Life Insurance

[JPH]

jamesfz6 good for you!!

 

[CHEMIKER]

Alright I have a couple of questions related to this poll...

1. Did you buy life insurance before or after you started riding?

2. What did you say about your riding if you signed up after you started riding?

I'll go first:

1. After I started riding
2. I said that I owned a bike (didn't want to make it a huge lie) but was going to use it only for recreational use maybe once a month. Life insurance is expensive and I thought it might keep the premium down if I didn't admit that I commute.

 

[Denver_FZ6]

Have it through work. Even before the 'cycle, I'd bought additional coverage, it was a cheap upgrade. Now that I'm out there amongst the cages, should probably up it again.

 

[jsteinb95]

Hey VEGAS.....how come you never make your polls public? Just wondering.

 

[craig007]

I've got a lot of insurance...a little more than 6x my annual income. The rate was set by my weight, colesteral and age (and no smoking). The older I get, the less insurance I need because my retirement funds increase. Insurance is supposed to do something: pay for college, allow a family to live a certain way. I don't look at it as a windfall for those left behind....I want them to miss me a little

 

[sideshow_downs]

$400k Through the Army SGLI

 

[VEGASRIDER]

Alright I have a couple of questions related to this poll...

1. Did you buy life insurance before or after you started riding?

2. What did you say about your riding if you signed up after you started riding?

I'll go first:

1. After I started riding
2. I said that I owned a bike (didn't want to make it a huge lie) but was going to use it only for recreational use maybe once a month. Life insurance is expensive and I thought it might keep the premium down if I didn't admit that I commute.

1. After I bought my FZ6
2. I told them I only ride a motorcycle and the insurance company told
me that it had no bearing what so ever. Same with or without the
bike.
3. I also purchased suplemental insurance (Aflac) through work. Meaning
that if I were ever to get hurt off site, what ever the cost that my
primary insurance paid out to fix me up, including hospital bills, Afflac
would match it and pay directly to me, so I can use the money
anyway I want.

Hey VEGAS.....how come you never make your polls public? Just wondering.

The key for an accurate poll is to get as many people as you can, so you have a more accurate sample. Therefore by making the polls non-public, it might get more members to vote knowing that there is no traceablity. I want them to have the option of respecting their privacy. They always have the option to pubicly post, like most of you have on whether you have it or not.

Thanks for voting everyone.

 

[FZ1inNH]

I've had my life insurance for a LONG time. I always wanted my wife and kids to be taken care of in the event I checked out.

 

[jsteinb95]

The key for an accurate poll is to get as many people as you can, so you have a more accurate sample. Therefore by making the polls non-public, it might get more members to vote knowing that there is no traceablity. I want them to have the option of respecting their privacy. They always have the option to pubicly post, like most of you have on whether you have it or not.

Thanks for voting everyone.

ok gotcha! (I can see who voted :cheer: )

 

[CMHrider]

my wife and I both have policies that will pay for the house if one of us bite the dust. However I have a policy thru' work that would cover a funeral. I also picked up some accident insurance incase I wreck and I don't die but can't work again the house will be paid off (my wife is also covered under this plan). I too also have short and long term disability. I didn't get the accident insurance until I got the FZ6. The rest of my insurance was acquired when we bought our house.

 

[damnpoor]

I have $400k through the military. I'm young and single, so I don't have kids or a wife to worry about. I've had it since long before I started riding. 400k is enough for now. If I get married or have a kid I may up it to the new max of $1M.

 

[VEGASRIDER]

I've had my life insurance for a LONG time. I always wanted my wife and kids to be taken care of in the event I checked out.

That's the responsible way to be, making sure they are taken care of.
Nothing worse than losing a loved one and then go into a financial crunch because you're gone.

ok gotcha! (I can see who voted :cheer: )

Well it's not fair playing God! Stop it!


One side note, for those six people who don't have life insurance, will you let me pay for your premiums? Kind of a waste for someone to go and not be able to collect. I think it would be a great investment. Someones misfortune turns into someones fortune. There should be somekind of rider buddy system, trade policies with one another. (for the single folks)

 

[driftmaker]

I have $400k through the military. I'm young and single, so I don't have kids or a wife to worry about. I've had it since long before I started riding. 400k is enough for now. If I get married or have a kid I may up it to the new max of $1M.

I'll assume you're riding with all paperwork in order and msf completed?

I'm military as well and have heard of a fellow sailor killing himself on a bike and no money was paid because he was being reckless and had no m endorsement, no msf, and no helmet. :squid:

 

[AJ_rider]

No life insurance.

I'm 24. Single (not married), no kids, rent my apt (no mortgage), own my truck and bike.

Should I be considering it? Am I forgetting things I should consider as factors in getting life insurance?

 

[CHEMIKER]

No life insurance.

I'm 24. Single (not married), no kids, rent my apt (no mortgage), own my truck and bike.

Should I be considering it? Am I forgetting things I should consider as factors in getting life insurance?

There are other factors that affect your rate besides age. When I got my policy I had to have a physical. The results of that physical determine your cost of insurance (how much you pay for the insurance). I got super-preferred because I'm young and healthy. As you get older factors like cholesterol, blood pressure, injuries, etc will start to bump you into more expensive categories such as preferred or the dreaded standard

When you take the physical you get locked into that category no matter what unless you increase the value of the policy or let it lapse, no matter what happens to your health.

So my point is that there might be an advantage to getting it now in that you might be able to lock in a lower cost of insurance. Also, permanent policies are a great way invest money.

 

[xj750_Pete]

About how much does life insurance cost for the 50k? I am planning to work overseas, possibly in Iraq, and have been considering life insurance. Will it be higher if they knew where i WILL be working?

 

[CHEMIKER]

About how much does life insurance cost for the 50k? I am planning to work overseas, possibly in Iraq, and have been considering life insurance. Will it be higher if they knew where i WILL be working?

It really depends on what kind of insurance you want to buy and other factors that are not well understood by me. I paid $159.50/year for a $50k 5 year term through State Farm. I only did the 5 year term because I knew I was going to seek permanent insurance and cancel this policy. There are reasons why you might consider a short term policy (upfront premiums are lower) and reasons why you might consider a longer term or permenant policy.

Seems like me and Vegas had a similar experience with State Farm, the rates were low even though we ride. You might have similar luck with them even though there is a chance you will work overseas.

 

[VEGASRIDER]

About how much does life insurance cost for the 50k? I am planning to work overseas, possibly in Iraq, and have been considering life insurance. Will it be higher if they knew where i WILL be working?

factors that affect the cost of life insurance is your age, your health history, whether you smoke, etc. But in general, the youger you are, the lower the cost. The nice thng about it, the price is locked in for like 20 or 25 years. I pay about $30 month for $100,000 policy. But I'm probably much older than everyone else. There are clauses in the policy that will void your insurance. Like skydiving, if you are a flight crew, or in an area of war. So double check, especially if you are going to Iraq.

 

[kemmer]

I used to have good insurance. I started a job with a group policy so I switched my coverage over, but when I left that job I canceled that policy. I need to get some new coverage soon, my new FZ6 is trying to kill me! (first post btw)

 

[FZ1inNH]

One more tip: For those who have enough to pay the house off, don't! Put the money into some solid investments and keep making the payments using the interest/dividends to augment the payments. In the end, when the house is paid off, you'll still have a sizeable amount of prinicple left over plus your current pay is yours to do as you please, even pay off the house faster and build those dividends.

Vegas is right... don't forgo insurance now because you can. It really hurts you later when you need it more and you'll save a bundle getting it earlier.