Life Insurance

[NICKRIDES]

Hi Gents
Shopping for Rider friendly Life Insurance, any suggestions?
thanks in advance
Nick Kennedy

[GKman]

I'm happy with what Captain America had. Pay out isn't good but at least premiums are free.

[argent brick]

Look for something similar to what members of our military use. I think it is called SGLI.
It is cheap and has fantastic coverage.

[osbornk]

I would only consider term insurance regardless of who you buy it from.

[Rpbump]

Term insurance is cheaper in the long run. Life insurance offered by your place of employment is usually quite affordable. Since I ride 12>15k miles per year I also purchase Med-Jet insurance. RIDE SAFE

[ultracyclist]

Nick,
Ok, roll off some throttle and scrub off some speed here.
I am in the securities and insurance biz.

There is a difference between just riding motorcycles and racing them. If you merely ride them, life insurance will be very affordable. If you race them, then that is a very different story.

But, like anything else, if your DMV record has recent incidents of DWI or a block of moving violations, then you may end up paying more or even declined for coverage.

If your need has definite start and end, or if the coverage is short term AND you have your financial house in order, then term insurance is perfectly fine.

There are reasons to have permanent coverage, but this is not the forum for that type of discussion. Also, one gets what one pays for. Super cheap prices may mean not as good fine print.

PM if you have questions. TY, Howard

[kantuckid]

~ 10-12 yrs ago I did this online thing(from an insurance company) where you plug in all the stuff such as current age, personal data,lifestyle,etc., & when I lied on the biker thing I was going to live longer than truth telling. No question r.e. racing. I think I have 10 to go based on then? I need to go back & do it again then see where I stand We'll see...
FWIW, the one worst investment I ever made was, age ~21, to buy one of those old standard"20/pay/life" policies from a family friend via Prudential. That money would have got me a bunch of term for less & if simply put in the bank(pre401k) would have paid off better! I used up a bunch of it in a car loan years ago @ low interest as that proved to be the best way to gain on my money. I always bought term thru state plan when kids in home.

[ncstephen]

I just had to reup some term insurance as my current one was about to expire and the student loan stuff we took on for the kids is a bit daunting, the college funds undermined, the retirement accounts way smaller than expected. So I wanted a bit to cover primarily that loan and a few other things. At 59 I wasn't expecting to get really cheap rates. As we give a good block of insurance business to state farm I went there first. With no meds, no health issues, good wt and numbers 100,000 was about 50/mo for 10 yrs. Not great but doable. I think AARP could have offered me something better but I wanted to keep enough business there that the agent will go to bat for me to keep the block if I need something.

There was a question about automobile racing in the form when inquiring about risks. They have both motorcycles listed so the bikes aren't a problem. There wasn't anything MC specific like type of riding, mileage per year etc. My DMV report is clean.

FYI As for the bikes. both have full coverage with 500 deductible, 100/300/100 if remember right for 50 something /mo for the K12RS, and 40 for the Honda RC51.

Hope this helps.
NCS

[osbornk]

There are reasons to have permanent coverage, but this is not the forum for that type of discussion. Also, one gets what one pays for. Super cheap prices may mean not as good fine print.

I don't think the fine print in life insurance is as much of a problem as it is with many other kinds of insurance (other than the suicide exclusion). With life insurance, you're dead or you're not.

[oldnslow]

50 years old, no drug, no smoke, decent general health..State Farm $250,000 on a 10 year term, (just protecting my teen age son should I die before he is on his own) cost me 63 bucks a month. My agent knows I ride motorcycles, race dirt bikes and work as a cop.

[cehlbeck]

It must have a lot do to with location and company. Any insurance I've ever gotten didn't even blink or change rates because of motorcycling or flying. My ex-wife years ago on the other hand with skydiving..........

[ultracyclist]

Ha-ha...you are not too far off.
But factors like convertibility features, the basic chassis design (ul vs. pure term), not smoking vs. non tobacco, age last b-day vs. age nearest b-day, modal charges,and several more have made my life interesting over the years.