Yes, life insurance may cover death resulting from skydiving.
However, some life insurance carriers have varying degrees of
expertise in underwriting different risks for life insurance; such as, skydiving, or other high risk activities.
There are some insurance companies who are very
proficient in underwriting risky hobbies in general, and skydiving in
particular.
You may want to contact a life insurance company that specializes in insuring high risk hobbies including skydiving. In addition, make sure your life insurance policy does not exclude skydiving, and make sure you advise the insurance company of your skydiving activities and how often you skydive.
Learn more about life insurance for high risk people