Last updated: April 12th, 2018
Racecar drivers are frequently concerned about whether or not they will be able to purchase life insurance. It is a reasonable concern. After all, racecar drivers risk death every time they get behind the wheel.
Not only do racecar drivers have the risk of crashes to worry life insurance providers, but there are also some subtle health risks that many people are unaware of. Because they sit for such long stretches of time, racing is tremendously hard on their health. Many studies have shown that people who sit for long periods of time have lower life expectancies than those who stand up a lot.
If you’ve ever tried to get life insurance before as a racecar driver, you might have gotten expensive insurance rates or even have been declined for life insurance. Don’t assume you your profession will be an automatic decline for a regular priced insurance policy. This article will explain the different options for getting insurance protection.
When racecar drivers are sitting in their cars for hours at a time, they also run the risk of developing a blood clot due to inactivity. These blood clots are a very serious health concern. If the blood clot breaks free from the spot that it is located in the body, it can rush to the brain and cause stoke and even death.
On top of all that, racecar drivers also breathe in an awful lot of exhaust fumes as they are racing around the track. The racecars need to be as light as possible to be competitive on the race circuit, which means that there is no room onboard for proper exhaust systems to keep the fumes out of the cabin.
With all this going against them, it is a sticky situation to try to get life insurance for racecar drivers. In fact, some life insurance providers will flat out deny any coverage to people who drive racecars. They feel like the profession is simply too risky.
However, if you are a racecar driver, you need not give up hope of ever getting life insurance coverage to provide for your family in the event of the unthinkable occurring. There are some decent insurance companies out there that will provide coverage for racecar drivers who need it. Here is what you need to know to get approved as a racecar driver.
Questions we Ask to Help You Get Approved
As well as filling out the standard life insurance form, the insurance provider will also ask you to fill out a supplementary form describing in detail your association with the auto racing industry. They will want to know the types of tracks that you drive on. They will want to know your level of training in the sport. They also need to know if you are doing it as a hobby or a profession. If it is a profession, they need to know if it is full-time or part-time work.
You want to provide an exact figure for how many accidents you have been involved in. You will have to provide medical documentation from the accidents if any of them resulted in your needing medical attention.
You will also need to list the types of vehicles you race in. They will also ask if you limit your races to contests that are legally sanctioned by a governing body in the racing world.
A medical exam will be required before you have your life insurance application approved. The medical exam will not only determine if you get approved, but how much you pay for your insurance protection. The better your results are from the exam, the lower your insurance premiums will be.
The medical exam is completed by a registered nurse or a paramedic. The first part of the exam is a health questionnaire. They will ask you dozens of questions about your current health, any pre-existing conditions, and a few questions about your family history.
After the questions, then the paramedic or nurse is going to get some basic vitals, like your heart rate, blood pressure, your height/weight, and take a blood sample and urine sample. All of this information is going to be sent to the insurance company and they will look at it through their medical underwriting.
Interested in saving money and improving your chances of getting approved for life insurance as a racecar driver, take the time before you apply to improve your health. If you’re overweight, you’re going to pay a lot more for your life insurance. Losing weight can lower your premiums by 50%.
As you can see, it is a lengthy amount of information that the company will need, and that is just the supplementary racing information they need. The regular insurance form will be much more detailed. As long as it takes you to fill out the form, it will take the insurance provider even longer to review it.
You may have to wait up to several weeks for the policy to become effective. Do not apply until you are ready to get insurance as the process is quite involved. This is something you don’t want to repeat. If you would like to get a custom quote for life insurance as a race car driver, fill out our form on this page, or call us at 888-552-6159.
Guaranteed Acceptance Life Insurance
One alternative for life insurance is to purchase a guaranteed acceptance life insurance policy. These plans are exactly what they sound like. Nobody is declined for these policies. There are no health questions and no medical exam. In fact, approval can happen in just a few minutes! If fast is your goal than GALI policies are for you.
Two of the major problems of with guaranteed issue plans is their price and the coverage limits. Guaranteed acceptance policies are drastically more expensive compared to a traditional plan. Without entirety of your personal health info, the company is taking a greater risk, and they are going to charge you higher rates to mitigate risks. If you want to get cheaper life insurance, you need to choose a traditional plan.
Another major pitfall is the limit the amount of protection you can purchase. Most guaranteed plans are capped at $25,000 face value. In genera, this is nowhere nearly enough, leaving families with additional bills and expenses.
If you’ve had an app declined because of your profession don’t think you can’t get life insurance. Don’t hesitate to inquire about getting life insurance as a racecar driver or you’re want to know about the options for coverage, please contact us today.