Drag racing is a very popular sport in the United States and continues to keep growing. Purchasing life insurance for drag racers should always be quick and easy event. Life insurance companies do not have a problem with drag racers. Driving some of the more intense race cars. Such as NHRA Nitro Funny Cars and Top Fuel Dragsters takes a lot of skill and training. Exceeding speeds of well over 300 MPH is commonly performed by the professionals. The Pros are formally trained and licensed for their highly specialized class.
Many drivers either in the professional or amateur status believe purchasing life insurance is going to be expensive. Some believe driving Nitro cars will prevent them from even buying life insurance. Purchasing life insurance for these high risk classes is readily available. It is also much more affordable than you may believe. Driving a Nitro Funny car or Top Fuel Dragster will not prevent you from purchasing life insurance. Keep reading and you will learn the proper way to shop for life insurance for drag racers.
What kind of life insurance should I apply for?
To cut through all the smoke, there are 3 main types of life insurance available and here they are:
- Term life insurance
- Universal life insurance
- Whole life insurance
Term life insurance is going to be the best choice due to it’s low cost. This is especially important when your going to add a flat extra fee onto the base premium. Low cost Term life insurance is by far the most common life insurance product purchased. Our quote engine will display immediate life insurance quotes from the best life insurance companies. You can also purchase Term insurance in a No Medical Exam version also. Term insurance has the best life insurance rates by far.
These plans allow you to purchase life insurance with no medical exam. Always keep in mind that affordable Term life insurance is a temporary life insurance plan design. It comes in term periods of 5, 10, 15, 20, 25, and 30 years. After the term period the plan terminates or you can convert it to Universal life which is a permanent plan design.
Universal life insurance is a permanent plan design that will last the rest of your life. It definitely costs more than Term insurance simply because one day it will pay out a death benefit. You can also combine Term life insurance along with Universal Life to create a great portfolio. You can never go wrong with Universal Life.
Whole Life insurance is an old plan design that most all people have heard of. On todays standards, Whole Life is simply too expensive to be practical. Whole Life insurance builds up a cash value that increases the cost of the policy. It has been dropped by many insurance companies because it does not sell very well. It is still used for Final Expense policies and life insurance for babies and very young children. Visit our Whole Life vs. Term Life website page where you can compare these two plan designs side by side.
Purchasing life insurance for Nitro class drag racers is very much available and affordable.
I personally have hands on experience in drag racing and understand this great sport right from the get go. Many life insurance companies have done their homework. They offer low cost Term life insurance at very affordable rates today. The bottom line is connecting with a independent agent that understands the sport. Life insurance companies consider driving 1/4 mile cars as a form of high risk life insurance. It may be considered high risk life insurance but only to a point. We work with over 40 highly competitive and financially strong life insurance companies that offer the best life insurance rates on the market. Life Insurance companies love to compete against each other by offering the lowest rates.
You have a choice of being covered while racing or adding an exclusion rider.
You have the choice to purchase life insurance that covers you while you are going down the ¼ mile or a life insurance policy that incorporates a rider the does not insure you while in the act of driving a race car. Most people want to be covered while driving the car and that is when an additional charge called a flat extra comes into the picture. The “flat extra” fees vary from the more mild classes beginning with $2.50 all the way up to $7.50 per one thousand dollars in coverage for the nitro class cars.
If you exclude the drag racing coverage, the policy would be just the same as if you never drove a race car at all. If you were in good health and could qualify for preferred rates, then you would be issued a policy with preferred rates. The only exception would be is you are not covered while going down the track behind the wheel. Not all companies will exclude the racing so you would have to use a company which will allow an exclusion rider. This would save you some premium dollars if you are not concerned about being covered while driving.
Here are the 3 most important specifics a life insurance company look for when determining your rates.
1. Your race cars average elapsed time, top MPH.
2. The type of fuel your car uses, gas, alcohol, Nitro Methane etc.
3. Your cars specific class such as Pro Stock, Alcohol or Nitro Funny Cars, Dragsters, Jet Cars etc.
As I previously mentioned, life insurance companies sometimes add an additional charge for driving a race car. This would be similar for example to a person that has a health condition. If the driving is excluded, there will be no additional premium applied to the base premium. Some people don’t worry about the risk of drag racing vs. the natural causes such as Cancer or heart disease.
If you need life insurance for racing Nitro Funny cars or Top Fuel Dragsters. Buy it and lock in your rates as soon as possible.
If you’re interested in applying for life insurance don’t waste any more time. The older you get the higher the quoting rates will be. Purchasing life insurance for people who drag race professionally or as amateurs should never be confusing or complicated. Especially when you have an agent that understands the sport and knows what companies will be your best choice.
This comes with experience and we have over 20 years of experience to put to use. We have been helping drag racers find the best policy for their needs and the lowest rates. Always keep in mind that life insurance rates are based on your age. Some of the companies use you current age and some use your “insurance age”. Your insurance age is the age of your closest birthday. The main point I am trying to make is the older you get the more expensive it will be. Needless to say you don’t want to pay any higher premiums than you have to.
Procrastinating about buying life insurance can get very expensive!
Paying the higher rates because of even one year older can add up. This is due to the fact you will be paying premiums for quite a few years to come. If a person waited a year before applying and the premium was $38.00 a year higher. A. the end of twenty years for example the individual would pay $38.00 X 20 = $760.00 more. When you are looking at a drag racers premium that has a flat extra fee. This is another factor to take into consideration when procrastination exists. You can call us 7 days a week for the best life insurance quotes for Nitro Funny Car or Top Fuel Dragster drivers rates.
Life insurance rates have come down due to the fact people are living longer than ever before. Run our consumer quote engine and see for yourself.
Don’t hesitate to contact us and get all your questions answered 7 days a week. There is not cost or obligation for our help. We can usually direct you to the best company with the best life insurance rates in less than an hour. This includes pre-screening your specific case with multiple insurance carriers. This will help you receive the best offer with no surprises later in the application process. If you have any medical conditions, we can medical pre-screen them for you also. Use our consumer quote engine to get an idea how the rates vary from one company to another. This will at least show you what the base rate of the policy would cost. You will see that applying for life insurance for drag racing is a snap.
Purchasing life insurance for NHRA Nitro Funny Car and Top Fuel Dragster drivers does not sound easy to many people. But the life insurance companies have no problem with it at all. Most of the flat extra charges I normally see will range from $2.50 to $5.00. This is based on every one thousand dollars in life insurance coverage. For an example, if a driver wanted a Term life policy with a $500,000 face amount for 20 years. You would multiply the rate of $5.00 for example. Times the face amount which would be 500 as shown here $5.00 X 500 = $2,500. You would then add that to the base premium of the policy and that would be the grand total.
We can help take the confusion out of purchasing life insurance for drag racers and ensure you receive the best rates.
Shopping for Term life insurance for drag racers can seem overwhelming. There are a lot of options to consider and you want to make sure that you’re always make a wise decision. If you drive a Nitro Funny Car or Top Fuel Dragster, we can help you find the best life insurance product. Contact us today and we will answer all your questions over the phone, we’re here to help you.
We can be reached via phone, toll-free, by calling 800-897-5699 7 days a week.
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