Purchasing life insurance for funny car drivers is not complicated when using the right agent and the correct companies
Drag racing is a very popular sport in the United States and continues to keep growing with the funny car drivers in the limelight. Purchasing life insurance for funny car drivers 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 top fuel dragsters takes a lot of skill and training. Exceeding speeds of well over 300 MPH is commonly performed by the professionals.
Purchasing life insurance for these high risk classes is readily available. It is also much more affordable than you may believe. Driving a nitro powered car will not prevent you from purchasing coverage. Keep reading and you will learn the proper way to shop for life insurance for drag racers.
What form 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 its 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 quote comparisons from over 40 of the best life insurance companies. You can also purchase term products in a no medical exam version also. Term plan designs also have the best life insurance rates by far.
These plans allow you to purchase life insurance with no medical exam to be concerned with. 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 insurance which is a permanent plan design.
Term life insurance will have the lowest cost and the most value
Universal life insurance is a permanent plan design that will last the rest of your life. It costs more than term insurance simply because one day it will pay out a death benefit if it stays in force long enough. You can also combine term along with universal life to create a great portfolio.
Whole Life insurance is an old plan design that most all people have heard of. On todays standards, whole life is simply too expensive and not cost effective. 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.
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.
The 3 most important factors a life insurance company will consider 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 drag racing, apply 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 is very costly!
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.
- If you are in your 40s – Every year that goes by will reflect an increase in quoting rates between 5-8% higher than the year before.
- If you are in your 50s – Every year you wait can reflect a quoting rate increase of over 12% per year.
The bottom line is, if you need life insurance. Buy it as soon as possible and lock in your rates before it cost you any more money.
Life insurance rates have been going down due to people living longer than ever before
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. Life insurance for women drag racers is about 15% less than mens rates.
Purchasing life insurance is very simple especially with telephone applications
Purchasing life insurance for funny car drivers and top fuel dragsters does not sound easy to most 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.
Our final word
If you drive a nitro funny car or top fuel dragster and you need life insurance, call us today. Purchasing life insurance for drag racers is no longer complicated or expensive. The life insurance companies we use have no problem with this sport and are actually friendly to the racing sports. Call us on the phone and we will answer all your questions without any cost or obligation.
All the best,
Jack Venturi
