Insurance

[TucTech]

I rediscoverd riding in my mid 50's and have enjoyed commuting and traveling on my R1200RT for the past year

 

My wife, unfortunately, is quite nervous about the whole thing and really wants me to load up on insurance just in case....

 

My problem is that at 56 buying life insurance is an expensive proposition

 

I've checked out some accidental death and dismemberment policies and while they appear to be more affordable they seem to be limited to 500k and I'm not entirely sure if they will award full coverage in the event of a fatal or otherwise horrible motorcycle accident

 

I'm interested in hearing how others have approached the challenge

 

Thanks

 

Tuck

 

[rdwalker]

Are you a member of any professional society? These often negotiate sizeable group discount with major carriers. Check with them.

 

For example, the one that I am a member of, offers group life policies by NY Life with a 30% discount. I used to carry 400k for me and my wife, but this spring I turned 55 and the premium spiked to almost $900 every half year. I'm dropping the policies to 250k for each, for a bit over $500 for both of us for half year.

[Deek]

I'm making the assumption you're talking about getting TERM life insurance. If not, there is no other way to go in your situation, IMO.

[DiggerJim]

My wife, unfortunately, is quite nervous about the whole thing and really wants me to load up on insurance just in case....

I had to grin at that - it's exactly what my wife said when I started riding again. Well, actually it was something like "you've got plenty of insurance...but..." and then suggested I get more. I was warmed all over that the first thing she thought of was sufficient life insurance

[tallman]

It ain't how much, it is who's the beneficiary that matters.

[Shiny Side Up]

There ya' go!!