Purchasing life insurance for drag boat racers is a very simple 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 many good forms of life insurance such as low cost Term life insurance. 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 the boat.
Life insurance for drag boat racers rates will mainly depend on the speed of the boat and type of fuel.
Everyone 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 insurance 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 drag boat racing.
Applying for life insurance for drag boat racing is going to be dependent one main factor, your top speed.
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 level involved with providing life insurance for drag boat racers. I will 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 an accurate idea of the applicants health.
Drag boat racers also have the option to exclude the life insurance coverage while racing.
If you apply with an insurance company that will allow you to exclude the actual racing exposure. The premiums will not be affected by the racing at all. Therefore the premium for your life insurance will be less. This is an option that is totally up to the individual applying for the life insurance. Some people think this is a great idea and others want to be covered when racing. Usually a drag boat racers spouse is promoting the purchase of the life insurance. The spouse will definitely want her husband to be covered while racing. Over 90% of the applicants who want life insurance for boat racing wants it to cover them while driving.
If your policy contains an additional charge for drag boat racing. You can have the charge removed if you decide to stop racing.
A nice benefit that some of the best life insurance companies offer is removing a flat extra charge. This is the additional charge for the racing exposure and if you decide to quit, they can remove the charge. Many times people will be involved with on of the racing sports and then decide to give it up. If you have a life insurance policy with a flat extra for racing, the added cost can be removed. All you would have to do is contact the company and explain the situation. They will not force you to continuously pay the added premium if you have stopped racing.
Life insurance companies have become much more Motorsports Racing friendly especially with rate reductions.
When I first heard that the companies would terminate the extra charge, I was very surprised. Usually after a life insurance policy has been placed into force, very few changes can be made. If you decide to apply for life insurance for drag boat racers. You will find that some of the best life insurance companies a very good to work with.
The life insurance companies use a “flat extra rate” when adding on the additional cost of drag boat racing.
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.
Independent agents have the advantage of being able to shop the entire life insurance market for the lowest rates possible.
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 drag boat, you can easily purchase low cost life insurance.
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.
Low cost term life insurance is going to be your best choice for your life insurance for boat racing.
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 todays 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, this is a very important decision to make.
Take a moment to visit our Term Life vs Whole Life page where you can compare their rates side by side. 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.
We can help take the confusion out of purchasing life insurance and ensure you receive the best rates.
Shopping for life insurance for drag boat racers can seem overwhelming. There are a lot of variables to consider and you want to make sure that you’re making the best choice. 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, we’re here to help you.
We can be reached by telephone toll-free, by calling 800-897-5699 7 days a week.
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