What’s wrong with risky hobbies?
If you are an adrenaline junkie in a hazardous situations or enjoy a dangerous activities this may affect your ability to obtain certain types of life insurance. This includes policies such as income protection insurance, permanent health insurance and mortgage protection insurance.
Even activities such as surfing can also attract higher premiums.
Here are some activities which are classed as risky hobbies by our insurers.
- Bungee jumping
- Rock climbing and extreme mountain climbing
- Scuba diving
- Hot air ballooning
- Racing such as car, boat, motorcycle)
- Hang gliding and Wing suit flying
- Big wave surfing
Will starting a risky hobby affect my life insurance policy?
The short answer is no, however you it might be worth contacting your insurer incase you believe it may causes your death.
As long as you’re honest from when you start your policy, there should be no reason to update or change it if you decide to start a risky hobby.
However if you were to die because of your risky hobby might not be able to get a full pay out. An insurer could deny your policy pay out if its in the first 2 years of the terms.
How does a risky hobby affect life insurance?
When you decided to apply for cover, the insurer will determine how much to charge you for your policy. This also includes placing you in a specific class based on your current health and lifestyle choices.
Your insurer will ask you a series of questions on the applications to understand your lifestyle choices.
Your premiums are simply impacted because of your current activities. So if you usually choose to do a riskier hobby, then your life insurance premiums will end up being much higher.
Alongside this your overall family history will be analysed, with current health, height, weight and age to establish your rating.
Dangerous Hobbies with Critical Illness Cover
Life insurance is similar to critical illness cover when it comes to risky activities. However critical illness is cover is structured for people who take part in recreational activities.