Nearly 71 percent of the Earth’s surface is covered by water, according to the U.S. Geological Survey. Scuba diving is a great way to explore much of this underwater territory. But scuba divers face unique hazards and risks, making life insurance an essential protection vehicle.
In summary, you can get life insurance as a scuba diver at preferred rates with most companies. It will depend on a few factors including: dives per year, type of diving, depth of dives, diving experience and other factors. Depending on those factors most life insurance companies will attach a “flat extra” to your annual premium. This will be a fee per every thousand dollars of coverage. For example, a $3 flat extra on a $100,000 policy will equal $300 dollars on top of your annual premium.
It’s important to understand that every single insurance carrier has its own set of guidelines for insuring scuba divers. Here at InsureChance, we work with more than 60 life insurance companies, and we know the requirements of each in underwriting scuba divers. This is how we are able to help you receive the best life insurance rates. We’ve been helping scuba divers just like you find affordable life insurance protection for many years. So let us do the work for you, but if you insist on learning more, let’s dive into detail(pun intended).
The more you know about the dive process in relation to scuba divers life insurance, the better prepared you are to make decisions about this essential insurance product.
Here is a guide to life insurance for scuba divers, and the factors that carriers look for in underwriting life insurance for scuba divers.
Scuba Diving Hazards
There are risks inherent to scuba diving. Despite the substantial amount of education required in order to become certified, small accidents under water can yield devastating results. These are a few of the risks scuba divers face.
- Using breathing equipment under water
- Psychological conditions in the diver
- Equipment malfunctions or defects
- Decompression sickness
- Pulmonary barotrauma
- Pulmonary embolism (ascending too rapidly)
- Oxygen Toxicity (primarily a risk for divers that go below 135 feet)
- The water presents its own risks
- Diver behavior
- Diver experience and skill level
- Underwater creatures (the list of creatures will vary according to the waters you’re diving, but even seemingly innocent sea creatures can prove lethal to divers)
- Pressure
- Water temperature / hypothermia
- Types of Dives (some dives present greater risks than others)
While the list of risks may seem quite long, for many divers, the great news is that most of these risks can be avoided with proper education, certifications, strict adherence to safety protocols, and investing in new, top-quality equipment for your dive.
What Insurers Need to Know When Insuring Scuba Divers
Insurance companies look at several key factors in terms of risk when determining your insurance rates as a scuba diver, including the:
- Purpose of dives (work, pleasure, or both)
- Frequency of dives
- Location of dives
- Depth of dives (maximum depth)
- Types of Dives
Your insurance agent will generally ask you questions or have you fill out a questionnaire to confirm the types of diving you perform currently, your future diving plans, and the purpose of your diving. It’s important to answer honestly as failure to do so could nullify your policy.
Once you’ve been approved for a policy, some policies have requirements in order to pay out claims, including restrictions on locations, requirements that you have someone along with you when diving, and requirements that you have appropriate certifications for the dives you’re performing.
Generally speaking, rates are determined according to the answers of the insurers question, as well as your general life insurance rating. Some companies will charge a surcharge, depending on the type of dives. Others will add a surcharge and adjust your rating score.
Types of Scuba Certification
Certifications for divers are important because they are proof to insurance underwriters that you are educated about the diving process and have supervised diving experience. The more qualified you are — and can show proof with certifications — the better chance you have at receiving life insurance for scuba divers at a lower rate. Some insurance companies will not offer life insurance for recreational scuba divers, if they are not certified.
The following agencies offer training and certifications for scuba divers and are recognized around the world.
International Association of Nitrox and Technical Divers (IANTD). This organization offers recreational and technical dive training.
National Association of Underwater Instructors (NAUI). Provides recreational and technical dive instruction as well as instruction for entry-level divers.
Professional Association of Underwater Instructors (PADI). Offers some forms of technical training in addition to recreational training course for entry level divers in open water.
Professional Scuba Association International (PSAI). Organization supplies recreational and technical diving instruction for entry level divers.
Scuba Schools International (SSI). Recognized worldwide, this school offers recreational and technical training for entry level open water divers.
Unified Team Diving (UTD). Provides students with recreational training that offers a technical emphasis as well as full technical training for open water divers.
Types of Dives / Reasons People Dive
The type of diving you perform has an impact on insurance rates because the level of risks for different types of dives is different. For instance, cave diving and wreck diving increase risks. Some insurance carriers may exclude applicants who participate in penetration diving, while others may accept them, but with a surcharge. Rescue and recovery diving is often done when other risk factors are present. The greater the diving risk, the higher the insurance rates are likely to be.
Recreational and personal diving opportunities abound in the forms of:
- Open water dives
- Cave dives
- Quarry dives
- Free diving
- Shipwreck diving
- Spearfish diving
- Treasure seeking
- Photography diving
- Videography diving
Other people dive for their profession or commercial reasons. These include:
- Combat diving for the military
- Fire rescue diving
- Research diving
- Underwater boat repair and maintenance
- Dock repair and maintenance
- Underwater photography/videography
- Rescue and recovery diving
- Law enforcement diving
Whether you dive in open water for the beauty of reef diving or enjoy the thrill of discovery in wreck diving, you will need to specify the types of dives you’ll be performing to your insurance agent.
Number of Dives Per Year
Some insurance providers place restrictions on the number of dives per year. For some providers, it’s a set number of dives per year, such as 10 or 12 while others offer vacation only exclusions. A few companies do allow for no maximum when it comes to the number of dives up to either 75 or 100 feet, but charge premium adjustments or set exclusions elsewhere, such as requiring specific certification, diving with partners, or even only allowing for open water, recreational diving.
Depth of Dives
Depth matters when it comes to diving. The deeper you go, the greater the risks. Many insurance providers use 100 feet as the dividing line between risks assignment, though some are more conservative allowing coverage only for dives that are 75 feet or less in depth as long as certain other conditions are met.
Dives that go to depths of greater than 100 feet may have a surcharge(flat extra) that results in a higher rate class for life insurance.
Diving Experience
Just as insurance providers offer discounts to experienced drivers or even teen drivers who have shown completion of certain driver education or defensive driving courses, insurance companies are often willing to offer reduced rates to divers who have received appropriate training.
Scuba diver certifications can lead to substantial discounts when it comes to life insurance for divers. The reason is simple. These certifications require not only formal book education, but also practical skills instruction and education. Divers with experience are less likely to panic when things go wrong.
This level of experience helps to prevent chain reactions that can transform a minor nuisance type of problem into a life threatening situation in a matter of seconds.
Reducing Rates for Your Scuba Diver’s Life Insurance
The practical fact is that you need life insurance if you are a scuba diver. If you work in a profession that requires a underwater diving, you can’t afford to give it up. For these reasons and more, it’s important to discuss your insurance needs with an independent agency who can negotiate on your behalf with different insurance companies to help you keep your rates as low as possible.
Strategies for reducing your rates including the following:
- Get certification from a worldwide recognized organization.
- Limit your number of dives in the year.
- Restrict your diving depth.
- Bundle policies for greater savings all around.
- Work with an independent insurance agent that works with multiple insurance carriers.
- Find ways to reduce red flags elsewhere in your life – to lower your standard risk rating.
These are small sacrifices compared to the big benefits they deliver to your life insurance premiums month after month and when balanced by a love of diving.
It is also important to know that requirements vary from insurance provider to the next. If one doesn’t issue a policy because of your diving activities, another provider may.
Take the First Step to Get Your Scuba Diver’s Life Insurance
Call us at InsureChance today to discuss your scuba diver’s life insurance needs with an independent agent. We work with many insurance carriers to find the best, affordable life insurance fit for the type of scuba diving you participate in. Whether you dive for business or pleasure. there is a scuba diving life insurance policy, that will meet your needs.
If you have further questions, feel free to visit our quotes page in the right sidebar or call us at 888-492-1967.
