Affordable Life Insurance for Drag Boat Racers
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 insurance industry. 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 we have 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 from the lowest tier group being less than 80MPH to The Unlimited Hydro & Jet boats classes.
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.
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?
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.
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.
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.