Why Do You Need Insurance?

Introduction

When shopping for insurance many facets of your life are taken into account, meaning that your health and what you do for a living can weigh heavily on the insurance deal you get. Being into fitness and participating in active military service can change the circumstances of your insurance drastically. Sure, you are in better shape, but you may be prone to injury also.

Below we have a rundown of your insurance options whether you are a fitness fanatic or a military servicemember (or perhaps both), along with an explanation of why you need to have insurance. With so many insurance options out there, you can find an aggregation of them at the Nectar Marketplace.

Fitness & Insurance

With lifestyle being so important to many insurance policies, fitness is one of the things considered. While being fit makes somebody healthier in the long term, it also increases the likelihood of suffering an injury – especially if you are into contact sports or obstacle courses races (OCR), for example.

Generally, eating healthily and living a fitter, healthier lifestyle lowers insurance premiums. This can further incentivise getting insurance for the average person, and some large insurance providers will give discounts for those with gym memberships.

For example:

  • Virgin Health offers Virgin Active flexible memberships for up to 50% less than the usual price.
  • Likewise, British firm AXA offers active product discounts with their insurance plans.
  • Some insurance companies – such as Toggle – provide something called active coverage that gives more protection to individuals who engage in outdoor activities.
    • Finding insurance plans like these can give you more support if your lifestyle involves hiking, mountaineering, and other intense outdoor activities.

You may need extra insurance protection if you have a business-oriented around fitness and helping others achieve their fitness goals. For example, if you are a fitness instructor/personal trainer, there are specific personal trainer insurance plans that defer responsibility for accidents. These professional liability insurance plans, for example, can protect you from legal action if any accidents happen at a gym or other public fitness centres.

Active Military & Veteran Insurance

If you are an active or veteran member of the military, it is advisable to get insurance because there are privileges and discounts available to you and your family. For the big three insurances – car, life, and home insurance – you can expect protection when you are deployed, on leave, and when you are back home permanently (although terms vary between providers and policies, so shop around).

Car Insurance

Big auto insurance providers often have schemes to give military members more favorable terms, so see what establishments like the USAA, Liberty Mutual, and Geico have to offer.

USAA exclusively deals in policies for current and former military, so they have a wide ranging catalogue of insurance to choose from for this group. They can also offer flexible coverage, so your terms can temporarily change during deployment periods.

Liberty Mutual and Geico cater to wider consumer bases, though they still offer discounts for active and former military.

When on deployment, it can be difficult to figure out what to do with your vehicle. Those who have not got other arrangements often go for long-term storage, which can slash your auto premiums. When living on-base, there is usually a special private parking lot for servicemember vehicles too. When living overseas, some may ship their vehicle out with them, though this is expensive. The USAA has insurance for auto coverage outside of the continental US.

Life Insurance

Needless to say, life insurance can be a worry for those that are active military members. Likewise, veterans can have issues that affect their long-term health after service. For these reasons, this is why certain providers have special life insurance policies that cater for current/veteran servicemembers.

Most boilerplate life insurance policies have war clauses, so policyholders cannot claim if killed in combat (although the DOD has the Death Gratuity Programme). As such, active military members may need their own insurance plans, which are often facilitated through the Servicemembers’ Group Life Insurance (SGLI) programme. The SGLI comes with family, disability, and trauma extensions, too.

SGLI does not last forever after you leave service, and other options include:

  • Family Servicemembers’ Group Life Insurance (FSGLI);
  • Traumatic Injury Protection (TSGLI);
  • Veterans’ Group Life Insurance (VGLI);
  • Service-Disabled Veterans Life Insurance (S-DVI) and Supplemental S-DVI;
  • Veterans’ Mortgage Life Insurance (VMLI);
  • United States Government Life Insurance (for veterans of WWI, WWII, and Korea).

Home Insurance

Lastly, home insurance can also be difficult when you are in the military. There are three compatible coverage types – dwelling, personal property, and liability coverage. If you are leaving an empty house behind, you may need to have vacant home insurance, too.

Many insurance providers offer discounts for service members, though organisations like Armed Forces Insurance and the USAA lead in military insurance policies. There are other organisations that focus on military insurance, too (so make sure you shop around).

When deploying, avoid war exclusion causes that could result in a denied civilian insurance claim if personal property is lost or damaged abroad. Before leaving, you will also need to select a trusted individual to make any urgent decisions concerning a home you leave behind.

New York Army National Guard Sgt. 1st Class Theresa Barone-Lopez embraces her daughter Juliana at the Albany International Airport on Jan. 27, 2016. Barone-Lopez was among 50 Soldiers of the 42nd Infantry Division who deployed to Guantanamo Bay Naval Base in April 2015. They served as members of the headquarters element for Joint Task Force Guantanamo, and provided administrative support to the task force. Barone-Lopez lives in Amsterdam, N.Y. (U.S. National Guard Photo by Master Sgt. Raymond Drumsta).

Summary

Above are the main things you need to know when you are looking for tailored insurance options for fit/military lifestyles. With so many insurance providers out there, you should consult services that can aggregate insurance leads and find the optimal policies for you and the life you lead.

This way, you can make sure your assets and any potential medical expenses are fully covered. While accidents and other issues are rare, just having certain insurance plans give you perks and discounts that you will not find anywhere else, especially for military service members.

There is an insurance policy out there for everybody, which is why you should take the time to research, find your ideal plan, and get one that is compatible with your lifestyle.

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