Competitive motorcycle racing either on the drag strip or the dirt track present a high risk situation. When applying for life insurance for motorcycles racers, this should never be a problem. There are multiple companies that work great for purchasing life insurance for motorcycle racing. Just because you race motorcycles, this does not mean that you have to pay high life insurance premiums.
You have to apply with a life insurance company that offers the lowest rates for motorcycle racers and is the least sensitive toward the motorcycle racing sport in general.
It is very important to choose the most applicable life insurance company for your specific needs.
There is a considerable difference between one company and another. Life insurance is not a one product fits all type of insurance especially with individual life insurance. It comes down to each companies opinion of just how hazardous motorcycle racing really is. Also, how the rates should be adjusted if they even have to at all. You will always get the best rates from a company that is not intimidated by the racing sports. That is why choosing the most applicable company is so critical. The best life insurance companies have a more positive look on the racing sports. Life insurance for motorcycle racing is still considered a high risk sport but there is no problem getting covered.
Independent agents otherwise known as brokers represent many companies unlike a captive agent such as State Farm with only one.
This is where an experienced life insurance broker who is experienced in high risk sports comes into the picture. Whatever your specific form of motorcycle racing actually is, there is an affordable life insurance policy for your needs. I personally have a lot of hands on experience in Motorsports racing. I understand what the classes are all about. Whether it is anything from a 125cc dirt bike class to a 1000 HP Top Fuel Harley drag bike. All the way to Motocross or Supercross, you are able to purchase life insurance from a number of trusted carriers.
Purchasing life insurance for drag racers is virtually the same for dirt track racing and oval tracks on asphalt.
The best companies usually offer the best life insurance rates. Low cost Term life insurance is the most affordable life insurance product. This article is going to be about life insurance for motorcycle racing and how to get the lowest rates possible. Just keep on reading and you will see that this is not a complicated manner. Securing life insurance with highly trusted life insurance companies is not going to be a problem. You are going to find out how to get the best life insurance rates for motorcycle racers.
If you are an amateur or a professional, you can purchase life insurance at very affordable rates. Here is how it all works.
Tip #1 When you apply for life insurance for motorcycles racers. There is no such thing as a special policy designed just for motorcycle racing. All you would be doing is applying for a conventional Term life insurance policy. This would be just like anyone else would whether your sport is tennis or golf.
The application process is exactly the same where all the other specifics come into the picture. Such as your age, health history, driving history, tobacco use, height and weight, prescription medication taken and so forth.
Tip #2 Plant this in your mind because here is where the difference comes into the picture. The only difference is when you have a hazardous sport like motorcycle racing. The life insurance companies can add a separate fee called a “flat extra” charge. This covers the additional risk they are taking for the motorcycle racing.
This flat extra charge will depend on what type of motorcycle racing you actually do. It comes down to how dangerous your specific form of motorcycle racing is. Purchasing life insurance for motorcycle racers is not as complicated as many people believe.
Here is exactly how the life insurance companies calculate the rates for a motorcycle racing.
Your flat extra charge will depend on these main factors:
* The class of racing you fall into such as “Pro Stock Drag Bike”.
* The maximum speed you reach when racing.
* The type of fuel your motorcycle uses.
* The elapsed time your motorcycle runs in.
* The type of track you race on.
To be covered on the track while racing or be excluded will be a option for you to consider.
You have two choices to make and these would be do you want to be covered while you are riding down the racetrack. Or do you want to exclude the actual racing exposure all together. You can choose a company that will exclude the racing portion of the policy. The company would then add an exclusion rider to the policy.
If you go this route there will be no extra charge for the life insurance. This would mean you would not be covered if you died while actually racing. For some people this will be their choice. Most racers want to be covered while they actually ride down the track.
Most people choose to be covered while they are racing. A “flat extra” premium would be added to the base rate of the policy.
We will use an example of a 30 year old male named Bill Ryan. Bill wants to apply for life insurance and be covered while racing. Bill wants a 20 year Term life insurance policy with a face amount of $100,000. The base rate of the policy would be $800.00 per year for this policy. The base rate is just the normal premium that he would pay if there was no racing involved.
The motorcycle Bill rides is just a simple bracket racer that runs mid 10s in the 1/4 mile. Bill receives a $2.50 per thousand dollar flat extra to cover the added risk of the racing. The breakdown would be $2.50 x 100 for the face amount of $100,00 and the flat extra charge is $250.00. We would then add the $250.00 flat extra charge to the base premium of $800.00 for a grand total of $1050.00.
Did you know that some companies will exclude the racing from the policy, This would eliminate any additional cost such as a flat extra charge?
If our motorcycle racer Bill decides to go with a higher policy death benefit. For example a $250,000 policy, then the flat extra would increase by using this calculation. A flat extra charge of $2.50 times 250 for the $250,000 policy the flat extra would become $625.00. This would then be added to the base premium of $800.00 for a new grand total of $1,425.00 per year. This is how the premium is calculated when applying for life insurance for motorcycle racers and all other types of racing also. Purchasing life insurance for motorcycle racers sounds complicated. But it is very simple when an agent is helping you every step of the way.
Your face amount will be one of the main factors that will dictate your life insurance premiums.
Simple common sense will tell you that when a person applies for life insurance and requests a death benefit of $100,000. The premium will be much less that a person who is requesting a $500,000 death benefit or $1,000,000. I you are unsure of what you really need as a face amount you are welcome to use our very accurate face amount calculator. This will give you a good idea how much life insurance you will need.
You will be calculating what your survivors will require if you pass away. One of the most important questions you have to ask yourself is. How much life insurance can you afford to pay comfortably on a monthly or annual basis.
Activate our websites quote engine and compare low cost Term life insurance quotes from over 40 trusted companies in less than a minute.
Our quote engine will display immediate life insurance quotes from all the best life insurance companies. You can find the best life insurance rates within a matter off minutes. Keep in mind that low cost Term life insurance is the most affordable life insurance product. Thanks to the internet and websites, we can review the best online life insurance quotes. Universal life insurance is a great permanent product. But you will find that Whole Life insurance simply costs too much to be practical.
If you need life insurance, apply as soon as possible due to the fact quoting rates goes up with each year as you get older.
We can run a simple medical pre-screen on any health conditions you may have if any. This will give you an accurate expectation of what to expect with your premium if you actually applied. There is never any cost or obligation for our help. Thank you very much for visiting our website and taking the time to read our blog post. We hope this post answers some of your questions and makes you a better life insurance shopper. Thanks to the internet purchasing life insurance for motorcycle racers is a snap.
We can take the confusion out of purchasing life insurance for motorcycle racers.
Shopping for life insurance for motorcycle racers can sometimes seem a little overwhelming. There are a lot of options to choose from and you want to make sure you make the correct decision. Contact us today and we will answer all your questions over the phone, we’re here to help you.
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