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Best life insurance for people with high-risk hobbies in 2021
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.
When analyzing the best life insurance companies, 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.
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. 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. 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
Protect your loved ones
Compare 12+ top insurers side-by-side to get the best possible deal, and shop return of premium policies online.
What are the best life insurance companies 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.
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.
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.
Pros
Personalized service
Fast-tracked applications
Attractive member benefits
Charitable contributions
Financial strength
Cons
No online quotes
Short customer service window
Free Quote
Contact an agent
Insurance Products
Term life, Whole life, Final expense, Universal life
Issue Age
18 to 85
Coverage Amount
$10,000 to $500,000+
Term Lengths
10, 15, 20, 25 or 30 years
Medical Exam Required
Not listed
Ways To File A Claim
Phone: 800-828-1540
Ratings, Accreditation and Memberships
AM Best Company: A (Excellent)
Customer Service Options
Customer support number: 800-828-1540 from 8 a.m. to 8 p.m. ET weekdays Email: service@foresters.com
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.
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.
Pros
Lenient underwriting that accepts those with diabetes, a history of smoking and other health risks
Flexible payment options
Priority claims payment up to $10,000 and payouts within one business day of approval
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.
Life insurance companies with the best financial strength
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
What life insurance companies have the best customer support?
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.
Company
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
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.
Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry.
Andrew Flueckiger is a licensed insurance agent and Certified Insurance Counselor with experience in insurance and finance. A graduate of Indiana University, Andrew contributes a wealth of knowledge and experience to Finder. When Andrew isn’t writing, reading or practicing insurance, he can be found spending time with his family and playing the guitar.
While it’s common for Americans in their 60’s to either be retired or approaching retirement, there still may be some beneficial value in investing in a life insurance policy. Compare your options and learn what type of policy will most fit your needs as someone over 60.
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finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
