While life insurance policies cover most sports without restriction, a study by financial services researcher Cannex has revealed extreme activities such as base-jumping or deep-sea diving are deemed too risky for life insurers to consider.

The financial services and research firm found there are endless variations on how insurers view hobbies within the framework of life insurance policies including cover for death, trauma, total and permanent disablement and income protection.

A study by the financial services and research firm shows insurers are nervous about covering sports such as motocross, hot air ballooning or gliding.

Edgy sports such as bike, car or yacht racing are typically excluded altogether or can attract a hefty premium loading.

“As a general rule insurers are fine with the occasional amateur activity, but if you do it on a regular basis, it can be another thing altogether”, Cannex spokesman Stephen Mitchell said.

Smokers could also expect to pay around 40% extra on the annual cost of life insurance premiums, the survey said.