Overview:
This review of life insurance for motorsports racing will detail a simple way to apply and be approved with the most favorable rates.
Life Insurance for Race Car Drivers: Tips for Applying and Achieving the Best Rates in [2024]
Race car drivers, protect your loved ones with our specialized life insurance tailored for your unique needs. Life
insurance for race car drivers provides peace of mind and financial security in the face of the risks associated with your passion.
We understand the thrill and dedication that comes with racing, which is why we have partnered with companies that have a liberal stance on racing. This enables us to offer you the best rates possible, ensuring that you and your loved ones are protected in the event of the unexpected.
With our simple and straightforward application process, obtaining life insurance as a race car driver has never been easier. We value your time and appreciate your passion for racing, which is why we have streamlined the process to make it hassle-free.
Our friendly and knowledgeable team is here to guide you through every step, ensuring that you receive the coverage you need without any unnecessary complications.
Your family deserves the financial security and peace of mind that only specialized life insurance can provide.
Regardless of whether you drive a jet, rocket car, or simply drive a pure stock car everyday driving, you can secure affordable life insurance without being declined due to your racing sport.
Table of Contents
Understanding Carriers’ Attitudes Towards Life Insurance for Race Car Drivers
The process for obtaining life insurance for motorsports racing is uniform across all racing classes.
Always keep in mind that motorsports life insurance for race car drivers is virtually the same regardless if you drag
race cars, motorcycles, boats, jet cars or even tractor pull competition for that matter.
Where the difference comes in is the intensity of the risk of a fatal accident.
For example, which would normally be more hazardous, a 12 second ET bracket car or a hydrogen peroxide rocket car? Carriers are looking at the intensity of the risk of a fatal crash, which is just common sense.
This also includes oval track classes such as NASCAR and Indy racing and we can’t forget the Formula One cars, off-road cars and even Kart racing. This extreme variation of risk when applying for life insurance for race car drivers is where flat extra fees can vary as you will read below.
Does a Life Insurance Policy Provide Protection for Drag Racing Activities?
The most common question we hear is, does life insurance cover drag racing? The answer is yes as it can cover all forms of racing sports.
Drag racing is covered by a new life insurance policy as long as you have revealed that you are a race car driver. If there
is a policy you have purchased in the past prior to your motorsports racing involvement, you will be covered.
If you purchase race car driver life insurance while actively racing, you will have to state that you race when you get to the hazardous sports question portion of your application.
As long as your insurer knows you are participating in racing, you will be fine if a claim arises down the road.
There may be a 5-minute supplemental questionnaire that will have to be completed when you apply for new life insurance. Regardless of whether or not you are an NHRA member, the life insurance process works the same.
Can Race Car Drivers With Medical Conditions Purchase Life Insurance?
As with all life insurance applications submitted, an individual’s health history holds the greatest importance in the evaluation of life insurance applications by medical underwriters.
The underwriting process for life insurance applications from race car drivers involves assessing both medical conditions and the risks associated with racing events. While the latter is taken into account, medical conditions remain the primary deciding factor.
This is why choosing the best life insurance company for race car drivers with medical conditions is so important. This scenario involves the risk of medical issues alongside the perils of a so-called hazardous sport or profession. Applying with the wrong carrier might mean facing higher premiums or a rejected application.
As an independent agent also known as a broker representing over 40 life insurance companies, we possess the expertise to identify and recommend the most suitable life insurance options tailored to race car drivers.
One of our best carrier choices for competitive pricing and very liberal for auto racing life insurance would be Banner Life from Maryland.
What Type of Life Insurance Options Are the Best Choices for Race Car Drivers?
Banner Life is just one of our go-to carriers that is very liberal to participants of racing sports.
There are many life insurance options for professional racers and amateurs alike to choose from. We will cover the top three types of life insurance options to carefully consider:
Term Life Insurance –
Term Life Insurance for race car drivers would be my first choice with no close second.
The term life insurance
means exactly that, as it provides temporary coverage for a specific “term period” of between five and thirty years but with some companies such as Banner Life, it can offer protection for up to forty years.
Most companies only go as high as thirty years. The greatest benefit of this product for auto racing life insurance is the cost.
When you purchase high-risk life insurance for race car drivers you will have a base premium just as any policy would but with the possible inclusion of a flat extra fee to take into consideration.
Companies such as Banner Life have very competitive rates and seldom add flat extra fees to their policies.
Universal Life Insurance –
Next on the list would be a permanent product called Universal Life which will cover you for the rest of your life with
no possible gaps in coverage as long as you pay your premiums.
You’ve probably heard of Whole Life, which is also a permanent product but unfortunately it is very costly and would be a poor choice to consider.
Many companies do not even market Whole Life any longer due to Universal Life being a much better product with a far lower cost.
The only side-effect of Universal Life would be the fact it is approximately at least three times the cost of term insurance. If you need a high face amount (death benefit), it would be very expensive and most people would not even consider it.
No-Medical-Exam Life Insurance –
Last on the list would be a very nice product if you are in good health and do not want to take a physical exam by a para-med nurse coming to your home or place of employment.
This policy design would be another good choice for life insurance for race car drivers due to the fact you can purchase no medical exam life insurance in the form of term insurance but eliminate the exam and also have a more brief application to complete.
There is only one slight drawback to these policies and that would be the premium. The cost of a Non-Med policy would be a little higher than a conventional term policy.
I suggest you consider applying for a conventional term life insurance policy, taking the exam, and aiming for the lowest possible rates. However, the decision is yours to make.
Questions Routinely Asked by Life Insurance Companies
These are some of the main questions that your chosen carrier will base your rates on.
1. What class do you race in, such as Top Fuel, Pro Modified, Pro Stock?
2. What is your average top speed?
3. Type of racing fuel used?
4. How many times do you race per year?
5. How much racing experience do you have?
6. What is your average elapsed time of the quarter-mile?
Inquiring about your medical history will be your primary concern.
Motorsports racing is now viewed more favorably by life insurance companies due to the implementation of stringent safety measures.
Will Engaging in Drag Racing Result in an Increase in My Rates?
The risk can grow more significantly as ETs decrease and MPH increases, potentially leading to increased rates.
There is a possibility your standard base rate may increase. This will depend on the type of racing you do. Your rates could go up due to health conditions and other essential criteria such as height and weight. The carriers will be more concerned with your current health history than your participation in drag racing.
It always pays to run a quick 5 minute risk assessment if you have any medical issues or are overweight before applying. We will cover possible additional fees for drag racing life insurance and other motorsports in the next paragraph below.
What Are the Charges Referred to as “Flat Extra Fees” in Life Insurance?
A flat extra is an added fee that could possibly be added to your base rate to cover the additional risk insurers are taking.
There are two different ways your rates can be increased. The first way is with your health classification. This is usually connected with health conditions, height, and weight issues. Also, a family history of early death before age 60 due to Cancer or heart disease runs in the family.
A flat extra fee may be used for high-risk occupations or risky sports and hobbies. Sometimes there can be a change in health classification and flat extra fees simultaneously. A “flat extra” fee adds a flat dollar amount to each $1,000.00 face amount coverage.
In most cases, if a flat extra is used, it will not be very costly unless you’re looking for a very high face amount and your car is in the nitro, jet, or rocket classes. Flat extra fees are not always added to the drag racers policy.
Examples of Flat Extra Fees for Racing
Let’s look at two examples of flat extra fees for drag racers with two types of quarter mile cars.
Driver#1 –
Our first driver is 35 years old and drives a Supercharged Pro Modified car that runs low six-second ETs. This driver is applying for a $100,000 term life insurance policy. Considering the fuel, ETs, top MPH, and the Pro Modified class. The insurance company determined a $2.50 flat extra fee be added to his policy.
The average base premium for this policy would typically be $680.00 per year. The flat extra fee that will be added will be calculated by multiplying the $2.50 flat extra fee for each $1,000 in face amount; in this case, it would be 100. Here is the breakdown of the fee.
$2.50 x 100 = $250.00 (flat extra fee). The flat extra has to be added to the base premium of $680.00 for a total of $930.00 per year.
Driver#2 –
Our second driver is 38 years old and drives a Top Alcohol Funny Car. He is applying for a $150,000 term life insurance policy. Considering that this driver has a car that is blown alcohol, running lower ETs and MPH than our first example. The insurance company added a $3.50 flat fee to this policy.
The base premium for his policy would typically be $740.00 per year because he is a little older. The flat extra fee that will be added will be calculated by multiplying the $3.50 fee for each $1,000 in face amount; in this case, it would be 150. Here is the breakdown of the fee.
$3.50 x 150 = $525.00 (flat extra fee); now, the flat extra has to be added to the base premium of $740.00 per year for a total of $1,265 per year.
What Are Life Insurance Exclusion Riders?
Some insurance companies give you the choice to include a rider in your policy that excludes coverage for racing events, thereby reducing your premium.
Some applicants are not concerned with the odds of being killed on a race track. They can choose to eliminate race track coverage, which would also eliminate any added cost that the racing exposure would add to their policy. Most drivers buy life insurance primarily because of the risk of fatalities from motorsports racing.
The side effect of these exclusion riders is that you will not be covered on the race track. This is acceptable with some racers but not with others but it is an option that you have.
I personally do not recommend any type of exclusion riders on life insurance policies. This is something you have to give considerable thought to.
Obtaining life insurance for racing classes such as stock cars, motorcycles, and boats follows the same procedure as applying for NHRA Drag Racers.
Life Insurance for Stock Car Racing
Even though stock car racing is not the same as drag racing, the application process works the same.
Like other forms of stock car racing, NASCAR racing is big business in the United States. NASCAR racing has millions of dedicated fans nationwide. Life insurance for NASCAR drivers is handled virtually the same as Drag Racing, with a possible flat extra added. Many times there is no extra charge at all.
If there is, a stock car driver can eliminate the extra fee by removing the coverage for driving the race car down a racetrack. Life insurance for stock car racers is straightforward regardless of what stock car class you race in.
Life Insurance for Motorcycle Racing
There are many classifications of motorcycle racing in the United States because motorcycles are diversified in their
designs and manufacturers. They can be as different as night or day but fall into the same primary category. It would be the same as when they are going down the track.
Regardless of your specific version of motorcycle racing, your rates will depend on the usual rating factors. The factors would be class, top speed, experience level, fuel type, and horsepower. Various life insurance companies vary in how they underwrite life insurance applications.
Like other motorsports classifications, life insurance is very affordable thanks to much more relaxed underwriting and safety equipment, purchasing life insurance for motorcycle racing is no problem.
Life Insurance for Drag Boat Racing
Boat racing can easily be more hazardous than auto racing due to not having brakes and possibly drowning in a wreck.
Like the other forms of motorsports racing you will see on the page, competitive boat racing is another popular sport in the United
States, and naturally, race boat drivers need life insurance just like the rest. Boat racing has really made a “big splash” in this country in the last few years.
In the past, boat racing had developed a reputation for being one of the most dangerous forms of racing. Modern drag boat racing has a much better track record than ever before.
There are many classes of boat racing in the US, and obtaining life insurance for boat racers is a simple process and not costly.
Applicants’ health conditions are the primary focus for life insurance providers, even surpassing concerns about racing activities. If you maintain good health, you’ll likely secure favorable premiums.
How to Compare Life Insurance Quotes for Motorsports Racing
Get in touch with us by phone for a quote and we will be happy to answer all your questions. Should you have any medical issues, we offer a simple medical assessment prior to your application. Get a head start and compare plan designs on our instant quote engine or by using the form on the right.
Your questions and policy selection needs can be addressed by us seven days a week. We’re here to help you find the best option that fits both your budget and specific needs.
Our extensive experience with over 40 top-tier companies enables us to select the most suitable partners for our clients who participate in racing, whether for recreational or professional purposes.
Apply Over the Telephone in Minutes
Obtaining life insurance for race car drivers is now more convenient than before through easy phone applications.
Answering phone questions will enable you to complete your application in approximately 15 minutes.
Applications, whether in the form of lengthy paper documents or complex online versions that require a computer and fast internet connection, are no longer an issue.
You will enjoy using the SnapApp system, which makes applying a breeze.
Our Final Thoughts
Give the matter no more attention; obtaining life insurance for race car drivers is neither difficult nor costly. Don’t
hesitate to contact us by phone or email to get your questions answered.
Applying for life insurance for drag racers is a snap when you work with an experienced Broker.
Our website’s instant quoting system allows you to quickly compare quotes from more than 40 top-rated companies in less than a minute, so feel free to use it. You can call us 7 days a week between 9:00 am and 9:00 pm for friendly and efficient customer service.
All the best,
Jack Venturi
*For any questions you might have, our live chat system is at your disposal or call us at 815-390- 7545 and we will provide a quick answer.
Motorsports racers with life insurance questions can contact us today for expert advice, at no cost or obligation. You can also set up a time at your convenience to talk.
