The Best Life Insurance Rates for Motorcycle Racers
Competitive motorcycle racing either on the drag strip or the dirt track present a high risk situation when applying for life insurance. 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 competitive riders and is the least sensitive toward the motorcycle racing sport in general.
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 you’re in, there is an affordable life insurance policy for your needs.
If you are an amateur or a professional, you can still purchase affordable Term life insurance for motorcycle racing.
If you are a competitive motorcycle racer you will have two main choices in life insurance. Your first choice will be a policy that covers you while you are racing and the other choice excludes coverage for the race track. In other words, life insurance policies for the motorcycle racer will either be a normal conventional policy that has to limitations or exclusions and the second choice will have a rider.
These riders excludes coverage while riding in competitive events on a motorcycle such as Motocross, Supercross or drag racing for examples. The low cost Term life insurance for the motorcycle racer will needless to say be the policy with the racing exclusion. Keep in mind that medical conditions have an impact on the rates like they normally would.
To be covered racing motorcycles on the race track or simply excluding the act of racing will be a judgement call you will have to make for yourself.
This decision will also be dependent on your premium budget. If you are covered on the track a flat rate of $1.50 per thousand dollars of face amount coverage for an example will be added on to the policy to cover the added risk for the life insurance company in question. This flat rate will depend on the exact type of racing you will be doing and the type of motorcycle you ride competitively. Top speeds also come into the picture which will have an impact on your rates.
We have access to over 40 life insurance companies. Using the most applicable company will be crucial when shopping for the lowest rates. Many times people go to apply for life insurance and when they get to the hazardous sports section they find out their favorite sport is going to create a high risk life insurance type situation. We pre-screen these sports so you have a good idea what the final outcome will be so you have no surprises.
Your requested face amount otherwise known as a death benefit will be one of the main factors that will control 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. I you are unsure of what you really need as a face amount you are welcome to use our face amount calculator.
This will give you a good idea on how much life insurance you will need by calculating what your survivors will need if you pass and your income no longer comes in each month. One of the most important questions you have to ask yourself is how much of a life insurance premium can you afford to comfortably pay each month.