Risk and Term Life Insurance

Do your friends often refer to you as risk taker when it comes to athletic endeavors?! Are you planning your next skydiving trip as you read this? Well – good for you! But did you know that your adventurous lifestyle could have an effect on the price of your Term Life Insurance?

It’s true! Risky behavior extends beyond alcohol consumption or smoking. Insurance companies can also look at the activities you participate in when determining your rates. If you participate in risky activities as adventuresome as skydiving or rock climbing, just to name a few, it could cause your rates to jump dramatically.
Also – be careful, omitting facts or not being truthful on your application can directly affect your policy, (or the way it was approved and issued) and can have serious consequences. Should it be determined that you have affected your evaluation in this way, companies are within their right to contest payment of the policy if you die during what is called the “incontestability period,” which is generally two years for most companies.  So make sure you are accurate in reporting your activities when signing up for life insurance!

Do you partake in one or more of these activities? Don’t worry! While it may be harder for you to get life insurance, it is by no means impossible. Make sure you compare companies and review your options before you purchase. Using a term life insurance agency, like SelectQuote can help you find the best options for the lowest price for you!

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