Life Insurance

Discussion in 'General' started by puresportsdesigns, Feb 24, 2004.

  1. puresportsdesigns

    puresportsdesigns Yea, I guess

    I'm 35. great blood pressure, non smoker, in pretty decent shape. I was rejected today for a life insurance policy because I race!!!

    Anyone else ever have this problem?

    When I filled out the application I volunteered the racing info - I figured if I didn't and something happened they would exclude the benefits. They told me they were going to rate me for racing, yet they still rejected me when they saw how often I raced and the speeds we travel.
  2. 600inline4

    600inline4 Mentally unstable


    yep..... it was a question during the application period.

    nice huh?

    oh, they asked if i sky dived as well. at the time, my answer was "no", cause technically, i haven't raced yet...........

    next application, you may want to change your answer to that question...............
  3. STT-Rider

    STT-Rider Well-Known Member


    You're kind of hosed. Insurance companies share data via MIB and other datea banks. You have been declined and that info is now on record and any other company will find it when they run you application.

    Your best bet is to get an exclusion. The policy will not pay if you're killed in action.

    Same stuff applies to pilots, divers, etc...

    Good luck
  4. Laurie Acree

    Laurie Acree Well-Known Member

    Or the exclusion will be for disability and still pay the life. Try MutualLife.

    Oh and don't lie on the questions. They can decline your payout to your family then they are hosed.
  5. CUDA

    CUDA Well-Known Member

    Yeah, I could get life at a very high rate but no disability. If you look hard you can get it. I think 500k was $2000 a year or something and I about your age. I already had some, so decided it was too much. If you have none, then that is different.
  6. Fuzzy317

    Fuzzy317 a Crash Truck near you

    I have 2 life insurance policies taken out when I was very young. Racing was not even a thought.

    Racing wasn't an issue with my 1996 crash, when I rang up a big hospital bill (6 digits). It was all paid by work's insurance, except for the ride in the ambulance and the helicopter ride. After my rehab, I even went back to the same company and they never questioned if I would race again.
  7. Yooo

    Hey call Blue Cross/ Blue Shields. They don't ask, and you are still covered! Pretty decent prices too. I think I paid like $104 a month. I'm 29, non smoker, and in pretty good shape.
  8. MPH


    Try Combined Insurance. They were able to help us and racing was not an issue.


  9. Fuzzy317

    Fuzzy317 a Crash Truck near you

    Re: Yooo

    Actually the 1996 work policy was Blue Cross/Blue Sheild of South Carolina. The hospital and the insurance company were confused for a time, with me living in GA, crashing and in hospital in AL, and insurance out of SC. :rolleyes:
  10. r1owner

    r1owner All cars suck!

    Interesting issue.

    I bought a term life policy before I ever took a racing school. The guy asked me if I did anything dangerous.

    I told him I might race, but wasn't sure at the time. He signed me up anyway.

    I had an advisor look at the plan after I signed it and he said my wife may have trouble collecting if I died racing. I called the guy that sold me the policy and he said that if you aren't doing it actively when you sign, then you should be covered.

    As was mentioned earlier. If you get a policy at 20 and don't ever skydive or race till your 30, how could they possibly deny that claim?
  11. JBall

    JBall REALLY senior member

    You want to look for "motorsports exclusion". My life insurance through work doesn't have anything like that. A lot of aftermarket policies do. Skydiving, scuba diving and flying a private aircraft are other common exclusions.

    The thing that sucks is that you could be drunk and kill yourself on your street bike and THAT would be covered.
  12. Yeah

    Yeah my old insurance plan at my old job stated that it would not cover any sport where you are or could be paid money. So it kinda ruled out most motorsports lol.
  13. puresportsdesigns

    puresportsdesigns Yea, I guess

    Re: Yooo

    $104 for just a life insurance policy? Is it whole life? The one I was rejected for was a term insurance policy at $500,000 for 20 years at $31.00 / month.

    I have Anthem Blue Cross/blue shield for my medical insurance. I may give them a call.
  14. STT-Rider

    STT-Rider Well-Known Member

    Actually that's not true in many cases

    Every policy I have seen says that if you are killed in the commission of a crime they don't pay. If you BAL is over the legal limit they do not l have to pay. I woked with a guy who offed himself on a Harley drunk as a skunk and his family was out of luck. Some cover it, many will not.

    Read every single word of your policy during teh "Free Look" period to make sure they cover what you need.

    It's never cheaper to buy trem life than NOW, get a 10 or 20 year level premium policy. With a disability ploicy, you want guaranteed renewable and non-cancelable with a "own occupation" stipulation. Disability is a lot more $$$ than term life because we are 5 times more likely to become disabled than die between 23 and 65.

    I was very fortunate that a good and honest insurance professional sat me down and helped me out when I was pretty young.
  15. Greg Williams

    Greg Williams Old & slow

    Might want to review your advisor's experience. I'm not an agent but as I remember the Natl Assoc of Ins Commisioners reccomends that after two years (from inception date of the policy) all 'misstatements' on the app can not be used to deny a claim. The insurance companies almost invariably follow all NAIC reccomendations. This by no means should be construed as advising anything less than full disclosure!

    For the rest of you racers, try to ensure that your agent fully understands your situation before submitting an application. You want to avoid being declined at all costs. The agent can usually talk to the underwriter before submitting the application. An agent with a long and successful record with the ins company will be able to get business put through that another agent could not. Good luck!

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