Life Insurance and Scuba Diving
Can You Get Life Insurance if You Scuba Dive?
Does Life Insurance Cover Scuba Diving?
Does Scuba Diving Affect Life Insurance, and How?
What Life Insurance Types Can You Get if you Scuba Dive?
What is the Best Life Insurance for the Sport of Scuba Diving?
With the world’s largest freshwater lakes, Canada is a naturally stunning location for scuba diving enthusiasts. Canada offers some of the world’s finest cold water scuba diving experiences. In addition to that, thousands of Canadians enjoy beach vacations and enjoying scuba diving experiences around the globe in the Caribbean, Pacific, and Indian oceans, or on the Mediterranean coast.
When it comes to life insurance and scuba diving, it is important to note that scuba diving is considered a high-risk activity by most life insurance companies. In this regard, insurers carefully examine each situation related to extreme sports. A person can be completely healthy and have no pre-existing health conditions, but doing extreme sports means a high risk of an accident, injury, or even death. It should be noted, though, that the mortality rate in scuba diving in Canada is relatively low.
In most cases, you can get a traditional life insurance policy if you are into scuba diving. In some cases, your application could be denied. It’s important to know that some insurance companies may have specific restrictions or exclusions related to scuba diving. For example, they may limit coverage to certain depths or exclude coverage for certain types of diving.
Insurance companies typically request additional information about your scuba diving. You will be asked to fill out a questionnaire. While each application has its own set of questions, you can expect, generally, to answer about your:
To assess your physical fitness for scuba diving, some insurers may request a medical examination.
Despite the potential impact of scuba diving on life insurance in Canada, coverage can still be obtained. It is crucial on your application to be truthful about your diving activities. Regardless of the extent of your diving, two types of policies are always available. Simplified issue policies have a questionnaire but no medical exam, and guaranteed issue policies require neither a questionnaire nor a medical exam.
Most life insurance policies cover death resulting from scuba diving or other types of diving, but there may be some exceptions and limitations. It is important to carefully review the terms and conditions of your life insurance policy to understand what is covered and what is not.
When applying for life insurance, it is important, to be honest about your scuba diving activities. Failing to disclose this information could result in your policy being voided if you were to pass away while scuba diving.
Scuba diving activities, whether for recreational or professional purposes, and whether done occasionally on vacation or as a permanent pursuit, etc. can impact your insurance rates. Below are some examples of how scuba diving affects life insurance rates:
| Depth 100 feet or less | Depth more than 100 feet | Others | |
| Insurer A | Standard rates (i.e. no rate increase) | A flat extra of $2.50/$1,000 of coverage or decline. | n/a |
| Insurer B | Standard rates (i.e. no rate increase) | Rating $2.50/$1,000 of coverage or decline depending on the combination of depth (> 120 ft), experience, and technical diving. | Scuba history combined with medical ratings ≥ 200%; cerebrovascular disease, obesity, respiratory disease, and psychiatric illness are usually declined. |
| Insurer C | Standard rates (i.e. no rate increase) | Exclusion or $2.50 to $10.00/$1,000 of coverage. | With related risk factors (heart disease, epilepsy, COPD, significantly overweight, etc.): decline. When snorkeling: standard rates. |
Following are the types of insurance available to scuba divers.
| Insurance Type | Medical Exam | Detailed Medical Questionnaire | Short Questionnaire | Coverage Limits | Important to Know |
| 1.Traditional, Medically Underwritten Life Insurance with STANDARD RATES | Yes | Yes | No | $5,000,000+ | Only for average, recreational divers, depth of 100 feet or less with no hazardous activities. |
| 2.Traditional, Medically Underwritten Life Insurance WITHOUT A MEDICAL EXAM | No | Yes | No | $5,000,000+ | Only for average, recreational divers, depth of 100 feet or less with no hazardous activities. Applies to particular customer segments, based on individualized risk factors. |
| 3.Traditional, Medically Underwritten RATED Life Insurance | Yes | Yes | No | $5,000,000+ | Yes, the most likely scenario for diving deeper than 100 feet. |
| 4. Simplified Issue Life Insurance | No | No | Yes | $1,000,000 | Might be able to qualify. However, in most cases your rates will be quite high. |
| 5.Guaranteed Issue Life Insurance | No | No | No | $25,000 | Yes, you can always qualify for this one. However, guaranteed issue does not pay claims in the first two years. The premiums would be returned to a beneficiary. |
Working with a broker can increase your chances of being approved, because the broker will select the best insurer and policy application for your situation. Brokers have the ability to search the market on your behalf, without being restricted to promoting the products of just one company. Before starting an application, brokers may contact the insurance company via email to assess the probability of your approval or rejection.
If you’re a frequent scuba diver and looking for life insurance coverage, shop around and compare policies from different providers to find the best coverage and rates for your needs. A broker is more than happy to do this on your behalf.
Most life insurance companies, including Manulife, SSQ Life Insurance, Empire Life, Canada Life, and Assumption Life, provide coverage for individuals who participate in extreme sports. However, the way each company treats extreme sports can differ.
To ensure you get the best rate and coverage for scuba diving or other extreme sports, we suggest working with a knowledgeable life insurance broker who has access to multiple policies on the market. They can compare application criteria across various insurance companies and assist you every step of the way.
You can easily request a quote from our experienced life insurance brokers by filling out the form on the right side of your screen.
