Applying for Life insurance for drag boat racers is a simple and easy process!
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 it costs less than you would probably believe.
This also holds true for the auto racing motorsports. 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 several forms of life insurance such as low cost Term life insurance. For a permanent type plan design there is universal life. The rates will vary by the type of boat you drive and how fast you normally propel the boat.
Your premiums will depend on the speed of your boat and type of fuel
Anyone can purchase life insurance which will cover them from a natural illness to a 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 cover you from everything except driving a racing boat. This is done by adding an exclusion rider for the actual drag boat racing.
These types of policies do not cost anymore that a standard life policy that has no exposure to racing. It basically comes down to the deciding factor if you want to be covered while actually driving the drag boat. Most people want to be covered while they are behind the wheel racing.
The application process is the same as if you did not race at all
The underwriting process is basically very simple. It works just like any other application for life insurance. The actual application is just a standard application with a racing questionnaire that has a series of questions that pertains to the racing. I perform a pre-screen myself where I ask the potential applicant a few question concerning his specific form of racing. This can eliminate underwriting surprises later on down the road.
With my experience providing life insurance for motorsports racers. I will usually know what the end result will be before the actual application has started. The only area that will still be a variable will be the applicants health. We use a very simple and quick medical pre-screen to get a good idea of the applicant’s overall health which is very important.
The companies can sometimes use a “flat extra” fee
Just for example the flat rates could be $2.00 per every one 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 provide 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. A flat extra charge can be removed if and when you stop racing.
Independent agents have the advantage of shopping the entire market
This is where an independent life insurance agent (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 drag boat racing. So normally can give most people a quote over the telephone just by using past experience.
If you drive a nitro or alcohol powered boat, you can still receive low rates
We use over 40 of the highest rated and most trusted life insurance companies. Having a comprehensive selection of life insurance companies give us the edge in finding the best life insurance rates. Captive agents such as State Farm and Farmers for example will only have one company to review. This will not work in the life insurance sector.
Not only do we have the high risk effects of the drag boat racing to contend with. We also have to work with any health conditions our client has also. This health conditions in most situations are going to be more work to deal with than the racing itself.
Affordable term life insurance is going to be your best choice every time
The three main options you have for life insurance is term, universal life and whole life. Term is a temporary form of life insurance and universal life and whole life is permanent. Low cost term life insurance will have the lowest premium with no close second. If you need permanent life insurance universal life is the way to go. whole life is far too expensive and just about obsolete by today’s standards. Many life insurance companies have dropped whole life from their product line.
Take a moment to view our term life vs whole life page where you can compare rates between these two plans. You will be able to receive immediate life insurance quotes for both these products. Being able to compare term life insurance quotes online is a breath of fresh air. Years ago all the best life insurance rates had to be calculated out of a rate book. What used to take hours now takes a couple of minutes to review life insurance for drag boat racers.
Make sure to choose your face amount carefully
Take a moment to run our quoting system. You can compare rates side by side in less than a minute. If you need some help trying to decide on what face amount (death benefit) feel free to use our face amount calculator.
If any of this information is confusing, just grab the phone and give us a call on the telephone.
Our final word
Shopping for life insurance for drag boat racers may look complicated but in reality, it is very simple. There are a lot of variables to consider and you want to make sure that you’re making the best choice before applying. Purchasing life insurance for boat racing has become as simple as falling off a log. Don’t hesitate to contact us today and we will answer all your questions over the phone.
Set up a telephone call at your own convenience and get all your questions answered.
All the best,