Purchasing life Insurance for NHRA Drag Racers should be a smooth easy process. Drag racers usually know that their sport causes a red flag to go up due of the risk of the sport. Normally the concern is not being declined but the increase in cost of premiums. There is no need to worry because this article is dedicated to help you find low cost life insurance for drag racers.
I will show you how to shop for life insurance and get approved with a very affordable premium. Most insurance agents do not have any drag racing experience. This makes it harder for them to relate to Motorsports racing. Since I had a drivers license I always loved drag racing and all it’s classes of 1/4 mile race cars. As the years went by, I had accumulated a lot of mechanical experience. I have pit crew experience all the way up to blown alcohol cars and loved every minute of it.
Your premiums should be like your ETs, as low as possible.
Let’s dive in to this blog post and find out exactly what purchasing life insurance for drag racers is all about. Right off the bat let me tell you this. Purchasing life insurance for drag racers is not a difficult process and it should actually be simple. Especially when you are using an agent with drag racing experience. Activate our websites quote engine and compare immediate life insurance quotes from over 40 trusted life insurance companies. These modern quoting tools make it easy to locate the best life insurance rates. Drag racing would be considered a form of high risk life insurance . We have many liberal companies than offer preferred rates to drag racers.
What kind of life insurance should I apply for?
Low cost Term life insurance will be your best choice. Your two main choices will be Term life insurance and Universal Life. Universal Life is a permanent from of life insurance. Low cost Term life insurance will be you best choice by far. You can purchase Term life insurance with the normal underwriting process. Many people also purchase Term with a No Medical Exam version that has very fast turnaround times after you apply. Quite a few people purchase No Medical Exam life insurance if you want life insurance with No Medical Exam required.
Most people that want to purchase life insurance for drag racers the conventional version. The full underwriting process will land you the lowest rates. Whole life insurance is just far to expensive to even consider. Whole life is insurance is regarded as obsolete. Compare the premiums on our Term life vs. Whole Life page. To purchase a high face amount of Whole life insurance would cost a small fortune. If you need help trying to calculate what you need as a face amount (death benefit). Don’t hesitate to use our free and very accurate face amount calculator.
What insurance companies would offer me the very best life insurance rates?
Anytime someones asks for life insurance for drag racers we shop the complete market for them. We collect the basic information for their class of racing and send the information out for quotes. The life insurance companies change from time to time and we always want the very best rates. Depending on your health and racing class, there will be a specific company best for you. Getting the best life insurance rates takes experience and skill shopping the market. We always compare Term life insurance quotes online to make sure we cover all the best life insurance companies.
Even if your class is Top Fuel Dragster, we can help you find life insurance with the lowest rates possible.
There are basically two ways to go when applying for life insurance. The first way is purchasing life insurance that insures your life while you are actually driving a race car. The other choice is purchasing a policy that has an exclusion rider. This would exclude you from coverage when actually driving a car down the track. If you choose the rider version, you would qualify for whatever rate class you would normally qualify for.
Regardless of what you drive, you can still buy affordable life insurance for drag racers.
Your life would be insured for everything else with the exception of driving the race car. Naturally this would be the most cost effective way to go. With the drag racing being excluded, you would not pay an extra dime for your life insurance. This is the most inexpensive way to go. The side effect is you would not be covered while you are driving down the track. With some people this is fine, but with most people they want to be covered while they are driving their drag car.
Most people that apply for life insurance for NHRA drag racers want to be covered while they are racing.
The most popular option is to apply for life insurance and be covered at all times. This would included driving your 1/4 mile race car anywhere and at anytime. When going this route, the life insurance company would add a extra charge on to your base premium. This is to cover the additional risk they are taking. This extra fee is referred to as a “Flat Extra” charge. These additional fees vary in amount depending on the class you race in. The higher the risk class determines the amount of the flat extra charge. For example, there will be a higher charge for someone that drives a Nitro Funny Car vs. a Pro Stock car. The Funny car is normally more hazardous than the Pro Stock.
How is a “Flat Extra” charge calculated by the insurance companies? Let’s check it out, it’s more simple than you think.
Example – Let’s take a look at a simple example of a flat extra charge for a 30 year old male drag racer. This will be for a 20 year term policy and a face amount of $100,000.
In the example we are using, we can use a simple life insurance premium of $800.00 per year. Our make believe driver is John Doe who drives a 800 horsepower Chevy Camaro. The car is gasoline powered and naturally aspirated. The car runs in the 8 second bracket at an average 1/4 mile speed of 160 miles per hour. Here are the main factors the life insurance company is going to look at in order to calculate John Doe’s flat extra charge.
* Type of fuel used such as gas, alcohol or Nitro Methane.
* The top speed John’s car will normally reach in the 1/4 mile.
*The elapsed time the car runs in the 1/4 mile
* How many times a year does John race his car.
Many times a flat extra fee is never added to the cost of the policy.
In this particular example Joe Doe will be usually looking at a flat extra charge of $2.50 for every $1,000.00 dollars worth of life insurance coverage. With a $800.00 premium for the base policy itself there will be an additional $250.00 to cover the added risk in the form of a flat extra charge. The grand total will now become $1,250.00. The flat extra could be about $5.00 per every one thousand dollars worth of coverage if Johns car was faster, quicker and ran on alcohol instead of gasoline. It could possibly go up to $7.50 for a Nitro Methane powered car such as a NHRA Funny Car or Top Fuel Dragster. Rocket and Jet powered cars can sometimes fall into this $7.50 range also.
We have companies that do not charge any additional premiums because you drag race.
These are just basic examples of what to expect. Keep in mind that health conditions an also affect your final rates and have to be taken into consideration just like they always do when applying for Term life insurance or permanent insurance as well. We work with over 40 life insurance carriers to make sure our clients have the opportunity to receive the most competitive rate possible. With the best life insurance companies we work with, we have an advantage of choosing the most applicable carrier that will offer our applicant the lowest rates.
We normally pre-screen our applicants specific information to make sure there are no surprises that arise later on.
Medical pre-screening your information for health conditions and your racing class works well. This information will tell us what life insurance company will offer you the lowest rates if you apply. The most important factor to finding the lowest rates is going to revolve around the specific company to choose. The company that is the most “drag racer friendly” will be the one that puts a lower risk factor on drag racing. This will be the carrier most likely to offer the lowest rates.
This process only takes a few minutes and we can usually have an accurate projection of your rates in less than an hour. Purchasing Term life insurance for a drag racing should be a smooth process. If it is not, you are using the wrong agent.
Purchasing life insurance for NHRA drag racers is like purchasing life insurance for anyone else.
Having drag racing experience gives me the advantage of shopping the market for the best rates. Drag racing is considered a hazardous sport with the life insurance industry. With our comprehensive experience, we have great success finding low cost life insurance for drag racers. Comparing the best life insurance quotes for drag racers is what we do on a regular basis.
We can help take the confusion out of purchasing life insurance and ensure you receive the best rates.
Shopping for life insurance for NHRA drag racers can sometimes seem overwhelming. There are a lot of variables to stop and consider and you want to make sure you are getting the best deal. Contact us today and we will answer all your questions over the phone, we’re here to help you.
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