You’ve got some good news and you’ve got some bad news when it comes to life insurance underwriting for scuba divers.
The good news is that there are still plenty of opportunities out there for preferred plus and preferred rates for those recreational divers who don’t go below 100′. And let’s be real, 95% of recreational diving takes place at depths above 70′, so allowing 100′ at the best rate class really covers recreational.
Advanced open water is where the real shift in underwriting has occurred. Genworth Life and Annuity used to be open to the idea of best class down to 130′ on a “case by case” basis, and Prudential didn’t make any bones about, preferred best was allowed down to that depth. Now Genworth has gone to a standard rate for those who swim below 100′ and Prudential wants to charge $2.50 per thousand dollars worth of insurance extra, but will still take a case by case look at it for better premiums.
The glint of gold in the pan for those going below 100′ is John Hancock who will still go preferred down to 120′. The only catch with John is that their minimum face amount for term insurance is $750,000.
Bottom line. Scuba will never take the hit that sky diving does, but for those advanced divers who didn’t take advantage of Genworth and Pru before, oh well!!