Hpdes making it hard to get life insurance
#3
Race Director
I agree, unless they specifically ask, don't volunteer it. You aren't racing. However, the sport has grown enough that they might be asking now. I got some updated term pricing recently, and they didn't ask during the initial interview, and the pricing wasn't good enough to replace my current policy.
#4
Le Mans Master
I have a two year old life policy and I disclosed to them that I race SCCA. I wrote it in on the form and everything so it was plain as day. The sales rep was not sure what would happen and he suggested that they might bump it up a rate as they would for a smoker.
I can't gaurantee what your results will be, but I got my 15 year term life insurance policy at the regular quoted rate. Even if they raised it a bit I would have paid the difference since I would not want to risk any hassles for my family at such a time of need should it ever warrant. My policy runs long enough for me to make sure my kids are grown up and out of college.
Oli
I can't gaurantee what your results will be, but I got my 15 year term life insurance policy at the regular quoted rate. Even if they raised it a bit I would have paid the difference since I would not want to risk any hassles for my family at such a time of need should it ever warrant. My policy runs long enough for me to make sure my kids are grown up and out of college.
Oli
#5
Drifting
I was asked if I did any sort of motorsport. Luckily, between trying to buy a house, moving, and having a baby it has been long enough that I could honestly say no.
#6
Advanced
Thread Starter
Hey Oli, thanks for your post. The policy I'm looking to get would normally cost $2,500/year, but they want to charge me $18,000/year because I disclosed the same info you did. I'm confident they will shop around but if you don't mind, who is your policy with?
Thanks again. Also, I'm with you on not having my grieving family go through the hassel of an insurance company possibly not paying out because I did not fully disclose something.
Thanks again. Also, I'm with you on not having my grieving family go through the hassel of an insurance company possibly not paying out because I did not fully disclose something.
#9
Hey Oli, thanks for your post. The policy I'm looking to get would normally cost $2,500/year, but they want to charge me $18,000/year because I disclosed the same info you did. I'm confident they will shop around but if you don't mind, who is your policy with?
Thanks again. Also, I'm with you on not having my grieving family go through the hassel of an insurance company possibly not paying out because I did not fully disclose something.
Thanks again. Also, I'm with you on not having my grieving family go through the hassel of an insurance company possibly not paying out because I did not fully disclose something.
#10
Team Owner
#11
Team Owner
Member Since: Sep 2003
Location: Raleigh / Rolesville NC
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I volunteered the information.
The rates I received was in the next highest risk rank. But less then motorcycle riders.
IIRC hang gliding, Rock climbing, scuba diving, off road mountain biking, Motocycling, off road motorcycling and horse riding were even higher risk categories.
you can get insurance but you will just pay more.
The rates I received was in the next highest risk rank. But less then motorcycle riders.
IIRC hang gliding, Rock climbing, scuba diving, off road mountain biking, Motocycling, off road motorcycling and horse riding were even higher risk categories.
you can get insurance but you will just pay more.
Last edited by AU N EGL; 09-01-2010 at 07:05 AM.
#12
Melting Slicks
Hey Oli, thanks for your post. The policy I'm looking to get would normally cost $2,500/year, but they want to charge me $18,000/year because I disclosed the same info you did. I'm confident they will shop around but if you don't mind, who is your policy with?
Thanks again. Also, I'm with you on not having my grieving family go through the hassel of an insurance company possibly not paying out because I did not fully disclose something.
Thanks again. Also, I'm with you on not having my grieving family go through the hassel of an insurance company possibly not paying out because I did not fully disclose something.
#13
some very good info here
my take - if you are asked about "motorsports" you do not want to hide it. "it's just driver education so I don't need to say anything" may work great in your head, not so great when your family has to go up against insurance co lawyers should the worst happen.
my take - if you are asked about "motorsports" you do not want to hide it. "it's just driver education so I don't need to say anything" may work great in your head, not so great when your family has to go up against insurance co lawyers should the worst happen.
#15
Le Mans Master
Check with your agents. From what I was told when looking at a new policy years ago was that even though I have a race license, it wouldn't be a problem, the rates would be the same and I would be covered. However death while racing would be excluded.
Just don't lie on the application.
Just don't lie on the application.
#17
Melting Slicks
Check with your agents. From what I was told when looking at a new policy years ago was that even though I have a race license, it wouldn't be a problem, the rates would be the same and I would be covered. However death while racing would be excluded.
Just don't lie on the application.
Just don't lie on the application.
#18
Former Vendor
My life insurance is with my wife's work. They didn't ask me any questions at all. Granted it's not a huge amount or anything. Should something happen to me, I would rather have my wife not have to fight it. Should a guy be proactive in a situation like this?
What about health insurance?
Randy
What about health insurance?
Randy
#19
Le Mans Master
My life insurance is with my wife's work. They didn't ask me any questions at all. Granted it's not a huge amount or anything. Should something happen to me, I would rather have my wife not have to fight it. Should a guy be proactive in a situation like this?
What about health insurance?
Randy
What about health insurance?
Randy
From my experience with obtaining group health insurance for our company, the regular health insurance (Blue Cross/Blue Shield) has no "high risk" exclusions.
We were self insured for a few years a while back, and there were exclusions for certain "high risk" activities in that policy.
But with Obama care coming in 2014, it won't matter. They'll either cover everything or cover nothing.
#20
Melting Slicks
My life insurance is with my wife's work. They didn't ask me any questions at all. Granted it's not a huge amount or anything. Should something happen to me, I would rather have my wife not have to fight it. Should a guy be proactive in a situation like this?
What about health insurance?
Randy
What about health insurance?
Randy
If you are a key person at your business, the business may want to consider a key man life insurance policy on you - if you died, would the business be able to continue? Would they need to hire someone else with your skills to run the place or do the work that you do? How much more would that cost? You get the idea.
As far as health insurance goes, read the contract and see if there are any exclusions for hazardous activities. There probably aren't, but you would want to be sure. United Healthcare charges a 20% extra premium for motorcycle riders due to the additional risk, while other companies don't.