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Get the Right Insurance Coverage for Your Active Lifestyle

Most of us are aware of the need to practise healthy habits, including sport, to ensure a fit and balanced lifestyle. Whether your passion is cycling, surfing or scuba diving, have you considered if your insurance adequately covers your activities? 
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Get the Right Insurance Coverage for Your Active Lifestyle – Live Great – Great Eastern Life

You might wonder what sports have to do with life insurance. Actually, the answer is: plenty. What you might think of as enjoyable extracurricular activities might be viewed as risk factors by life insurance providers.

Even if your hobbies do not involve enjoying life a little more precariously than most, for example, by skydiving, it is still wise to think about getting the right type of coverage for your active lifestyle.

There are three areas of potential concern with sporting hobbies:

1. Liability for damage to another person or their property
What could happen if your bicycle struck a pedestrian or vehicle?

2. Personal accident
What would you do if you fell while rock climbing and needed long-term medical assistance?

3. Loss or damage to sporting equipment
Could you afford another surfboard and wetsuit if someone stole yours?

It’s important to check if your insurance covers all the above.

Ensuring the Right Insurance Coverage
A sports injury may be the result of an accident, but you can take the precaution of ensuring that you have the right insurance cover. Do note that some insurance plans impose exclusions on sports like martial arts, boxing and bungee jumping. Coverage is also normally excluded if you are a professional sportsperson and earn income from participating in sport.

  1. Generally, medical expenses for sports injuries fall into three categories:
     Small bills for minor injuries
  2. Mid-sized bills for injuries that require more extensive rehabilitative treatment but not surgery
  3. Large bills for injuries that require surgery followed by a period of recuperation and rehabilitation

Insurance Plan Features That Ensure Peace of Mind
To ensure that you are sufficiently covered, it is advisable to get a policy that covers both outpatient and inpatient bills. Your insurance coverage needs to include Accidental Medical Reimbursement benefits as well as Hospital and Surgical benefits.

Accidental Medical Reimbursement
This type of insurance covers you as long as you are seeking treatment for an injury due to an accident. It typically covers you for between $1,000 and $6,000 per injury. It is especially important if you lead an active lifestyle. You are covered whether you are hospitalised, or are seeking treatment for a superficial injury like a sprained ankle, abrasions or one that requires stitches.

Hospitalisation Shield Plan
If you require surgery, Accidental Medical Reimbursement will probably not be enough to cover you. Instead, you will need to have a comprehensive hospitalisation insurance plan which covers you for all hospital costs.

Weekly Indemnity Benefit
This usually comes in the form of an optional add-on benefit that gives you a weekly “allowance” while you recuperate.

How to Buy Life Insurance if You Participate in Dangerous Hobbies
When applying for life insurance, you will be asked general questions about risky activities like scuba diving, bungee jumping, mountain climbing, racing, etc. but these can vary from one insurance company to another.

If you participate in risky hobbies such as those mentioned, do keep in mind these four factors when buying insurance:

1. Know That Frequency Matters
If you participate in certain recreational activies like white water rafting only once in a while, like once or twice a year at most, it probably will not affect your insurance rates. Your insurance policy probably takes into account one-time unexpected events such as this.

2. Expect to Pay Higher Rates
If you regularly participate in extreme sports activies, insurance companies may add a flat extra to your premium.

3. Understand Your Policy’s Contestabilty Period
Life insurance policies come with a contestability period which usually lasts one to two years. What this means is that during this period, if your insurance company believes that you did not reveal accurate information on your application, it can cancel your policy and return the premiums you have paid. It can also deny a claim during that time. It is therefore a good idea to be transparent about such things. After all, it’s always better to be safe than sorry.

4. Recognise That Some Sports Activies May Not Be Covered
Some extreme sports hobbies like maximum-depth scuba diving and cave exploration may not cut it with some insurance companies as they might feel that there is no premium that can be charged to cover that risk.

If you do participate in sport as a hobby, life insurance is very important, especially if you have dependents who rely on you. Take the step to protect your loved ones by getting an insurance quotation and remember, the younger and healthier you are, the more affordable it is, so don’t wait. Your peace of mind is worth it!

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Great Eastern Holdings Ltd | Great Eastern Life Assurance Co Ltd | Great Eastern General Insurance Ltd
Great Eastern Holdings Ltd | Great Eastern Life Assurance Co Ltd | Great Eastern General Insurance Ltd