You are probably not aware that what you do in your spare time can have a significant impact on the premiums you pay for life insurance. Most people are aware that personal health conditions and even certain occupations affect life insurance premiums. But some high-risk hobbies also affect life insurance premiums.
If you have one of these high-risk hobbies, you do not have to give it up to get an affordable life insurance policy. But you need to be aware of how it will affect your premium. And just as importantly, you need to apply for coverage with life insurance companies that see the most favorable view of your high-risk hobby.
As a life insurance broker, we have extensive experience of life with high risk insurance. The secret is to know which companies are likely to offer the lowest premiums for your chosen hobby.
Let's take a look at the hobbies that life insurance companies consider high risks and how they affect premiums.
High-risk hobbies It can affect life insurance premiums
Let's start by saying that not almost all hobbies are considered high risk. In fact, the majority do not pose any risk at all.
If your hobby is, for example, yoga, sculpture, cooking, coin collecting or something similar, it will not have any effect on your life insurance premiums at all. [1
At least a hobby is an activity you do regularly, at least several times a year.
Below is a list of what are generally considered high-risk activities, but this is certainly not the full range of possibilities:
Common high-risk hobbies  Skydiving
Even if you participate in any of these activities, the impact it has on your prize will be based on several different factors.
For example, the insurance company will want to know specific details, such as how often you participate in the activity, where it takes place, the level of difficulty you take on, the certifications you have, or the safety precautions you take, among other considerations.
Why High-Risk Hobbies Affect Life Insurance Premiums
When it comes to life insurance, insurance guarantors evaluate the risk you present as a custom er; that is, any conditions you have or practices you participate in that have the potential to reduce your life expectancy.
Life insurance policies pay benefits on your death, and any condition or activity that is likely to lead to an early death means that the policy may need to be paid out sooner rather than later.
As the insurance company will have less time – possibly – for your premiums to be collected to pay your death benefit, these premiums will be adjusted higher to reflect the expected shorter period of time.  As fun as high-risk hobbies can be, and as confident as you can be in your own ability to overcome risks, they have an above-average chance of premature death.
This is the reason why life insurance companies charge higher premiums.
What happens if I participate in more than one high-risk hobby?
A complication is if you regularly engage in more than one high-risk hobby. For example, if you are an avid skydiver who also participates in motorcycle racing and deep sea diving, your hobbies will be a source of several risks.
Are there other factors that can be considered high risk?
Another complication is non-hobby risk factors . The most obvious are health-related conditions.
These may include diabetes, hypertension, experience with cancer, anxiety or depression, among other health conditions.
Some behavioral factors may also be considered, such as smoking or excessive alcohol consumption. .
Can my job be considered high risk?
Occupation may be another factor. For example, police, firefighters, roofers, truck drivers and even traveling salesmen are considered higher risk occupations.
This can also affect the premium you pay for life insurance and can be an additional risk factor in combination with high-risk hobbies.
The Best Way To Apply For Life Insurance With High Risk Hobbies
The first, best strategy is to be completely honest about the hobbies you are involved in. It is better to disclose a high-risk hobby and pay a slightly higher premium than omitting it.
Here's why. If you engage in a high-risk hobby that was not disclosed in your life insurance application, and you die as a result of that hobby, the life insurance company may refuse to pay your death benefit.
You understand that omission of an essential fact from an application can be considered as insurance fraud . Let's say you die in skydiving. The life insurance company can – and possibly will – make an investigation. If they determine that you have a history of skydiving that was not disclosed in your life insurance application, they may refuse to pay the death benefit due to a material error in your application.
The most an insurance company can do in that case is return the premiums paid on your insurance over the years to your beneficiaries. But the death benefit is forfeited.
Another possibility is that the insurance company discovers the omission while you are still alive. If they do, they may cancel your policy. If it happens at an unprecedented time in life, for example after a major health-related event, you need to find a new policy that will either be much more expensive or inaccessible due to your condition.
Working with a Life Insurance Broker
This is a critical strategy when you have some significant risk factors that may affect either your life insurance approval or the premium you pay. Whether it is a health condition, a dangerous profession or a high-risk hobby, it is important that applications are only made with the insurance companies that are likely to see your situation in its most positive light.
Applying directly with a life insurance company — even and especially one that advertises the lowest premiums — can be a big mistake. What most consumers do not understand is that the lowest life insurance premiums advertised are for people who pose little or no risk to the insurance company.
If you have a risk factor, including a high-risk hobby, you may find your premium much higher than what the company quotes in advance. It is even possible for you to be rejected, as the companies that charge the lowest premiums tend to insure only those who are least likely to file a claim.
That's why it's important to work with a life insurance broker, which is exactly what we are. We work with dozens of different life insurance companies and have many years of experience in matching consumers with the company that is likely to a) approve their application, b) take the most accommodating position for all the risk factors they have, and c) charge the lowest premium.
Shopping for life insurance with a high risk hobby
So if you are in the life insurance market you need to look beyond your health and even your profession and take into account your hobbies.  If someone is often seen as a high risk in the insurance industry, they can affect your life insurance premium. And in that case, working with a life insurance broker will be your only best strategy.
* While we make every effort to keep our website up to date, you should be aware that "current" information on this site, e.g. relevant details about companies, may only be correct from the last edit date. Huntley Wealth & Insurance Services and its representatives do not provide legal or tax advice. Please contact your own legal or tax advisor.