Yes, life insurance policies may cover skydiving accidents.

If you got a life insurance policy that did not explicitly exclude death related to skydiving, the life insurance policy will pay for death that was caused by a skydiving accident.

However, this is taking into account that you did not lie about your past and future skydiving intentions on your application when you applied your life insurance policy.

The life insurance company has a two year contestability period called the "Incontestable Clause" that allows them to review any claims within the first two years you are insured to determine if you lied or made a material misrepresentation on the application which would have resulted in you being denied coverage when you applied for your policy. This may allow the insurance company to decline a claim.