Scuba diving doesn't increase the cost of life insurance for most
A new report from AAA estimates that about 47 million Americans traveled over the Fourth of July weekend, a 40% increase from last year. While many vacationers are thinking about outdoor activities and ocean adventures, they may not be thinking about how their activities can impact their life insurance rates.
Applicants who frequently participate in dangerous activities, like scuba diving, can expect to pay more to offset the risk of an accident. Even in 2020, when stricter COVID-19 restrictions were in place, 2.59 million people scuba dived across the U.S. A majority of these scuba divers, about 73%, only dove recreationally — or less than seven times a year. Most recreational scuba divers, such as those who only scuba dive on vacation, pay the same rates as their non-scuba diving counterparts. But technical scuba divers, who dive at slightly greater depths and frequency, end up paying up to 78% more on average monthly life insurance premiums.
Some insurers offer better prices to scuba divers than others, depending on factors like how often, how deep, where, and why you dive. Working with a broker that compares multiple insurers is the best way to get the most competitive rate.
U.S. monthly averages as of July 1, 2021
Term life insurance for scuba divers
The chart below shows average monthly premium prices for a 20-year term life insurance policy for individuals with a Standard health classification who scuba dive up to 120 feet below surface level, at least 2-3 times a month, and in open water. Sample applicant never dives alone and is PADI scuba certified. Sample applicant has 10 years of scuba diving experience. Quotes are based on the Policygenius Life Insurance Price Index Methodology.
Age / Sex | $250K coverage amount | $500K coverage amount | $1M coverage amount |
|---|---|---|---|
25 year old female | $21.34 | $32.24 | $55.60 |
25 year old male | $24.88 | $39.58 | $67.71 |
35 year old female | $25.57 | $38.89 | $65.45 |
35 year old male | $29.87 | $47.21 | $82.99 |
45 year old female | $49.95 | $77.26 | $142.13 |
45 year old male | $60.29 | $97.97 | $181.63 |
55 year old female | $108.11 | $170.06 | $326.31 |
55 year old male | $142.68 | $240.56 | $463.43 |
Month-over-month pricing analysis
No notable changes in life insurance prices
There were no significant changes to life insurance prices from June 2021 to July 2021, continuing the trend of stability. The biggest pricing fluctuation was an insubstantial .7% increase in average monthly premiums, seen by 55-year-old male nonsmokers purchasing a $250,000 policy.
U.S. monthly averages as of July 1, 2021
Term life insurance for non-smokers
The chart below shows average monthly premium prices for a 20-year term life insurance policy for non-smokers in a Preferred health classification; quotes are based on the Policygenius Life Insurance Price Index Methodology.
Age / Sex | $250K coverage amount | $500K coverage amount | $1M coverage amount |
|---|---|---|---|
25 year old female | $14.27 | $21.24 | $34.47 |
25 year old male | $17.17 | $27.10 | $45.11 |
35 year old female | $16.55 | $25.50 | $42.75 |
35 year old male | $18.79 | $30.41 | $51.94 |
45 year old female | $28.52 | $47.58 | $86.29 |
45 year old male | $35.43 | $60.87 | $113.66 |
55 year old female | $60.64 | $108.34 | $206.32 |
55 year old male | $84.29 | $151.88 | $287.30 |
U.S. monthly averages as of July 1, 2021
Term life insurance for smokers
The chart below shows average monthly premium prices for a 20-year term life insurance policy for smokers in a Preferred health classification; quotes are based on the Policygenius Life Insurance Price Index Methodology.
Age / Sex | $250K coverage amount | $500K coverage amount | $1M coverage amount |
|---|---|---|---|
25 year old female | $35.27 | $59.78 | $110.85 |
25 year old male | $43.66 | $74.87 | $139.05 |
35 year old female | $45.10 | $79.51 | $146.02 |
35 year old male | $53.80 | $94.80 | $179.25 |
45 year old female | $90.84 | $166.58 | $318.72 |
45 year old male | $122.66 | $228.52 | $439.63 |
55 year old female | $200.46 | $372.18 | $718.29 |
55 year old male | $291.18 | $536.51 | $1039.80 |
Methodology: The prices displayed above are based on internal actuarial rate tables for 11 life insurance carriers that offer policies through the Policygenius marketplace (AIG, Banner Life, Brighthouse, Lincoln Financial, Mutual of Omaha, Pacific Life, Principal, Protective, Prudential, SBLI and TransAmerica). The prices represent the average monthly life insurance premium for each sample customer profile (age, gender) and policy type (term, coverage amount) as of July 1, 2021. Monthly averages are based on 11 products available through Policygenius for the indicated profile; rates for those products may vary by state, and not all 11 products are available in all states. Individual rates may vary, depending on age, gender, state, health profile, and other eligibility criteria. The index is updated each month.
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