Life Insurance and Riding

[gel9001]

Anyone have problems obtaining life insurance after disclosing they ride. I had someone from one of the big Ins. companies visit this weekend. I disclosed the fact that I ride, but with his encouragement we low balled the amount I ride (once a week). I'm not approved yet, but I wonder if anyone has had experience qualifying or having to pay larger premiums cause they ride?
thanks for your thoughts.

Gene

[jb44]

No problem for me about motorcycling, but being a private pilot nearly doubled my rates. The ins. agent said if I did scuba diving, the rates would be higher yet.

jb

[toner87]

I'm sure it's different for different types of policies and coverages, but I don't remember ever being asked whether or not I rode a motorcycle. Everyone should assess their coverage and see if they have enough. Life is f-ing expensive.
T.

[Packrat]

I have the problem, I am a private pilot (CFI actually), Motorcycles and Scuba. My next hobbies should be Parachuting and then Hang Gliding...


I just have never really mentioned to my insurance company what I do. My wife briefly mentioned that I was a pilot but shut up after she saw his reaction.

[Boris Badenov]

I remember been asked if I race motorcycles but not if I ride ‘em at all…

[chris]

Never been asked the question so I haven't told any lies!

[gel9001]

Here's the problem, say (God forbid) you have an accident riding, scuba diving etc... and you wife tries to put in a claim, they investigate the way you die and perhaps that can null and void the policy.
I'm not sure what would happen, so I've chosen to fully disclose that I ride. I mean I'm buying this policy mainly cause I ride. So if i pass away and the insurance company won't pay cause I didn't disclose, then what have we gained.
I think its best to disclose and simply ask your agent. Thats what I did, but in the application, he low balled the amount of time that I ride, i.e., 4 times a month. If I were to pass away in a bike accident, insurance knows that I ride.

my 2 cents

Gene

[chris]

Mine's through my employer and they don't take any details at all. Might be worth asking now.

[gel9001]

Chris,
I get some through my employer too, alot of american companies still offer that. Problem is, that the policy is for something like 25K. While I'm persuing a million dollar policy for myself and my wife. The premiums build cash value that becomes part of your investment portfolio and you can borrow against it.

[jb44]

Here's the problem, say (God forbid) you have an accident riding, scuba diving etc... and you wife tries to put in a claim, they investigate the way you die and perhaps that can null and void the policy. Gene

That's exactly what my ins. agent said when I suggested omitting any reference to flying. If I were to expire due to an aircraft accident, he said there would be grounds to deny the claim.

Being an independent agent, he did shop several different companies, and was able to save me a significant amount over the first company he quoted.

jb

[ErikU]

What do you fly? I have a Beechcraft Bonanza based at BFI in Seattle.

[Panzerleder]

Gene - Don't buy life insurance as an "investment portfolio." It is a terrible investment. The only life insurance most people ever need is a basic term policy. Anything more than that is almost always a waste of money. Oh, and they can't refuse to pay simply because you got killed riding a motorcycle (unless there is a specific exclusion to that effect in the policy). In every state that I am aware of, the company must pay a claim unless it is able to show in court that had it known what you failed to disclose, it would not have insured you at all -- and not just for a higher premium.

[jb44]

What do you fly?

...everyone's favorite trainer... , a C-152... that's all I can afford. I also have been building a Zenith CH 701 for a while, just hope I live long enough to finish it.

Back to the insurance topic:

On my life insurance application, there are questions specificly asking if the "proposed insureds" have engaged in, or propose to engage in flying, skin diving, motor vehicle racing, sky diving, ballooning, hang gliding, mountain or rock climbing, or ultralight flying.

Oddly enough, it doesn't specificly mention motorcycle riding.

After the questions are answered, you have to sign and date the application verifying that the answers are "true and complete".

I suspect that lying or misrepresenting your activities on the application would be grounds for denying a claim. But that could better be answered by an attorney.

Panzerleder is correct about not using life insurance as an investment. Term life is the way to go, solely for the protection of those who rely on your income.

YMMV

jb

[Panzerleder]

In another life, I used to work as a claims adjuster for a major insurance company. It is not uncommon to encounter situations where people are not entirely truthful on their insurance declarations, but only once in my years there did we ever seek to actually deny a claim and that's because our insured was such an awful risk that had we known his true story, we never would have insured him no matter how much he paid us. Even then, the decision to deny had to go all the way to the home office.

[OU812]

Back when I was racing motocross, I always said I was riding my bicycle when I had a bad get-off. More to do with the health ins. claim.

[yjleesvrr]

No issues here on any insurance. In addition to my regular life insurance, I have key man for business succession planning purposes and personal liability in case I get sued for accidents I may be found at fault for. None of them cared that I rode a motorcycle. Every one however did ask whether or not I was a private pilot. I intend to learn fly some day, but not anytime soon.