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VIC Riding & impact on life insurance premiums

Discussion in 'Politics, Laws, Government & Insurance' started by Kamikaze_Kawasaki, Dec 31, 2006.

  1. I have brought a second house so I am now in debt up to my eyeballs..... :eek:hno:

    Anyway my wife has suggested we get life insurance as one of us alone couldn't afford to pay off both mortgages if something nasty was to happen. [-o<

    I suspect my premiums are likely to be higher as I indulge in a "high risk activity" like riding.

    Has anyone had any experience of how being a rider has affected their life insurance?
  2. If they ever see your name Kamikaze_Kawasaki it may cause problems
  3. Nah shouldnt be an issue. Mate just walking down the st these days is a high risk activity. :shock:
  4. Motorcycle racing will affect life insurance premiums, and is usually a policy exclusion, motorcycle riding should have no effect, if they try and stitch you on this ... talk to another broker..

    BTW, welcome to the capitalist world of multiple property ownership :shock: scary isnt it.....


  5. Some insurances are really conservative. They exclude people who ride bikes, skydive, rock fish etc. Others ask a whole bunch of questions and total up the risk points and charge a suitable premium.

    e.g., risk points for discretionary pursuits, plus risk points for lifestyle, drinking smoking etc, plus risk points for work type, etc etc

    Some mobs exclude people on the basis of medical history, family medical history, smoking etc etc

    You'll need to do some leg work based on your circumstances.

    I'm not in the insurance game, but have a family member who is, and I've heard horror stories with the breadwinner dying without any kind of insurance the family having to sell up everything to cover debt. Horrible.

    It's worth the peace of mind.

    When you talk to a financial planner, they'll recommend the following minimum insurances: Life insurance to cover debts, Salary continuation insurance - especially if self employed, and for "risk takers" like us, one of those accident/medical event type insurances which give a lump sum if temporarily or permanently disabled.

    It's a headache, but PUSH THROUGH.

    Good luck!
  6. it is important is that both of you have life insurance. If your Mrs has an accident you will most likely need to give up work to look after kids etc. Look at TPD (total permanent dissability) insurance also. This insurance covers care of a person who is incapacitated. Caring for someone with needs is a full time job and very expensive due to ongoing medical costs.

    Get some advice from a couple of different sources. Key insurances to look at (in this order..) - life, tpd, health, income, house, contents, cars/bikes. Many don't think twice about insuring a bike for $10,000 but don't have any life insurance which is worth a lot more to someone else...

    Your insurance needs vary depending on your personal circumstances and age so one advice doesn't fit all.
  7. Thanks everyone for all your good advice. T4 I will do my best to remember to give them my real name instead of my NR handle :LOL:

    I'll make an appointment with a broker and hopefully get a list of insurers, benefits and premiums. No doubt this will be even trickier then trying to compare health insurance providers.
  8. Better get some volcano insurance as well!
  9. check your super scheme. You may be able to get cheap cover there. PSS does.
  10. Any decent super scheme will have cover for this. If it doesn't, and you (or the OP) is in say, a retail scheme, then piss it off and look for an industry based scheme that may cover you (or the OP).

    Of course, what determines TPD can be hard. A mate at work just been through this. He got is disability benefit, but went for TPD which is not covered by the super scheme itself, but rather by an insurer. It was the insurance mob who had to approve the TPD.

    The TPD payout was equivalent to a payout at age 65. He was 52. Disability payout is equivalent to retirement at 55. So the ten years made quite a bit of difference.

    For this reason I don't know if life insurance is really worth it. Some mortgages offer some form of insurance (other than the lenders insurance) that may cover loss of income. Of course, if the second house is an investment and such an unfortunate event occurs, then the OP would probably have to flog it.
  11. i breifly read what all had to say so i may be repeating a couple o things.
    just make sure that whatever insurance you choose check the waiting periods, i have insurance through my super (income protection pdc and life) but the incomeprotection wait period is 2 years!! so i took out a second policy that had only a month wait period. In regards to high risk activities i was informed by my broker that high risk includes such things as football, ice hockey ect ect. Mc riding was never and issue for me but the two others were but i found a company that insures people who do those things.

    My advise in short get a broker. i can refer one for you if you want PM me she will come see you at home and wont charge you she charges you insurer. (yes i know that i end up paying somehow).
  12. Well, maybe when you go to the appointment, borrow somebodies car to drive there instead of the bike! :grin:
  13. Sorry if this is a rehash of an existing/old topic, I just could not find it.

    Seeing lots of accidents just of late involving motorcycles and personally having more near misses lately too (have people got more aggressive just recently?), I thought it should be prudent to get good life and disability cover.

    Hope to hear suggestions, tips and hints as to what people have.
  14. Hi,

    I use the Insurance from my Super Fund, easy to set up and from the research I did very price competitive.

    I got $2,000,000 life from them and the only stipulation was I had to have some tests which they arranged and did not cost me anything. The guy came to my house to take the blood etc so all very easy.

    Cheers Jeremy
  15. Depends on what you want to cover yourself against. Some life insurance policies have a cover for loss of eyes, limbs etc . If you want to cover yourself for loss of income in the event of an accident then you have to get a policy that covers that specifically.
    Decide what you want based on your own needs and how much you need, then do some research on the various different policies available.
    Personally I have life insurance and income protection insurance and I always insure extra when I travel.
  16. More specifically - coverage in the event of death, permanent or temprorary disability and income protection. Will check with my super fund. Cheers for the tips
  17. Holy sheet that's generous! Apparently I'm worth 10% of what you are, and that costs me nearly all of my employer super contributions :grumpy:
  18. Yeah but he is only 12 and you are 112.........
    • Funny Funny x 1
  19. Wife and two small people to look after if I wander off unexpectedly....... It does cost a bit but it was far cheaper than any of the standard insurance companies
  20. I got income protection insurance when I started riding. No waiting period for accident, plus it pays a lump sum for specific injuries, eg 6 weeks payout in a lump sum for a broken leg, even if I can still work. And if things really go bad it pays out till age 70.

    I figure this insurance is a private alternative to relying on someone else's CTP or workcover insurance for compensation. You choose the amount of payout and the terms, it pays from day 1 regardless of fault or contributory negligence, and without having to dick around suing someone else's CTP or workcover insurer.

    Plus your insurer will support you through rehab because they want you back at work, whereas workcover or CTP are motivated to deny liability and play down your injury every step of the way. Plus the IP insurer has your back when suing CTP for compensation, as they can recover their costs from compensation for lost wages.

    IOW the incentives are stacked so your IP insurer works for you, not against you as happens with CTP and workcover. That takes a whole lot of hassle and uncertainty out of a bad situation.

    It's not cheap, but compared to the cost of not having it, it's good value. And it's tax deductible so the taxman pays 39% to 45% of the premium for you.