Life insurance companies have viewed the auto racing sports as a high risk category for providing life insurance. But a lot has changed through the years in the insurance industry. If are shopping for life insurance for stock car drivers we can get you pointed in the right direction. If you drive a NASCAR stock car or a mild version at your local racetrack, you’re in good shape.
You can easily purchase low cost Term life insurance for race car drivers at very affordable rates. I have written this article to show you how simple it can be. Especially when you are using an experienced agent with an auto racing background. I have always been a big fan of stock car racing but I have years of active drag racing experience.
Finding the best life insurance rates for race car drivers is actually much more simple than most people believe.
We are going to explain how this process works so you can see how simple and easy it is. This application process should be to purchase life insurance for stock car drivers. Thanks to all the safety rules and equipment the cars and drivers have to comply with. The rates have gone down due to a very low claims history. The lower the risk, the lower the premiums. Race car drivers of any type of vehicle can still get the best life insurance rates. There are a lot of people looking for life insurance for stock car drivers that drive mild cars. In most cases there is no extra charge at all.
NASCAR stock car drivers as well as well as any race car drivers will have no problem purchasing very affordable rates.
Stock car racers and drag racers are both in the same classification when it comes to life insurance. When a stock car driver wants to apply for Term life insurance. The first step is to answer some basic questions about their auto racing sport, experience level and racing classification. Here are some of the simple questions you will need to answer when applying for life insurance for stock car drivers. This list will be the same for actual professional NASCAR driver and other forms of stock car racing.
- Name of actual racing class.
- Top speed MPH achieved when racing.
- How many times do you race annually?
- Type of fuel used by your race car.
- Experience level.
- Professional or amateur.
That is basically it for the questions you will find on a hazardous sports questionnaire. The companies I use for the racing sports are no stranger to this type of underwriting. They offer the lowest rates with the simplest type of application. The best application is easily completed over the telephone. It does not get any simpler than this. Nobody likes to have a long drawn out process when applying for life insurance. Purchasing life insurance is a snap today.
Applying for life insurance for stock car racing is a very simple process and there are no hidden costs or exclusions built into the life insurance policies.
You have the option of excluding the racing coverage from your policy. Most people want to be covered while racing.
You have one important option to consider. If you want to apply for life insurance and you drive a stock car on the amateur or professional level. You could apply with a company that will allow you to exclude the coverage for actually driving your race car. This would mean you would not be covered while racing. The other side of the coin is whatever health rate class you would normally fall into.
That would be the class you would receive and you would not have any additional expense. This would be just as if you never raced at all. This is how you can buy life insurance and get the lowest preferred rates. Some people like this concept and some people want to be covered while racing. Either way, the choice will be up to the applicant himself.
I have insured race car drivers that did not have much racing time each year. They also drove a car in one of the more mild courses and there was no extra charge at all. The life insurance industry is actually very premium friendly to members of auto racing. This is normally due to the fact that there are very few fatalities in Motorsports racing.
Do life insurance companies charge more for NASCAR stock car drivers than a person who is not involved in a racing sport?
Yes, they do, but the final premium will depend on just how hazardous your particular phase of the sport actually is. If you remember reading the routine questions. The companies ask the questions to determine the probability of being killed in a racing accident. This is basically common sense that people can perfectly understand. We can run a quick medical pre-screen to be able to give you an accurate premium quote. This eliminates unwanted surprises after the insurance company processes your application.
Here is how the additional rates are calculated by the insurance company underwriter processing your application.
As a standard procedure with auto racing cases. An extra charge referred to as a “flat extra” will be applied to the base premium. For example, if a racer applies for a $100,000 face amount policy. An example of a $2.50 flat extra could be applied to each $1,000.00 worth of life insurance coverage. If the base premium was $1,000.00 per year and the flat extra was $250.00 the final premium would be $1,250.00.
Let’s take a look at the breakdown of the rates using the flat extra charge. The system is very simple.
Here is how the premium breakdown would look. Base premium: $1,000.00, flat extra fee of $2.50 per thousand $2.50 X 100 = $250.00. Grand total $1,000.00 plus $250.00 = $1,250.00 per year. If you purchase life insurance will an additional premium for racing and you decide to quit driving. The flat extra premium can be removed from the policy which would lower your premium.
The actual racing could be excluded from the policy if you would rather go that route also. This is a very simply process and usually the life insurance is still very much affordable to purchase. Even with the racing coverage built in to the policy. Your typical rate class such as preferred will usually be changed. It can be changed to a “standard plus” or a “standard” rate class due to the racing coverage being included on the policy.
Some of the companies will change a rate classification instead of adding on a extra charge.
Some companies will change your life insurance rate classifications and add on a flat extra charge at the same time. They could possibly do one or the other. This will always depend on the specific information on your life insurance application. This is just a standard procedure the companies use to charge just enough of an extra premium.
This is to cover the added risk they are undertaking with your policy. Many of the drivers I talk to are not professionals. This usually means the amount of times they race per year is going to be limited.
They also usually don’t drive cars that hit the higher speeds of the NASCAR drivers on the pro circuit. This will lead to a lower flat extra rate added on to the conventional life insurance rates.
Life insurance for stock car drivers is not complicated. Just think of a conventional policy incorporating an additional charge for racing.
If anyone applies for low cost term life insurance, the process takes about 3-6 weeks. There will no extra time involved when you are applying for life insurance for stock car drivers. We make the application of life insurance for Motorsports racers a nice simple process along with the lowest rates possible. We use over 40 trusted life insurance companies to give you every option to find the lowest rates possible. If you are a race car driver in any sense of the word, purchased life insurance is very similar.
Take advantage of our websites quote engine to compare the best life insurance rates from over 40 trusted companies.
Our quoting system will give you immediate life insurance quotes so you can see all your options. You can compare term life insurance quotes online in a matter of minutes. Also, you can review No Medical Exam life insurance that does not require a physical examination. Many people get some of the best life insurance rate with no medical exam. Low cost Term life insurance will always have the lowest premium by far. If you would like to have a permanent policy, Universal Life would be a great choice. Whole Life insurance is no longer a logical choice because of its very high cost.
You can review our Term Life vs Whole Life page and compare premiums between Term and Whole life. If you need any help choosing a face amount (death benefit), take advantage of our face amount calculator.
We can help take the confusion out of purchasing life insurance and ensure you receive the best rates.
Shopping for life insurance for stock car drivers can seem a little overwhelming. There are a lot of variables to consider and you want to make sure you make the correct decisions. Contact us today and we will answer all your questions over the phone, we’re here to help you.
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