If you participate in drag boat racing or any other form of boat racing events you probably know by now this is considered a hazardous sport by the life insurance industry. Life insurance for drag boat racers is readily available and is probably costs less than you would believe. This also holds true for auto racing which would include NHRA drag racing and oval track classes such as NASCAR stock car racing and various others. All these drivers are in the “same boat” when it comes to purchasing life insurance products.
There are many good forms of life insurance such as the popular Term life insurance and for a permanent type plan design there is Universal life insurance. The rates will vary by the type of boat you drive and how fast you normally propel yourself across the water.
Life insurance rates for drag boat racers will mainly depend on the speed of the boat and the type of fuel it uses.
Amateurs and professional boat drivers alike can purchase life insurance which will cover them from loss of life stemming from a natural illness to a fatal crash in a boat race. These types of policies have no exclusions except for the two year waiting period for suicide. We also have companies that will provide you with a life insurance policy can cover you from every cause of death except driving a racing boat. These types of policies do not cost anymore that a standard life insurance policy that has no exposure to racing of any kind. It basically comes down to the deciding factor if you want to be covered while actually driving the drag boat or not. Most people want to be covered while they are drag boat racing.
Applying for life insurance for automotive drag racing to boat racing is very similar. Top speed is going to be the main differential in the premium.
The underwriting process runs on a one on one basis where we normally use a racing questionnaire to pre-screen the applicant so there are no surprises when the application process has been completed and the final rates have been established. You basically have two main choices when you purchase this type of life insurance. Do you want to pay the extra premium for being covered by the life insurance policy while you are in the act of racing or do you want to go the exclusion route which would not cover you if you were driving the boat and had a fatal crash? Purchasing either version is no problem at all.
The life insurance companies use a flat rate when adding on the additional cost of insuring the applicant while being covered in the act of racing.
Just for example the flat rates could be $2.00 per every thousand dollars of coverage or higher such as $2.50 and more depending on your boat and top speed. Usually life insurance is going to be very affordable for the average person. The main goal is to use the most appropriate life insurance company with the lowest life insurance rates. Also the company that is less sensitive to the racing sports will come through with the lowest premiums. I handle this type of life insurance on a regular basis so I normally know what the flat extra premium will be and what company will have the lowest rates.
This is where an experienced life insurance broker experienced in the racing sports has a considerable advantage. We have been insuring race car and race boat drivers for over 20 years. Just being able to understand what goes on in a race is good experience for the insurance professional. I have had many years of hands on experience in both drag racing and boat racing. I normally can give most people a quote over the telephone just by using past experience.
If you are a professional driver of a Top Fuel Class boat design or just a weekend racer in a basic flat bottom boat, we can help you find the lowest premiums.
We use over 40 of the highest rated and most trusted companies in America. We usually tell people to feel free using our consumer quote engine to compare Term and Universal life insurance but this high risk life insurance has to be quoted on a one on one basis for a properly projected premium. Feel free to contact us 7 day a week for all the help you will need to view all your life insurance options. We can answer all your questions and provide you with life insurance quotes in usually less than 30 minutes.
We also use a very simple and easy telephone application process that is much more convenient that the paper and online application that are still being used by many of our competitors. Thank you for reading our blog post for Life Insurance for Drag Boat Racers. Visit our About Us page for more information about us and our business.
Life insurance can be a little confusing at times so grab the phone and give us a call and we will explain everything over the phone using simple terminology.
If there is one important concept to keep in mind, just remember that purchasing life insurance for a drag boat racer is no different that buying it for any anyone else. The only difference is the additional charge added on the the standard premium to cover for the added risk that the life insurance company is absorbing for the boat racing. There is no mystery involved in applying for racing insurance and there are no “special” policies to be concerned with. Also keep in mind that your health history also is taken into consideration just like it normally would be even if you did not race. Last but not least, if you need life insurance apply as soon as possible. Life insurance rates are based on your age and the longer you wait the older you get and this means the premiums go up.
The sooner you apply, the sooner you can lock in your rates in and not pay anymore than you have to. If you take out a 20 year Term life insurance plan for example that would mean you premium would be payed for a 20 year time period at higher rates because you might have waited and the rates went up. This can really add up in time so do yourself a favor and do not procrastinate. Thanks for reading this blog post and be careful when you go racing, as you know, boats don’t have brakes. Check out some of our many other articles based on life insurance for drivers active in the racing sports.