - and this will determine how much your life insurance costs. As such, having potentially dangerous hobbies and habits can increase the price of your premiums.

Some sports may not be covered by some policies. Others may charge you more for your premium if your hobbies are deemed to put you at risk. Insurers very rarely pay out if you die whilst taking part in a high-risk activity. Read your policy carefully to see what you will be covered for.

Which sports are not classed as high risk?

Most insurers will not be concerned about sports which pose a relatively low risk of injury. For example, your cover will usually be unaffected if you play golf or badminton. These kinds of sports are low contact and played in a controlled, safe environment. 牋

Which sports are often considered high risk?

Extreme sports and dangerous pastimes may be classed as high risk. You may have to pay more for your policy if you partake in these kinds of activity.

It is important not to lie about the kinds of sports you take part in. If you lie in your life insurance application, it could deny your family cover when they need it most.

Many companies do not cover sports that involve aviation. These can include skydiving, hang gliding, hot air ballooning or aerobatics. The only aviation-related activity that is generally covered is if you ride in a commercial passenger aircraft.

Life insurance may also not cover other high risk activities, such as cave diving, mountaineering, boxing, martial arts and motorsports.

Will I be able to find a policy that will cover me?

There are certain life insurers that specialise in covering extreme sports. These companies may be able to offer you cover that pays out for extreme sports under certain circumstances. Policies like this may be beneficial to you because the insurers often have a higher level of understanding about the sports you partake in.

For example, you may be able to get mountaineering life insurance. They will ask in detail about your mountain climbing habits in order to give you adequate cover. Climbing Table Mountain, a popular tourist spot, is a lot different than conquering Everest, therefore insurance for climbing these will be different. If you are experienced you may be less likely to make mistakes that could cost you your life.

With all life insurance policies, knowledge is key. Knowing what you are covered for and what is excluded can help you to decide what to avoid.

If you would like to know more about life insurance policies, click here.

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Image iStockPhotos / Ammit


Tags: insurance, life insurance, how does it work, sports, sport, dangerous sports, extreme sports, high risk, risk, low risk, climbing, hobby, hobbies

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