LIFE INSURANCE 'in this hobby'
#1
Racer
Thread Starter
LIFE INSURANCE 'in this hobby'
I contacted my insurance agent to UP my current life policies. I'm 44, and have two policies that are 20-year terms, both are 10-years old. The question was asked,
"do you participate in any dangerous activities"?
I hemmed, hawed, and 'in confidence told my agent about racing in SCCA, NASA and Autobahn events. He quickly forwarded me a document to be filled out. It was detailed, and he said 'BE HONEST'.
Bottom line, if you lie on an insurance form, your death benefit may not be paid. You could lie about racing, get hit by a bus, and claim may not get paid . . .
I'll follow up with the forum on what happens with my new policy/premium. Curious as to what you guys have experienced, and if there are certain companies who don't FREAK OUT with respect to our chosen hobby.
"do you participate in any dangerous activities"?
I hemmed, hawed, and 'in confidence told my agent about racing in SCCA, NASA and Autobahn events. He quickly forwarded me a document to be filled out. It was detailed, and he said 'BE HONEST'.
Bottom line, if you lie on an insurance form, your death benefit may not be paid. You could lie about racing, get hit by a bus, and claim may not get paid . . .
I'll follow up with the forum on what happens with my new policy/premium. Curious as to what you guys have experienced, and if there are certain companies who don't FREAK OUT with respect to our chosen hobby.
#2
Drifting
there'a another thread on this. my questionnaire asked if I race. If answered yes, you were then asked what sanctioning body, what class, what licenses I hold etc. none of which apply to me (HPDE only). The guy told me to answer no after I described what I do. and the policy contract does not prohibit HPDE.
#4
Tech Contributor
Member Since: Oct 1999
Location: Charlotte, NC (formerly Endicott, NY)
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I contacted my insurance agent to UP my current life policies. I'm 44, and have two policies that are 20-year terms, both are 10-years old. The question was asked,
"do you participate in any dangerous activities"?
I hemmed, hawed, and 'in confidence told my agent about racing in SCCA, NASA and Autobahn events. He quickly forwarded me a document to be filled out. It was detailed, and he said 'BE HONEST'.
Bottom line, if you lie on an insurance form, your death benefit may not be paid. You could lie about racing, get hit by a bus, and claim may not get paid . . .
I'll follow up with the forum on what happens with my new policy/premium. Curious as to what you guys have experienced, and if there are certain companies who don't FREAK OUT with respect to our chosen hobby.
"do you participate in any dangerous activities"?
I hemmed, hawed, and 'in confidence told my agent about racing in SCCA, NASA and Autobahn events. He quickly forwarded me a document to be filled out. It was detailed, and he said 'BE HONEST'.
Bottom line, if you lie on an insurance form, your death benefit may not be paid. You could lie about racing, get hit by a bus, and claim may not get paid . . .
I'll follow up with the forum on what happens with my new policy/premium. Curious as to what you guys have experienced, and if there are certain companies who don't FREAK OUT with respect to our chosen hobby.
Bill
#5
Drifting
Steve Goldin Insurance specializes in life insurance for racers. Steve is an SCCA and Grand Am racer out of Miami (Goldin Bros Racing). Great Guy, who by the way owns
the Greenwood Spirit of 76 Corvette. I think he still can be reached at
race962 at yahoo dot com
Bosco
the Greenwood Spirit of 76 Corvette. I think he still can be reached at
race962 at yahoo dot com
Bosco
#6
Team Owner
Member Since: Sep 2003
Location: Raleigh / Rolesville NC
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When I did my whole life policy, they said car racing only raised it the next risk level.
the NOT covered / excluded hobbies were: sky diving, para-shooting, para-sailing, mountain biking, rock climbing and mountaineering, scubu diving, motorcycle racing, and a few others.
Edit this was through the company I used.
the NOT covered / excluded hobbies were: sky diving, para-shooting, para-sailing, mountain biking, rock climbing and mountaineering, scubu diving, motorcycle racing, and a few others.
Edit this was through the company I used.
Last edited by AU N EGL; 10-15-2010 at 11:52 AM.
#7
Team Owner
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St. Jude Donor '13
Five years ago, autocross and HPDE did not increase my premium for 20 year term, $500k.
#8
Safety Car
Member Since: Nov 2000
Location: Shenandoah Valley Virginia
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I just took out a policy for $250K last year. The company had a list of prohibited activities like scuba, parachutte jumping and mountain climbing. Racing and HPDE were not on the list. They did not ask, so I sure did not mention it.
#9
Melting Slicks
I have over 2 mil of term coverage to cover personal and buisness ( I should lower that now as over 1/2 of the debt has been paid off). I get group term cheap through my professional group. I know it did list activities like scuba, skydiving etc. but did not go into some of these other things.
I dive 1 week a year open water 120' or less, Does indoor skydiving count? so I figured I was good. Now I run Nasa group 3 & 4..kinda fast, hunt Elk, grouse hunt in the high country by myself, Ski...kinda fast, MTB..kinda fast. Guess I better read the exact policy.
Curious to see what comes of the O.P. additional paperwork. good info here guys!
I dive 1 week a year open water 120' or less, Does indoor skydiving count? so I figured I was good. Now I run Nasa group 3 & 4..kinda fast, hunt Elk, grouse hunt in the high country by myself, Ski...kinda fast, MTB..kinda fast. Guess I better read the exact policy.
Curious to see what comes of the O.P. additional paperwork. good info here guys!
#10
Le Mans Master
Years ago I held FIA, SCCA, IMSA, TIDA, NASCAR, etc license and my life insurance actually was a little less. Now that I am old no one wants to cover me.
Jim
Jim