well, just that. I need a new company to get life insurance that will actually pay once I die in a motorcycle accident.
that of course, to cover motorcycle expenses, cremation of me, and extra cash for the one who takes care of everything when i'm gone.
I'm in california, but I might be moving. I'm under 30, single, non smoker/drinker, no bike drops (so far). any recommendations for this?
Quote...that will actually pay once I die in a motorcycle accident
A tad fatalistic don't you think? Wouldn't a better word be
IF I die in a motorcycle accident. :icon_razz:
Well, unless you plan on splattering into a bridge or something. In which case, I'm sure one of the mods will be kind enough to delete this post before the insurance company shows up. :laugh:
Unfortunately, I cannot recommend a life insurance company.
well, I don't say IF because is a fact that we will all die eventually, and taking risk in consideration, it is most probable that I will die while riding a motorcycle.
In any case, this is a serious question. I am looking for life insurance that does cover motorcycle accidents.
I think STATE FARM can help you out with what you are looking for. It does not cost anything to check.
I used to work in the Life Insurance industry and never heard of a company that would not write coverage on a recreational motorcyclist. (A few might refuse coverage on a pro road racer, for example).
One caveat would be if you are trying for "preferred" rates; many companies will ask about your avocations and might not offer preferred to a motorcyclist. If you do race or have had moving violations then you might be charged rates above "standard".
I'm now retired so haven't kept up with possible changes but Transamerica used to be pretty aggressive with their pricing.
Ned
Quote from: subc on January 25, 2006, 01:32:59 PM
well, I don't say IF because is a fact that we will all die eventually, and taking risk in consideration, it is most probable that I will die while riding a motorcycle.
Probably not, unless you're trying to kill yourself out there. If you ride with that kind of attitude, maybe you shouldn't be riding at all.
Quote from: Ed on January 26, 2006, 07:12:29 AM
... that would not write coverage on a recreational motorcyclist. (A few might refuse coverage on a pro road racer, for example)....
you have to tell them specifically that you are a rider, otherwise its excluded (along with other high risk sports (mtn climbing, etc). I am getting a policy as we speak. I'll forward my guys name to you. came recommended from another local rider's wife...
okay, call Ed Lowman at Price, Raffel & Lowman, 310.551.3126.
you have to tell him specifically that you are a motorcycle rider so they set up the coverage and primiums correctly, otherwise you're signing paperwork that excludes it.
They will not under any circumstance cover you if you're RACING though. I went a few rounds with him to verify that trackdays arent racing, and it isnt.
I'm getting $1M coverage for me, 30yr term insurance, $250k coverage for my wife and also getting disability insurance for me. The premiums are $1780/mo, $495/mo, $164.10/mo respectively.
I can't speak about Disability coverage but in 36 years in the Life Insurance business I never heard of a company that excluded RECREATIONAL motorcycle riding. Many companies would charge extra or exclude coverage for aviation activity (i.e. private pilot) but never heard of it for riders.
Ned
all these premium and whatnot sure confuse me. I will give a call to the number you posted. thanks for the info pantablo.
by the way. I'm not racing... unless passing car qualifies as racing. and I'm not doing this as a recreation activity, since the bike is my means of transportation.
Quote from: subc on January 26, 2006, 03:49:46 PM
all these premium and whatnot sure confuse me.
me
$1 Million coverage, 30yr term insurance, $1780/mo
disability insurance, lifetime coverage, $164.10/mo
my wife
$250k coverage, 30yr term insurance, $495/mo.
There's term insurance (sometimes called temporary)and Universal Life (whole) insurance. The difference is basically that Universal Life costs much more because part of your premium is invested "for you", like a savings account or a retirement account and at the end if its term will have a cash value you can take out.
I did a munch of research and as long as you have other retirement accounts (401k, IRA, etc) you will be better off than letting the insurance co make money on your money (interest) while they invest your money for you. term is like renters home insurance-ie, at the end of the 30 yr term you have nothing and its over. Hopefully you'll never have to use it.
When you talk to Ed let him know pablo mida referred you.
Pablo:
The "term versus whole life (or some form of it such as UL) " argument has been going on for decades. I'm a "termite" myself and agree that for most folks term makes a lot of sense.
One thing: I suspect (and hope!) the premium you indicated of $1780 a month is a misprint. If it's not I believe you could do MUCH better elsewhere.
Ned
hahaha...sorry. those were all ANNUAL premiums. I hadnt even noticed that...
"I'd like to die in my sleep like my uncle, not screaming and kicking like his passengers" :laugh:
Quote from: subc on January 25, 2006, 01:32:59 PM
well, I don't say IF because is a fact that we will all die eventually, and taking risk in consideration, it is most probable that I will die while riding a motorcycle.
Sorry, but... even if riding a motorcycle increased the liklihood of dying in an accident by 1000%... it would still be more likely that you'd die from either heart disease or cancer.
See http://gstwins.com/gsboard/index.php?topic=22138.msg216314#msg216314
Quote from: pantablo on January 26, 2006, 05:03:12 PM
Quote from: subc on January 26, 2006, 03:49:46 PM
all these premium and whatnot sure confuse me.
me
$1 Million coverage, 30yr term insurance, $1780/mo
disability insurance, lifetime coverage, $164.10/mo
my wife
$250k coverage, 30yr term insurance, $495/mo.
There's term insurance (sometimes called temporary)and Universal Life (whole) insurance. The difference is basically that Universal Life costs much more because part of your premium is invested "for you", like a savings account or a retirement account and at the end if its term will have a cash value you can take out.
I did a munch of research and as long as you have other retirement accounts (401k, IRA, etc) you will be better off than letting the insurance co make money on your money (interest) while they invest your money for you. term is like renters home insurance-ie, at the end of the 30 yr term you have nothing and its over. Hopefully you'll never have to use it.
When you talk to Ed let him know pablo mida referred you.
Just curious but how many people do you know that actually have whole life insurance? I'd like to advise you to reconsider what you're doing by buying into the whole life scam... Sure they gaurentee that you'll never have to pay a higher premium, but 95% of all whole life policies WILL increase their rates steadily and will not notify you and just take the difference out of your cash value that you've built up. Pretty much each and every person that I've met and told this to, they say "ahh but my insurance company wouldn't do that! My agent gave me a great deal and explained it all thoroughly!" and then we go take a look at their papers and review them closely and submit for their records... Needless to say, pretty much everyone that's had whole life at this point become very angry and decide to go with TERM (MUCH MUCH cheaper,) PLUS it's better to invest the money yourself if you're looking for some sort of savings wagon. Most people that switch to term and invest the difference into an aggressive growth mutual fund with a reputable company come out on top and will make even more than what their "whole life savings" would have got them. Plus, if you borrow against your cash value you have to a) pay it back and if you don't you b) forfeit what you would have had coming to your beneficiaries if you die. So, moral of the story is... Whole life policies are mostly a scam and are NOT a good investment/savings vehicle. Buy term-life and invest the difference somewhere else, that way if you die your family a) gets the amount that you actually signed up for and b) your family still has all the money you've invested elsewhere.
EDIT: P.S. We've actually met people where someone close has died and they ended up OWING money... Whole life sounds great when your agent is explaining it to you, but they usually neglect to tell you the darker parts of it...
Quote from: annguyen1981 on January 26, 2006, 11:24:40 PM
"I'd like to die in my sleep like my uncle, not screaming and kicking like his passengers" :laugh:
:icon_lol:
Insurance is freaking ridiculous. You screwed without it and you're screwed with it. But at least there is some peace of mind knowing you have it even though you're spending a huge chunk of your income on it.
Quote from: DerekNC on January 29, 2006, 09:12:29 AM
Insurance is freaking ridiculous. You screwed without it and you're screwed with it. But at least there is some peace of mind knowing you have it even though you're spending a huge chunk of your income on it.
Actually, there's a few good term-life insurance companies that will offer you 150,000 or more in coverage for ~$25/mo. and some of the better ones will also include your spouse into that. My spouse and I pay $23/mo for 150,000$ in coverage that includes both of us and we didn't even get the "preferred" rate.
Quote from: pantablo on January 26, 2006, 09:52:36 PM
hahaha...sorry. those were all ANNUAL premiums. I hadnt even noticed that...
I was gonna say, if you thought $2500/month in insurance was cheap, then you must have a really good job!