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Best life insurance for people with high-risk hobbies in 2020
These life insurance companies don’t shy away from extreme sports and hazardous activities.
Participating in risky sports and activities is adrenaline-inducing, but it can also make buying life insurance a headache. That’s because there’s a higher chance the insurance company will have to pay out the claim sooner.
Since insurance companies classify you as high-risk, you’ll probably be limited to a term policy. But not all insurance companies are completely risk-averse, and these five companies can protect you while you continue enjoying your hobbies and sports.
The 5 best life insurance providers for high-risk hobbies
While there are more than five life insurance companies that are okay with insuring those with high-risk hobbies, the following five particularly stand out.
- Best overall pick: Prudential
- Best for extreme sports: Mutual of Omaha
- Best company for giving back: Foresters
- Best for adrenaline junkies: Principal
- Best for existing health issues: Legal & General
What’s classified as a high-risk hobby?
Each insurance company has its own definition of a “high-risk” hobby, and how often you’re able to participate in these activities without officially landing into a riskier rating class. But generally, these activities tend to fall under the high-risk category:
- Skydiving
- Hang gliding
- Scuba diving
- Rock climbing
- Bungee jumping
- Piloting aircraft
- Skiing
- Surfing
- Racing
Insurance companies consider these activities to put your life at greater risk, which means they’re more likely to have to pay out a claim. They charge a higher premium to help offset this increased likelihood of a claim.
Best overall life insurance company: Prudential
The insurance giant has a wide variety of rating classifications, which means it is often more lenient than other large life insurance companies when it comes to high-risk activities. Its relaxed ratings aside, Prudential is financially strong and has a varied lineup of policies to choose from.
Best for extreme sports and high-risk activities: Mutual of Omaha
Mutual of Omaha stands out for offering competitive rates for those who count high-risk activities and sports among their hobbies. Its lineup includes a range of term and permanent policies, including a guaranteed issue whole life policy for low coverage amounts. You can also customize your coverage with a long list of riders ,such as an accidental death benefit.
Best company for giving back: Foresters
Foresters Financial offers standard term policy options, and contributes an additional 1% of your death benefit to the charity of your choice if you die while the policy is in force. It also offers various member benefits, such as emergency grants, terminal illness loans and discounts on legal and financial services. Plus, it’s more accepting of high-risk hobbies than most other life insurance companies, meaning you can get coverage while knowing your money might go to a good cause.
Best for adrenaline junkies: Principal
If you’re looking for a competitive rate but still participate in hazardous sports, Principal offers an exclusion option. This policy excludes extreme sports and aviation, meaning it won’t pay your beneficiaries in the case of an accident.
Best for existing health issues: Legal & General
If high-risk activities are on your agenda and you have a health condition, Legal & General might be the perfect fit. Formerly known as Banner Life, the insurer offers various term policies. Thanks to its lenient underwriting, it opens up life insurance for applicants who might not otherwise be able to get coverage, like risk-takers, seniors and those with preexisting health conditions.
How we picked the best providers
Our writers and editors are committed to being objective and empowering our readers to make educated decisions.
When analyzing life insurance providers, we assess the insurer’s reputation in the industry, as well as its product lineup, rider selection and underwriting standards. To determine industry reputation, our editorial team researches the company’s financial strength, accreditations and ratings, and reads customer reviews.
Financial ratings for the providers we reviewed
The financial strength of an insurance company points to its ability to pay out claims quickly. Plus, financially strong mutual companies pay out dividends to permanent life policyholders, and you can then collect the cash or use the money to pay your premiums or upgrade your coverage.
| Agency | Prudential | Mutual of Omaha | Foresters | Principal | Legal & General |
|---|---|---|---|---|---|
| A.M. Best | A+ | A+ | A | A+ | A+ |
| Moody’s | Aa3 | A1 | N/A | A1 | N/A |
| Standard & Poor’s | AA- | AA- | N/A | A+ | AA- |
| Fitch | AA- | N/A | N/A | AA- | AA- |
| J.D. Power | 3 out of 5 | 4 out of 5 | N/A | 3 out of 5 | N/A |
Customer reviews
We looked to the Better Business Bureau (BBB) to help us determine customer service and reviews for each life insurance provider. Ratings and reviews reflect each company as a whole, not just its life insurance component.
| Provider | BBB rating | Customer reviews |
|---|---|---|
| Prudential | D- | 1 out of 5 stars |
| Mutual of Omaha | A+ | 2 out of 5 stars |
| Foresters | A+ | 3 out of 5 stars |
| Principal | A+ | 1 out of 5 stars |
| Legal & General | A+ | N/A |
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Bottom line
If you play high-risk sports and take part in hazardous activities, you can still qualify for affordable life insurance. You can either choose to be excluded from coverage while you’re participating in your high-risk hobby, or buy a regular, pricier policy for full coverage.
Before making this important decision, see Finder’s list of the overall best life insurance companies.
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