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.

[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:Me]

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

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:Me]

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.