Purchasing life insurance for women drag racers is a simple process when using the right advisor and life insurance company
This post will give you the product knowledge you need so you have total confidence when applying
All of us have the same goal in mind when purchasing any product or service. We want to feel confident we purchased the best product for our needs at the lowest cost possible. This concept is exactly the same when shopping for life insurance for women drag racers. Most drag racers believe it is difficult to purchase life insurance and also expensive. Even though drag racing is classified as a high risk sport, the premiums can still be very affordable and sometimes not even a dime more. This especially holds true when you are using the right agent. Let’s start from the very beginning and learn how to receive the lowest rates when applying for life insurance.
Who should I contact to purchase my life insurance?
The answer to this question is very simple. Contact an independent agent so he can shop the market and place with the most applicable life insurance company. The comparison below will show you the difference between these two type of advisors.
Independent Agents:
Your first step is to contact an independent insurance agent otherwise known as a broker. There are two types of agents you can work with to purchase your life insurance. The first is an independent agent also known as a broker. Independent agents such as ourselves represent over 40 life insurance companies. These agents can choose the most applicable company for your needs. They can also find which carrier will offer you the best life insurance rates. Independent agents do not work for insurance companies and have your best interest in mind. They will always be your number one choice for any type of life insurance product.
Captive Agents:
Your other choice in agents are captive agents which actually work for an insurance company. They are historically auto and homeowners insurance companies. They have only one company to offer you and mostly just dabble in life insurance sales. These captive agent companies such as State Farm and Allstate normally have uncompetitive rates. Selling life insurance is just a sideline product for these companies. The captive agents have their companies best interest in mind, not yours. Most companies that captive agents work for don’t offer life insurance for women drag racers or any hazardous sports for that matter.
The NHRA does not provide life insurance coverage
Quite a few drag racers believe if they are NHRA members and they are killed at a NHRA event there will be life insurance provided. This has been a huge misconception that has been going on for a number of years. There is no such thing as having a life insurance policy built into your membership package. The only benefits you have included in your membership are limited medical benefits at best. These medical benefits are mainly directed at getting you airlifted to the nearest hospital for treatment if you are injured.
How are the actual rates for life insurance for women drag racers calculated?
In order for a life insurance companies to determine your final rates, they will need some information such as:
- The class of racing do you race in? (Examples: Top Fuel, Pro Stock, Nitro Funny Car)
- What is your top MPH?
- What type of fuel do you use?
- Your average elapsed times?
- How many times do you race per year?
There may be more questions, but these are by far the most important ones.
An additional charge called a “flat extra” is sometimes added to the base premium
A flat extra charge is an added dollar amount added to every $1,000.00 worth of coverage. Giving you an example will be much more simple that trying to explain it.
Our example drag racer is a 30 years old and is applying for a 20 year term policy with a face amount of $100,000. The conventional base premium in this example is $500.00 per year. The insurance company adds a $2.50 flat extra charge to the policy to cover the added risk. If you multiply the $2.50 flat extra charge times 100 which is the face amount in thousands and you will have a flat extra charge of $250.00. If you add that to the base premium of $500.00 you will have a grand total of $750.00 per year.
Sometimes there is no extra charge for drag racing
Flat extra fees can very from $2.50, $3.00, $5.00 and $7.50 depending on how extreme your race car is. If you burn gasoline, a $2.50 flat extra is common and this can go all the way up to $7.5o for a nitro methane class. Sometimes no flat extra is charged at all. Some companies will be able to add an exclusion to not cover the actual racing risk if you so choose. This is called an exclusion rider.
Women drag racers automatically pull a holeshot on men when it comes to life insurance rates
Women’s life insurance rates are always lower than mens. This is mainly because the statistics show women live longer than men do. Women as a rule take better care of themselves and go to the doctors office for regular visits more often. With most life insurance companies, life insurance for women is at least 15% less. You can use our quoting system on the right to see how women drag racers rates are lower than men. Just toggle the drop down menu from male to female and you can see for yourself.
There are three main types of life insurance to consider
Your three main options to consider will be:
These are the three main choices you have but you will find that term life insurance will be the most cost effective plan design to apply for. Universal is great if you need permanent insurance but whole life for example is just about obsolete. Many companies have dropped whole life from their product lines due to the high cost. If will find that low cost term life insurance will be the way to go for women drag racers.
Health classifications can have a major impact on your premiums
The health or rate classification will be a very important factor which will determine your premiums. Most people have heard of rate classes such as Super Preferred, Preferred, Standard Plus, Standard and others. These classifications are how your assigned rates are going to be determined. These health classes are usually based on your health conditions if any, dangerous occupations and also hazardous sports such as drag racing.
How to apply for life insurance
There are three ways you can apply:
- Paper Applications – The old original paper applications are the most time consuming of all applications. Most people never enjoy completing a 20 page application. If your handwriting is not legible or you simply miss a question, the paper application will be delayed.
- Online Applications – The modern online applications are much easier for the applicant to complete. But this will depend on how much computer skills the applicant has. The other stipulation is the applicant must have a computer and have some basic internet experience.
- Telephone Applications – The telephone applications are by far the best way to apply for life insurance. They only take about 20-30 minutes and all you have to do is listen to the question and then answer it. It does not get any easier than this. Our office uses the modern SnapApp application system which is quick and simple.
There you have it
Hopefully this blog post has given you some valuable information that will help you to find the best policy for the lowest possible premium. I am sure you have plenty of questions you would like answered. Don’t hesitate to call us 7 days a week. With some help from an experienced agent, purchasing life insurance for women drag racers is a breeze. I personally have many years of drag racing experience and that is why it is one of my favorite life insurance markets.
All the best,
Jack Venturi
