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Motorsports Life Insurance & Critical Illness Plans

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Whatever your participation in motorsports, do you want continuous peace of mind?

Carry on reading and find out how Insurance Hero can provide life cover for your loved ones allowing you to undertake your chosen motorsport with complete peace of mind.

The Impact Of Motor Sports On Life Insurance and Associated Covers

Motorsport is an activity that has a massive variance in risk. Events in motorsport are incredibly extensive. For life insurers, this is challenging.

Consider the shortlist below for an idea of the breadth of participation in motorsports:

  • Are you a professional racing driver?
  • An instructor
  • Participate in motocross
  • Participate in car rallies and endurance events
  • Take part in regular track days
  • Do you participate in offshore powerboat racing?

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Insurance Hero Will Quote To Include Your Motor Sport Activities

Insurance Hero has forged strong relationships with specialist underwriters, including those insuring motorsport activities.

Our aim, wherever possible, is to have your motorsport activities included as part of your life insurance policy and not excluded. Depending on your motorsport participation, insurers may load premiums, not quote, or prohibit your activity from the life cover.

We want to know the nature of your motorsport activities fully. We use a fact-finding questionnaire which we complete with you, allowing us to pass accurate details of your motorsport participation to underwriters.

For insurance underwriters, they will want to know the extent of your motorsport activities before offering motorsports life insurance, income protection and critical illness cover.

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Typical questions may include:

  • What type of motorsports are you involved?
  • What is the frequency of your sporting activity?
  • Are you involved in cars, motorbikes or boats?
  • What is the horsepower or engine used in your motorsport activity?
  • What is your level of participation in motorsports?
  • Recreational
  • Amateur
  • Semi-professional
  • Professional

How Does Life Insurance Cover With Motor Sports Work?

Life insurance cover provides a financial lump sum to designated beneficiaries on a policy should the policyholder die. The size of the pay-out is at the outset of the life cover policy. Insurance Hero, through a fact-finding questionnaire, will get an overview of your circumstances.

There are reasons for getting life insurance. One of these is to make sure any financial debt settlement should you die.

Such commitments may include but not be limited to the following:

  • Personal loans
  • Outstanding mortgage
  • Credit card debt
  • Car loan
  • Hire purchase agreements
  • Equity release
  • Hire purchase
  • Bank overdrafts

Another reason may be to provide your family with a regular income to replace your salary should anything happen to you, useful if you are the primary breadwinner in a household. Even if you have no debt and no mortgage, providing your wife and children in the event of your death is useful.

Our friendly team can help you get that life insurance quote tailored to your needs, including your motorsport activities. Contact our brokers today on 0203 129 88 66 for a no-obligation chat and quote.

Critical Illness Cover Explained

What would happen to you and your dependents if you are no longer able to work following the diagnosis of an illness or a life-changing medical procedure?

A critical illness policy, like other types of life cover, provides a lump sum payment in return for paying in regular premiums over the life of the cover.

The size of the payout is at the outset of the policy, where Insurance Hero will run through a fact-finding questionnaire to get an understanding of your specific requirements should you be no longer able to work.

To provide accurate information to our specialist underwriters, we will ascertain:

  • Your monthly financial needs
  • Your general personal health
  • Financial liabilities
  • The needs of your dependents
  • The nature of the job you do
  • Participation in higher-risk pursuits including motorsports

Based on this information, we will work with you to come up with a lump sum requirement and policy duration and let the underwriter come back with a corresponding premium.

Not all illnesses or medical procedures have critical illness cover and are in the policy.

An example of diseases generally covered includes but is not limited to, the following:

  • Progressive supranuclear palsy
  • Heart attack
  • Benign spinal cord tumour
  • Pulmonary artery surgery
  • Structural heart surgery
  • Liver failure
  • Stroke
  • Cardiac arrest
  • Heart valve replacement or repair
  • Multiple system atrophy
  • Systematic lupus erythematosus
  • Traumatic brain surgery
  • Coronary artery by-pass grafts
  • Liver failure
  • Creutzfeldt-Jakob disease
  • Aorta graft surgery
  • Alzheimer’s disease or pre-senile dementia
  • Loss of Speech permanently
  • Loss of hand or foot
  • Devic’s disease

A typical policy will pay out if you survive for ten days after diagnosis of a qualifying critical illness which will provide peace of mind for your family.

Do you need critical illness cover that also accounts for your motorsport participation? Contact our professional team of brokers for a free, no-obligation quote today on 0203 129 88 66. Your policy is our priority!

About Motorsport Income Protection Cover

As with other types of associated life insurance cover, income protection works to provide you with a regular salary, should you be unable to work while you recover from an illness or accident.

It may happen that as an amateur or professional motorsport participant, you have a crash which keeps you from going back to your day job. If your employment contract does not pay you if you are not working or only for an initial period, then income protection cover can fill this gap.

Typically, after a claim, income protection will come into effect after a pre-agreed period from one month up to one year. At the start of the policy, the size of the required premium to meet your salary is required. The duration of the plan is also decided and could be up to retirement age.

Consider income protection if you have financial commitments, including some of the following:

  • An outstanding mortgage
  • Equity release
  • Personal loans
  • Credit card debt
  • Car loan
  • Hire purchase agreements
  • Bank overdrafts

For more information on all types of life cover, including income protection contact Insurance Hero. We will endeavour to include your participation in motorsports as part of your policy.