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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:
- Hang gliding
- Scuba diving
- Rock climbing
- Bungee jumping
- Piloting aircraft
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
- Offers a term policy that covers you until age 65.
- Purchase term policies with either a return of premium option or as a yearly renewable policy.
- Flexible classifications open up access to policyholders that participate in high-risk activities.
Best for extreme sports and high-risk activities: Mutual of Omaha
- Affordable rates for those classified as high risk and people involved in extreme sports.
- Choose from riders such as an accidental death benefit, disability premium waivers and waiver of premium.
- Sells four universal life policies with various cash-value growth options.
Best company for giving back: Foresters
- Unique member benefits and charity donation in the event of a claim.
- Pairs you with a local agent for personalized service.
- Its relaxed underwriting guidelines allow for high-risk activities and sports.
Best for adrenaline junkies: Principal
- Hazardous sports and aviation exclusion lets you have a policy without being penalized on rates.
- Quick approval process of 15 days or less for nearly all applicants.
- User friendly online portal lets you pay online and view your policy.
Best for existing health issues: Legal & General
- Term policies can be converted up to age 70, giving you plenty of time to convert to a universal policy or buy a new policy.
- Offers the most popular term insurance riders, such as children’s term and disability.
- Strong financial stability and fast claims service.
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|
|Standard & Poor’s||AA-||AA-||N/A||A+||AA-|
|J.D. Power||3 out of 5||4 out of 5||N/A||3 out of 5||N/A|
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|
Compare life insurance companies
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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