Have you ever had to say “My wife says I’m not allowed to ride my motorcycle until I get life insurance?” If you have, your wife is on to something and you should be grateful for her wisdom!
Your wife is probably concerned about motorcycle death statistics, and she should be; but how much weight do insurance companies put on this recreational activity or mode of transportation?
Motorcycle Death Statistics
According to Dying to Ride statistics, motorcyclists’ risk of a fatal crash is 35 times greater than a passenger car. This makes sense when you think of how unprotected you are on your motorcycle.
Many people believe that it is younger riders who die in motorcycle crashes. However, in a CBC article, this proved to be a myth:
“From 2008 to 2014 (as of Aug. 18), only 16 of the 175 motorcyclists who have died on Ontario roads were under the age of 25. The age group with the highest rate of fatality is the 45-54 year group, which comprises 48 of the 175 victims.”
Your wife is right. She doesn’t want to be left as the sole breadwinner. However, does your bike mean you can’t get an affordable life insurance policy?
Do Life Insurance Companies Care About Motorcycle Statistics?
Obviously your wife thinks the statistics are significant, but do life insurance companies? No, they do not find motorcycle riding a significant risk as far as insuring your life goes since it is not a negligible risk compared to other things in life that can disable or kill you.
Your wife will not agree with the insurance companies, but they do not put this activity on the same list as:
- Scuba diving
- Sky diving
Life Insurance Policies for Motorcycle Riders – Life Insurance so Your Wife will let you Ride in Peace
If your wife has told you that your motorcycle is off limits until you get life insurance, don’t despair – this stipulation is easy to remove. Since insurers do not consider riding your motorcycle (motorcycle racing is a different story) high risk, you can easily qualify for term life insurance, accidental, whole life, whatever gets you the best pricing rates; provided that you qualify medically.
Term Life Insurance – An Ideal Option to Allow you to Ride Your Motorcycle
The quickest life insurance policy you can get so you can hit the open road on your motorcycle is term insurance. If you’re unfamiliar with this type of insurance, it is affordable insurance where you can get coverage for a specific term; such as 10, 20, 30 years.
Term life insurance is also flexible and you can use it for single and multiple life protection. As well, it comes with a number of options so you can easily personalize your policy. The trick is finding the right broker to connect you with the best pricing.
At Maple Bay Financial Corp., we are an online life insurance brokerage and we work for you, not the insurance companies. If your wife said you’re not allowed to ride your motorcycle until you get life insurance, we can help you with that.
To find out more and to get expert advice about term life insurance, please call us at 1.888.498.5288