Sorry for being morbid

[NinjaNanna]

Hi All

I thought long and hard about whether or not I should post this now or in a couple of weeks time when we all know Shaun's long term condition and the shock is not so great, I decided on now because I hope that more people will read this and consider what I am saying.

We are all involved in a potentially dangerous sport, and the majority of us have serious family and financial commitments. BECAUSE I ride a bike (sometimes faster than I should), play Lacrosse, have a mortgage back home in Australia, pay rent here in NZ and am the Sole Bread Winner, I went to an Insurance Broker and together we put together an Insurance portfolio to financially protect my family in the event that I cannot provide for them.

For about $140 a month we have:

Life Insurance with Total and Permanent Disabilty Cover approx $60 mth
My wife and I are covered for $500,000 each, so that in the event of either off us being killed, whoever is surviving can pay off our mortgage and still have sufficient left over to manage day to day living without having major financial concerns while trying to raise our daughter as a single parent.

Should we both die in an accident then our family will have $1,000,000 to continue to raise our daughter. If all of us die then our brother and sister do very well.


Trauma Cover approx $20 mth
My wife is covered for $100,000 in the event of Trauma, ie cancer and other serious things. If she were to become very ill, then I will have the luxury to take a year off work to be with her and our daughter


Income Protection Insurance approx $60 mth
And finally, I have Income Protection Insurance ($110k per annum), so if for any reason I cannot work for a period of more than 1 month, the insurance policy covers my income until I heal or until retirement age if I am unable to work again. Also as a bonus Income Protection Insurance is tax deductable, if you want it to be.


Basically I just want to encourage every rider out there, to at least get a quote for whatever insurance cover you think you might benefit from, personally I am covered through AMP, but everybody's circumstances will be different so try a few different companies or an Insurance Broker, I think you'll be surprised how affordable it is, particularly Income Protection Insurance.

I know that not everybody can afford insurance, but please do at least look into it, and obviously the less you insure for the cheaper it is.

And finally I want to apologise if I have upset anybody by raising this issue now, it is not my intention. Also can I please ask that this thread does not fill up with posts along the lines of "Man you get paid way too much, I can't even afford ...." However I would appreciate if people with relevant personal stories would post into this thread

May God comfort you all in this time of great worry.

Cheers

Shane

aka Ninja Nanna (Nanna by name Nanna by nature)

[NinjaNanna]

edited double post due to merge

[riffer]

I'm not offended. It's a completely separate discussion, and one that's relevant to all of us, and in particular, the ones with family that could be left behind.

Personally, I've got $500,000 in life just in case but not trauma. Southern Cross as well for those major medical worries.

It'll have to be enough. I can't afford any more, particularly as I'm currently unemployed. :mellow:

[Hitcher]

This isn't morbid. It's entirely sensible, and it is something everybody who has dependents or assets worth protecting should consider.

Most people make should make wills (although not with the Public Trust) and also Enduring Powers of Attorney. The former is obvious when describing how one wants one's estate allocated; the latter allows one's trustees to manages one's interests should one be rendered incompetent (temporarily or permanently).

Many people also assume that the worst thing that could happen to them is death, and they may consequently take out some form of life insurance. However, the worst thing that can happen to somebody is for them to be disabled to a point where they are unable to work and are dependent on others for their wellbeing. Few people insure against this contingency.

Life insurance is incredibly cheap. Income protection and major medical insurance is not cheap. It's up to individuals to make informed choices about the risks they face and the level of protection they want to provide themselves and their loved ones.

[FROSTY]

But my friggin accident happened when I was technically unemployed.
Net result -They wont pay out

[Joni]

We need another option - looked into it and will do something asap :yes:

Well thats my situation... I have life and health... but not disability, and thats is just as important I feel.

And no its not morbid - its a valid part of life I think.

[NinjaNanna]

But my friggin accident happened when I was technically unemployed.
Net result -They wont pay out

My Income Protection Insurance covers me for a set period of time if I'm made Redundant, not sure if that was your situation or not, but worth others considering.

[Keystone19]

Life insurance will often not pay out if competitive, timed, motor-racing is the cause of the accident. Pays to read the fine print VERY carefully. There are some exceptions to this but these are rare.

[Hitcher]

Life insurance will often not pay out if competitive, timed, motor-racing is the cause of the accident. Pays to read the fine print VERY carefully. There are some exceptions to this but these are rare.

Depends on who you're insured with and how. Term life insurance comes with few, if any strings, and usually only costs a few dollars a week.

Without wanting to recommend any particular insurance company, examples of the types of insurance products available can be found here: http://www.cigna.co.nz/n85,13.html

[NinjaNanna]

Life insurance will often not pay out if competitive, timed, motor-racing is the cause of the accident. Pays to read the fine print VERY carefully. There are some exceptions to this but these are rare.

On this Keystone is correct, if you are hurt on the track then you may well not be covered by Income Protection Insurance, though this will be very clear as part of the application form asks what forms of sport/activities you are involved in.

Many companies probably do not cover motor racing, or will at least increase the price if you are a racer.

I am not a racer but did disclose that I ride a motorcycle, and they were still happy to insure me. So I am fully insured on the road, at a track day would be a grey area and if I ever get around to doing one I will enquire first.

[terbang]

Insurace for sure. I also have loss of licence insurance. If I get an arm ripped off or similar,then I can't drive planes nomore and thats my income.

[NinjaNanna]

Insurace for sure. I also have loss of licence insurance. If I get an arm ripped off or similar,then I can't drive planes nomore and thats my income.


I'm sorry I've never heard of "Loss of License Insurance" is this a piss take to do with speeding or something similar to Income Protection Insurance but more specific to the Aviation Industry?

Cheers

Shane

[FROSTY]

My Income Protection Insurance covers me for a set period of time if I'm made Redundant, not sure if that was your situation or not, but worth others considering.
nope mines bad frigggin timing--I quit my job on 18.5.07 had my accident 20.5.07 and was due to start new job 22.5.07 -
OHH --and just a point to all the racers on here.
Im 75% sure that as a KIWI racer you have automatic life cover and racing overseas you are required to have event insurance that covers you for death/repatriation/hospital charges and --Im getting into a gray area for me here but income protection as well --its part of being issued your licence--international licence

[NinjaNanna]

deleted double post due to merge

[Macktheknife]

Not morbid, just common sense.
I have some life insurance, some limited disability cover, thats it. Thinking about increasing the cover and amounts though.

[scott411]

you will find most of these types of cover exclude motorsports and other dangerous activities,, (mine does) i would be very suprised if your policy covers professional racing,

you can get cover for professional racing but it is very expensive, i presume that Shuan would have some cover as thier is a minimum amount of cover set to get an international racing licence,

[Drum]

I've got life insurance, income protection, mortgage protection etc.

If I die then my missus' gets the house paid off and about 80% of my salary for life. If my missus' dies I get the same to hire a nanny or give up my job to look after the kiddie.

If I'm injured and can't work the house gets paid off.

All this (and some other stuff) costs around $90/month. This excludes all of my home and contents/ car/ bike etc insurance.

[Nasty]

I was 25 thinking about insurance and figured it could wait till I was 30 .... WRONG ... I not can not get life insurace (well I can with a 400+% loading) and no disability or income protection ... but then medical excludes everything for the disease I have ... life sucks .. get it sorted early guys .. then you won't have these issues. :yes:

[riffer]

I feel your pain Kari.

As I am a type I (insulin-dependent) diabetic I get a $90 a month loading on my life insurance. I was diagnosed with diabetes after an incredibly violent infection of my lymphatic system (they original thought it was non-Hodgkins lymphoma so boy was please it was only diabetes) left my pancreas in ruins.

Apparently I had always had a problem and it just pushed me over the limit.

Fortunately I already had Southern Cross (I've had it since I was 17).

[Firefight]

I'm sorry I've never heard of "Loss of License Insurance" is this a piss take to do with speeding or something similar to Income Protection Insurance but more specific to the Aviation Industry?

Cheers

Shane

not a piss take, normal term in insurance, have a "Loss Of License Cover"" myself, nothing to do with that little bit of green plastic from LTSA..


F/F

[Toaster]

Not knowing who Shaun is or what happened.... so what happended?

[marty]

the search function is your friend.

loss of licence cover pertains to Pilots - their CPL/ATPL is the core of their income stream, and a yealy medical can turn that into Zero $$$ without LOI cover.

truckies etc can get it too, but not for losing due criminal matters

[Oscar]

nope mines bad frigggin timing--I quit my job on 18.5.07 had my accident 20.5.07 and was due to start new job 22.5.07 -
OHH --and just a point to all the racers on here.
Im 75% sure that as a KIWI racer you have automatic life cover and racing overseas you are required to have event insurance that covers you for death/repatriation/hospital charges and --Im getting into a gray area for me here but income protection as well --its part of being issued your licence--international licence

Are you talking about Income Protection cover here?

[FROSTY]

Are you talking about Income Protection cover here?
yep sure am

[Oscar]

you will find most of these types of cover exclude motorsports and other dangerous activities,, (mine does) i would be very suprised if your policy covers professional racing,

you can get cover for professional racing but it is very expensive, i presume that Shuan would have some cover as thier is a minimum amount of cover set to get an international racing licence,

Life & Income Protection Policies do NOT exclude Motor Racing per se.
The only automatic exclusions deal with things like criminal activity, self injury/suicide and war risks.

However if you are actively engaged in racing (or intend to be) when you take the cover out, you are likely to have an exclusion added to the policy.

This means though, that if you take the policy out before you go racing (and you must have no intention of doing so at the time of taking the cover), your policy will cover you.

As an example, I took an Income/Life policy out five years ago and truthfully answered that at that time I no longer raced motorbikes. However, I was persuaded to come out of retirement recently and I would have been covered if something had happened (ironically I broke two fingers playing cricket and had to miss the hillclimb).

[Skunk]

On this Keystone is correct, if you are hurt on the track then you may well not be covered by Income Protection Insurance, though this will be very clear as part of the application form asks what forms of sport/activities you are involved in.

Many companies probably do not cover motor racing, or will at least increase the price if you are a racer.
I race (well, I try) and I have disability cover, life insurance and income protection at no extra cost while racing. Depends how argumentative you are... people tell me I'm very argumentative.

[Disco Dan]

I may be young and a little stupid, but I cant understand the need for me to have insurance. It's not like im going to get any money when im dead???

yes, if I crash and almost kill myself then im pretty screwed... but im a nice guy... so karma is my only insurance for now.

[Scorpygirl]

No..sorry Rhino, I don't have Life Insurance or Loan Protection. Bloody insurance companies load mental illness so high it makes you want to commit suicide!!! :dodge: I am not joking either it was beyond belief!!!

[Drum]

I may be young and a little stupid, but I cant understand the need for me to have insurance. ...........

You will understand when you have dependents Dan. There's not much point in life insurance when you're young and unattached.

[ajturbo]

... people tell me I'm very argumentative.

No your not...

[ajturbo]

You will understand when you have dependents Dan. There's not much point in life insurance when you're young and unattached.


that is why i do not have any !.. and when i go, luke will go back to his old lady... problem solved!.. money stays in MY pocket...

[Nasty]

I may be young and a little stupid, but I cant understand the need for me to have insurance. It's not like im going to get any money when im dead???

Its not about when you are dead Dan. I wish I had got insurance when I was younger as I can't get it now due to health problems .. but its those problems that would be helped by having insurance.

[Storm]

I'm with Nasty. My wife has endmetriosis ( problem in the guts:) ) and therefore cant get insured for the most likely thing to give her grief. And shes 23. Insure before theres a problem, and you be sweet. Dont, and just when you need it will be exactly too late to get it

[u4ea]

I'm with Nasty. My wife has endmetriosis ( problem in the guts:) ) and therefore cant get insured for the most likely thing to give her grief. And shes 23. Insure before theres a problem, and you be sweet. Dont, and just when you need it will be exactly too late to get it

yep clotting stopped me being insurable at 25 ..... life can be a bitch!!!!

[ynot slow]

i spent 9months off work with cancer,going from say $560 wk to invalids/sickness was tough,winz helped,at time i was in rent to buy my home so no mortgage protction,with house prices rising i took out mortgage,came to get insurance no go,in new home and still no protection from bank,i've got accident cover until i'm classed as clear next year so will see if i can get full cover illness etc,i have had med insurance since 1991,silly thing when diagnosed i was in hospital within 17 days for surgery(urgent as).after my divorce our life policies lapsed(ex never forwarded documents),so was left without cover till next year,but may have to pay more.my oldest daughter has been diagnosed with my rogue gene so needs screening yearly,not sure what that will have re effect of insurance for her(17yr old).my advice is if your young and can afford it try for insurance which gives you trauma cover or similar,so if your badly injured or suffer illness it kicks in.also if so try and get income protection,govt pays crap.i never thought i'd need income protection but wish i'd taken it years ago,but thought thats ok if in business.