An insurer has just released a type of policy specifically for these underwater adventurers.
As adventure sports start to become more popular, the several sectors of the industry, such as life insurance, have responded by coming up with products that are specifically designed for the needs of participants.
Now, a new product has been released that targets individuals who enjoy scuba diving.
The insurer behind this new product is Lifeline Direct Insurance Services, which often looks to develop products for specific lifestyles. They have observed that there is a need among consumers and among their clients for a type of life insurance policy that will cater specifically to their lifestyles, which includes scuba diving. This gives them the chance to be certain that their own specific situation will have coverage if they should have the misfortune of needing it.
This was announced in a news release that was entitled “Life Insurance for Scuba Divers”.
According to Matthew Loughran, from the company, one of the questions that life insurance companies are always asking their customers when they complete their applications is “Do you participate in any hazardous activities or extreme sports?”. As the number of people who completed the application started to answer “yes” on a more regular basis, it became clear that a need was forming for coverage that includes people with more adventurous lifestyles.
Every life insurance company already has its own risk assessment associated with taking part in these types of activities. The issue that was central in this area, from the perspective of the policy shopper, was not whether or not they would be approved in these circumstances, but was instead whether or not they would receive their approval at a rate that they could afford.
This allowed the insurer to come up with a new kind of policy that is designed specifically for scuba divers to allow them to be able to purchase life insurance and still find a favorable rate. According to Loughran, the insurer gives consumers the opportunity to work with a company “that will look at your avocation the most favorable and not penalize you for your hobby of scuba diving.”