Disability and life insurance

What are you guys all doing for this and do you know if what you have has excluded racing?

Since I changed jobs and helped start a new company (of which I'm an employee) I had been without life insurance and any kind of short/long term disability. Also not sure if I can get on Leah's when we get married sometime next year.

Started shopping for private stuff and am finding that they will either exclude racing or decline to write me outright.

I was able to get a good life 30yr term insurance policy but they will exclude any claims if they happen on the race track for the first 2 years of the policy.

I also temporarily got a long term disability but they said they will not pay any claims if I'm injured on track, and from research it looks like they litigate 70% of their muscular/skeletal disability claims.
I was declined flat out by Mass mutual because they are picky and didn't want to deal with someone that races.

I have found a racing only disability policy thru Lloyd's that will pay 35% of my income for 2 years, for a whopping $2700/year and that rewrites every 5 years so it will keep getting more expensive as I age.

I am also going to be offered a life insurance policy from another agent that covers me for the next two years for racing only until my main one stops excluding racing.

I put this out there as ot of you guys are much older than I and have families depending on you, and most of you probably have long term disability thru your employers like I used to. Do you know if your coverage will cover you if something happens in track? Anyone have luck getting something solid?

Right now as a 33yr old I'm looking at $6k+/year on all of these damn policies and I can't imagine it getting any better, and not confident the employer sponsored stuff will cover us on track

Pranav,

A number of years ago, like back in 2006, I signed up with Northwestern Mutual for a 10 year term policy. I stated very clearly on the application that I raced cars a hobby. To the surprise of my agent, I was approved. I have been with NM ever since. I can't guarantee you will get the same results, but it might be worth a try.

The rate was locked for 10 years, and then it started increasing each year thereafter. I think it's still less than $3k/yr. I'm WAY older than you. That seems like a good deal to me.

Nice,

I posted this elsewhere and everyone is talking about NW mutual for life insurance

Wish I knew, I just paid for 1yr with mutual of Omaha but I will still go ahead and apply for NWM once i get my cholesterol down

As for disability, it still sucks, across the board it looks like they all exude racing but will see what NWM offers.

*I'm licensed for life, health, disability

I have found life insurance for myself and others that covers racing without any rate increase. I'm happy to look into it for you or anyone else. The key was talking to the company to explain to the underwriters what kind of racing, what kind of speeds, etc. I do insurance with a guy who road races motorcycles so I'll bring it when I talk to him this week.

Your 30 year term policy sounds interesting and by that I mean it sounds like racing wasn't disclosed on the application. If it wasn't disclosed on the policy then maybe the agent just told you if you are killed during the 2 year contestability period they wouldn't pay out (I hope this wasn't the case). Haven't seen a company specifically exclude an activity for 2 years but then be fine it with it? (smell test) Send me the info. on all of them and I'll look into it.

Ask me in person about Northwestern Mutual.

I can also check on who I go through for disability. Personally I have mine through the Financial Planning Association and suggest finding a group policy like that anytime I can but recommend reading the policy for exclusions of racing, committing a felony, drugs, or racing minibikes in the pits, etc.

Yeah my life is they mutual of Omaha right now; they sent me a detailed questionnaire asking what class, sanctioning body, speed, frequency; etc. It had a bunch of SCCA classes on it so they knew what they're asking. Afterwards they came back with the 2yr exclusion.

Quote:

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Originally Posted by Pranav

Yeah my life is they mutual of Omaha right now; they sent me a detailed questionnaire asking what class, sanctioning body, speed, frequency; etc. It had a bunch of SCCA classes on it so they knew what they're asking. Afterwards they came back with the 2yr exclusion.

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Likely added an amendment but still pretty odd to just exclude it for 2 years. Did you also tell them you are getting married in a year so they knew you wouldn't be racing after two years.

I checked and sounds like I can get you covered for racing-my guy has coverage for motorcycle road racing. We can chat more this weekend.