Do bikers and dirt bike riders have to pay more for life insurance than other people?
That’s a good question since there are several million bikers out there.
There’s not as much protection for a biker even if you’re wearing all the safety gear, and especially if you’re in the smart habit of wearing a helmet.
Nonetheless, you’d think it would cost more to get life insurance if you’re a biker. The reason for this is pretty obvious considering that the accident statistics aren’t the best in the world for bikers. You’re more likely to be killed in a motorcycle accident than in a comparable car crash accident.
Well, guess what? You’d be wrong because you can buy life insurance at the same rates as anybody else who doesn’t ride a hog or dirt bike. It cost just the same.
A person who drives a Harley regularly and gets a $200,000 term life insurance policy will pay the same as a person of the same age and state of health who drives a car and buys the same life insurance policy.
Why Bikers Should Buy Life Insurance
If you are a biker you are 25 more times more likely to be killed in an accident than someone who doesn’t drive a bike. So, considering those somewhat lousy odds, it’s a real eye opener isn’t it?
It’s a real good idea to consider buying a policy especially if you have a family that will be financially deprived if you are killed in an accident. If that’s the case then you really should think seriously about taking the appropriate steps to see your loved ones are not caught in a financial bind.
What Life Insurance Companies Want to Know About Bikers
There are a few things you should be aware of if you’re a biker and thinking about buying some life insurance to protect your loved ones.
The first two main factors that a life insurance company always looks at are your age and the state of your health.
The other two main factors, which might apply to you as a biker, is that the insurance company would look at your driving record, and whether you engage in a dangerous hobbies or activities.
This means first that you have to have a good driving record to be eligible for lower rates and a better rating. As a biker you’re not being singled out either because this applies to everyone.
As to dangerous hobbies or activities, it may surprise you to know that riding a motorcycle is not included in either category.
But, on the other hand, you should also know that racing a bike may very well fall into the category of a dangerous hobby or activity and could impact the rates you pay.
The truth is that very few if any life insurance companies will even ask you whether or not you drive a motorcycle. So, now you can put your mind at ease and go out and look for an affordable life insurance policy such as term life insurance and put your mind at ease.
With a term life policy you get covered for death benefits only, but it’s the ideal choice if you are looking solely for income replacement. Your family stays financially secure should something happen to you when you’re working on the job, or riding the black top on the weekends.
What Kind of Life Insurance Policies Can Bikers Buy?
Well, there are basically 2 types of life policies. The first is term life insurance which is the cheapest and the most popular form of life insurance sold in the U.S. today. It’s easy to qualify for and it’s very basic coverage because it covers death benefits only. Your beneficiaries are paid in a lump sum and the life insurance payout is not taxable.
It’s called term because you buy it in chunks of years such as 5, 10, 15, 20 or 30 years. All you have to do is choose the amount of death benefits you want and the length of the term. In most cases, all you have to do is answer a simple medical questionnaire.
You probably won’t have to get a medical exam unless you’re older or if there are issues concerning your health. The exams are pretty straightforward and consist of a few simple tests for the majority of those who have to get a medical exam.
The other kind of life insurance is called permanent insurance and consists of several variation of policies known as whole life, universal life and variable life insurance.
The biggest difference between a permanent policy and a term policy is that along with the death benefits you also get a cash value accumulation feature. The second difference is that a permanent policy covers for your entire life. The third biggest difference is the cost. Permanent life insurance costs significantly more than a term life insurance policy
Where Can Bikers Find Cheap Life Insurance?
You always want to talk to an independent agent like myself. We can access and research dozens of companies so you are assured we will find the best policy at the most affordable rates. If you have health concerns, don’t let that dissuade you because we can give you valuable advice and help you to find a policy that suits you.
Whatever your needs or questions then please call me direct at 877 – 966 – 9383.