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In This Article, I’m Going To Talk About How To Get Qualified For Life Insurance If You Are An Amateur, Casual, Or Professional Cyclist
You commit to some level of cycling, from daily exercise to competing. You want to know what your eligibility is when buying life insurance. You’ve heard that cycling in its nature is dangerous. You have to cycle on the roads. You have to swerve around bad drivers that don’t respect your territory.
Can you qualify for life insurance as a cyclist? We will talk about the factors that may have an impact on your eligibility for coverage. We will talk about whether or not you should take an exam.
I will give my recommendations for coverage and explain the types of life insurance available if you’re a cyclist.
Today’s Topic Overview:
- Can You Get Life Insurance As A Cyclist?
- Factors That Will Have An Impact On Your Insurability As A Cyclist
- Stories From The Field
- Your Age
- Your Health
- Should You Take An Exam Or Not?
- Non-Medical Life Insurance
- Types Of Life Insurance Available For Cyclists
- Permanent Life Insurance
- Term Life Insurance
- Case Study Examples
- Top 7 Reasons People Buy Life Insurance For Income Replacement
- Next Steps
Can you get life insurance as a cyclist?
Whether you cycle as an amateur or as a professional, the answer is yes.
Life insurance companies look at all sorts of different hobbies and professions. They weigh their risk as part of their determination of whether or not to get somebody approved.
Cyclists do not experience the same level of adversity as other risky sports, professions, and hobbies.
Life insurance companies generally will accept those who do cycling, from a casual to a professional basis.
Cyclists tend to be extremely healthy. You have good risk. You have good health profiles. Nice height to weight ratios. You generally don’t take medications. You get involved in activities that extend your health over time. All of this is positively weighed in your favor.
Here at BuyLifeInsuranceForBurial.com we have access to carriers that have a great interest in insuring cyclists. Have no worries. It’s very unlikely that cycling alone will have a direct impact on your eligibility for insurance.
If you would like to get a no obligation quote, please get in touch by sending us a request via our message box or calling us at (888) 626-0439. You’ll speak with a friendly broker who can give you more details regarding what you might qualify for and what your premium might look like.
Factors that will have an impact on your insurability as a cyclist
There are factors that will have an impact on your insurability as a cyclist. It’s not a foregone conclusion that, because you cycle, you’re going to get life insurance. It’s important to discuss what your options are. Which factors will weigh into your eligibility for life insurance?
Age does have an impact when applying for coverage. If you’re younger, you are unlikely to have a problem qualifying for life insurance. If you’re older, as long as you’re under the age of 85, there are going to be some options available to you.
One thing that’s important to understand about age is that the older you get, the more you pay. I mention this because it’s important to start some kind of life insurance now. Age has a way of making things more expensive. It also affects your health, causing you to potentially not qualify.
Things just tend to break down as life goes on. That brings me to health. Health is a big factor to consider when you’re applying for life insurance coverage.
Life insurance companies are going to ask questions about your health issues. Do you have cardiac or lung health issues? Do you take medication? What’s your height and weight?
Do you smoke? Do you have a neurological problem? Any kidney or liver problems? Intestinal problems? Have you been hospitalized? Have you had procedures or surgeries recently?
These factors make a big impact on your eligibility for coverage. Even if you’re healthy, you may have had issues in the past.
Be fully transparent with your health overall in order to determine what your eligibility for insurance is.
Stories from the field
Having helped over 3,000 people with their insurance needs since 2011 it amazes me the extreme extent to which people get ripped off on their life insurance coverage.
Whether it be that they are being overcharged or have inadequate coverage, I have worked to help many clients get more efficient, and more affordable coverage in place.
One particular couple that comes to mind I met while I was working in a small town in Georgia. They had filled out a request card for more information and I was happy to stop by their home to discuss their life insurance options with them.
They informed me up front they were a little leary about talking to me because they had been taken advantage of by salesmen and were concerned about me simply trying to sell them something.
I assured them I only wanted to answer any questions they had and that I would leave the final decision up to them.
They explained they were happy with the life insurance they had in place, but that they had hoped to get a better rate. The entire time I was talking to them I kept noticing the wife who seemed to be hanging on my every word.
When it was time for me to go, the husband made no move to say anything further. Feeling like I had failed to express to them the amount of money they could save, I walked back to my car feeling a bit defeated.
I was just about to pull out of the drive when the hubsand came running up to my car. I got back out and he explained that his wife had encouraged him to come speak with me.
He said they were still a little confused about their options and wondered if I would be willing to speak with them further. I was more than happy to oblidge and ended up saving this couple $400 a year on their payments.
This story is a reminder to me that there are many people out there paying more than they should for insurance.
Should you take an exam or not?
A lot of people have a resistance to applying for life insurance if they have to take an exam. People flat out do not want to have somebody sticking a needle in them. They don’t want to pee in a cup. It’s embarrassing and even frightening to some people.
There’s a reason why this has to be done. Insurance companies want the most up-to-date records to determine levels of insurability. Thankfully, if you have a fear of needles and you don’t like the idea of an exam, you have the option of a non-medical exam.
Non-Medical Life Insurance
This is where you complete an application, but you don’t complete a physical. It’s not required. Your insurability is based on the records already at the hospital and your doctor’s. They determine whether or not you get approved.
The downside of those non-medical life insurance policies is that they don’t have up to date information. I would only recommend this if your fear of needles outweighs how much you want a policy! It’s better to get something rather than nothing at all.
My recommendation is that if your health is good (and as a cyclist, it probably is), consider seriously getting life insurance.
Make sure that you take an exam with it. You will get a much better price than if you were to go through a non-medical process. You might as well get the most you can for your money. Right?
If you have found this article helpful so far and would like to know what your rates might look like, give us a call at (888) 626-0439. Alternatively you can send us a request using our contact us box found on this page. We will reply to your request within 24 business hours with more information.
Types of life insurance available for cyclists
Let’s talk about the types of life insurance available for cyclists. There are primarily two different life insurance options available to you.
Which one should you select? It’s ultimately dependent upon your financial goals and your purpose in getting coverage.
Permanent Life Insurance
Permanent life insurance is commonly known as whole life insurance or universal life insurance. In most cases, it’s structured to be there permanently. It doesn’t cancel due to age or health.
It provides peace of mind. You’re covered no matter when you die. There is a guaranteed death benefit that will be paid out.
These plans are great for permanent problems such as funeral expenses, cremations, and burials. A death benefit pays out to a surviving spouse to supplement their income. It’s a great plan to take care of final expenses that you don’t want another to pay for when you die.
The biggest drawback to permanent life insurance plans is that they are more expensive than other plans. Sometimes they’re 5 to 10x as much. People generally only buy permanent plans if they’re looking for final expense coverage.
Rates For $10,000 In Burial Insurance
Rates For $25,000 In Burial Insurance
$150,000 Whole Life Insurance, Life Pay
$250,000 Whole Life Insurance, Life Pay
Term Life Insurance
Term insurance is the most popular way to buy life insurance.
Simply put, it’s pure insurance. If you die before the set date a death benefit is paid. It’s a level premium for that length of time. Most commonly people buy term insurance in 10, 20 or 30-year increments.
Term Life Insurance Coverage – 10 Year Term – $100,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $250,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $500,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $1,000,000 in Coverage
The biggest reason to use term insurance is for temporary obligations.
Most people that buy life insurance are usually in their 30s, 40s, and 50s. They still have debts to pay. Mortgages. Business loans. Financial obligations. They want to replace the income that they would have saved up for college expenses for the kids or for retirement.
A term insurance plan takes the risk out of not living long enough to satisfy those requirements.
And it does it at a very marginal rate relative to permanent life insurance. If you are on the younger side a term plan is the best way to get the most coverage on the books for the least amount of money.
Case study examples
A Cyclist with Diabetes
A young cyclist recently got in touch after having her first child. Her husband had urged her to find out what she might qualify for with the concern that if something happened to her he, as the stay at home parent, would struggle to make financial obligations. This young mother was in total agreement and came to us to fill out an application.
Her only concern was that she had type 1 diabetes and had to take insulin to regulate her blood sugar.
She had heard this could cause rates to be high and she was worried about how they would fit the payments into their budget, especially with the cost of just having a child.
The good news is we were able to shop a number of options for this couple and find a rate that fit within their budget. The mother was qualified for first day coverage and she was very pleased with the result.
Though we can’t guarantee the same outcome for every individual, we do our best to look at providers that will meet our client’s goals and budget.
Leaving Money to Kids
A 35 year old gentleman named Mr. Lowry recently got in touch looking for life insurance. His goal was to leave enough money behind to his two kids to give them a great start in life and help them out with any financial obligations they might have.
Mr. Lowry, despite his young age, suffered from heart problems. He had had a stint put in a couple of years ago and was concerned this would affect his ability to qualify for life insurance.
I’m happy to report we were able to qualify Mr. Lowry for first day coverage at a price that met his budget.
Top 7 reasons people buy life insurance for income replacement
1.Love their family
Family is at the forefront of most people’s minds when they get income replacement life insurance. If you want to ensure those you leave behind have financial security, life insurance is a great option.
We don’t like to talk about dying or death, but it’s a reality for all of us. Just because you are young or in good health doesn’t mean life insurance isn’t for you. In fact, when you are young and in good health is the ideal time to get life insurance in place because that is when it will be the easiest to qualify and the least expensive.
3.Rates are affordable
We represent a number of providers, which means we can look for the best value coverage rather than offering just one option like an agent would do. Having access to different rates means we can tailor your coverage to meet your specific budget.
If you are looking for a specific kind of coverage, whether that be long or short term, we can help. We customize our policies to meet the personal goals and specific budgets of our clients.
An income replacement policy can cover a variety of obligations including credit card payments, mortgage payments, loans, and even paying into a retirement fund.
Riders enhance existing plans to add additional coverage for things like disability and illness. There are many different kinds of riders available. Speak with one of our brokers to find out what riders might be useful for your specific circumstances.
If you’re interested in qualifying for life insurance as a cyclist, visit my website. You can go to buylifeinsuranceforburial.com and grab a free quote.
I do ask that you message me first. You can do that by clicking the contact box; the one at the top or the bottom, and send me a quick message. Or just call me. The best way to reach me is (888) 626 0439, and speak with me live.
I hope this article has been useful and has encouraged you to take the next step to get life insurance in place if you don’t already have coverage. We would be happy to provide you with a free quote. Simply call us at (888) 626-0439 or send us a request using the contact box on this page.
Thanks for reading!