Life insurance....

[tached1000rr]

Thinking of our recent loss of 101lifts, I began thinking about how many of our members on here, particularly those with dependents and spouses have adequate life insurance coverage?

While my coverage is decent I've decided to bump it up a bit more, with a wife and three kids, 2 of which are in college and 1 soon to be in 3 more years I would like to know that if something happened I left them all something they could fall back on.

We all know that our hobby has certain risks, and some of us up the ante quite a bit in our style of riding, this is just my public service announcement to make sure that your loved ones are covered in the event that tragedy strikes.




Ride safe all.......

[shmike]

I'm pretty well covered.

My family won't have to worry if I pass but they won't be super rich either.

I'm paying about 3x's what an "normal" person my age would for coverage because I race. I'll redo and increase my coverage when I hang up my boots.

[EpyonXero]

I have the default insurance that comes through work. No dependents.

[derf]

400k through work, plus another 200k I pay for

[pauldun170]

I have through work and through seperate insurance co.
Enough to pay off the house, and enough for her to:
1. Provide for herself and the boys
2. Have enough to live off of while she gets back on her feet (3-5 years -since shes been a stay at home mom for the past 6 years, she'll need some time to get back into the working world).


Prior to getting the ins policy...she would never let me go riding at night and she would always say how much she worries about me when I'm out riding.
With the insurance policy now in effect...
"Enjoy your ride"

[Bluestreak]

I'm worth more dead than alive!

wait... don't tell the wife... she knows how to shoot!

[LeeNetworX]

I've been thinking alot about such things lately as well, as a result of 101's incident. In the back of my mind I've even considered putting a pause on riding for a while - until the kid(s) are a little older.

Currently, we both have adequate coverage to pay off all debts and put some money in bank for long term needs, for the other person. We're maxed out on the coverage made available by our employers; Im' going to be looking into augmenting the coverage through our Allstate, our current home/auto insurer.

[fatbuckRTO]

Prior to getting the ins policy...she would never let me go riding at night and she would always say how much she worries about me when I'm out riding.
With the insurance policy now in effect...
"Enjoy your ride"lolololllllololol

:lol

[Gas Man]

I have enough to pay off the house and then 3 times my salary. No kids... so wifey won't be rich but she'll have a paid off house, with money to spare... she should be able to live as she does now...

[Rangerscott]

I dont have crap. Im by myself so selling of my stuff would pay for my funeral. Only thing I owe money for is my other bike and Im sure the bank would just take it.

[azoomm]

I ride over-insured. But then, my ” calculated risk” is high

[Trip]

Benefit rides piss me off. Sorry, if you can't afford to pay for your funeral and the family you leave behind, your ass doesn't belong on a motorcycle, especially if you are a sportbike rider. I don't mind supporting charities/education in the name of someone though.

[MILK]

Don't forget to have a will! If both of you die you don't want the state raising your children if you have them.

I am glad this subject came up. I was going to start a similar thread at some point.

Lee, I've had similar thoughts over the years myself. Like many of you I've had umteen million people tell me to quit riding, that motorcycles are dangerous, and their brother, sister, cousin, friend, or mother died on a bike. I know that. I've crashed, had people behind me crash, all the same things most of us already know.

On August 5th my boyfriend was killed in an accident behind his home. He did not die riding. He had 3 children, 10, 8, and 6. We were planning a life together. Over the past 2 months I've watched his house gutted and things sold at auction, attended his funeral, and his truck is in my yard until we can get it sold.

This totally changed my perspective on everything.

3 weeks after his death I sold my bike. Once my son can support himself and doesn't need me so much I will most likely get another bike (if I'm not too old, haha.) I LOVE riding like I think all of us do. But I started thinking... Do I want my ex to have full reign on raising my son? HELL NO. My boyfriend Mark was very adventurous, an outdoorsman, pilot, rode dirt bikes, etc etc and his ex wife is a germaphobe type person who must have everything perfectly in place at all times. But he has no say in that anymore.

Life insurance is no replacement for life experience. His 2 youngest probably won't even remember him very much. They had a BRILLANT father and that pains me so much. Now their step-father - who my boyfriend hated - will be the one walking his daughters down the aisle and teaching his son how to be a man.

I'm not preaching, not really. Besides we've all heard this before. We all know that motorcycles are dangerous. We all know people who've died. I guess what I'm trying to say is take the best care you can, stop riding if you want to, wear your gear, have a WILL, have life insurance and make sure you do everything you possibly can to be around for those you love. You already know all that. So do I and so did Mark.

If this pissed you off, well I'm sorry. I rarely get on any sort of soapbox but I can't help it this time. It's just that after this happened and everything I've been through these past 2 months I realized that it's not about ME - it's about my responsibilities to my son. He needs me and your children need you too.

[racedoll]

I'm worth more dead than alive!

wait... don't tell the wife... she knows how to shoot!

This is me, only Erik knows it.

I on the other hand will be fine if something were to happen to him. I have him covered but won't get rich, will pay the bills and a little left over.

[t-homo]

At this point, I only have life coverage through work. No bills or anything so it is more than enough at this point. I'm pretty sure my parents have a policy for me from when I was young, basically enough to cover a funeral.

[azoomm]

Milk, so sorry about your loss. :(

I have both a will and a living will. My older sister advised me, in not such a polite way, that she would fight my husband on what he might think were my wishes...

I am so much more afraid of dieing in the shower, I don't wear gear there. And, have been seriously injured there...

[Captain Morgan]

Yep. I have life insurance, a will, a living will, a durable power of attorney, and a testamentary trust. All of these are set up specifically for my daughter's benefit (I'm not married and don't trust my daughter's mom with money, but want my daughter to be cared for properly). I also have a file folder titled, "If I die" and I have a listing of locations of all accounts...bank, stock, IRA, etc., what bills are auto drafted out of what accounts, where insurance policies are held, what attorny has the original copy of the will, POA, etc. It will be difficult enough for my family if I die, I want to make all the financial details as easy as possible for them.

[MILK]

Milk, so sorry about your loss. :(

I have both a will and a living will. My older sister advised me, in not such a polite way, that she would fight my husband on what he might think were my wishes...

I am so much more afraid of dieing in the shower, I don't wear gear there. And, have been seriously injured there...

I should get a living will too.

Thanks. It is such a terrible loss and has affected me in so many ways. My boyfriend had a dirt bike and had ridden on the street over the years too. He had just decided to sell the dirt bike too because he was ready to slow down a bit. The ironies of life can be so cruel sometimes.

[sherri_chickie]

my first husband didn't have life insurance, we talked about it, looked at it, even had called about it, but hadn't settled on who and how much. It would have been easier when he died ( a whole lot) if he had, but at that point, I didn't really care and no amount of money would have made things " better"

Current hubby and I have insurance, both through work and privatly. We have thrown around a will for 16 months now ( since our son was born) but haven't contacted a lawyer yet. He still rides, I gave up my bike when I realized that I had more anxiety from it than joy. I worry when he rides, but I know he's very aware of what's going on around him and not at all a risk taker. He gets such joy out of it that although I gave it up, I can't ask him to, despite my anxiety about it.

[Particle Man]

I, too, am in the over-insurred minority. Given where I work, I've seen a lot of stuff that just tears my heart to pieces. I won't do that to my wife and daughter. If anything happens to me, they should be set for a while.

[azoomm]

Don't wait on a lawyer. Better to have something than nothing. www.legalzoom.com

[sherri_chickie]

Azoomm.. do you know if that website works for Canada? I'll check it out just the same

We need to set up a trust and legal guardianship for our son. We have decided on my sister since our parents are too old, or his too sick and I want to keep him with family that he KNOWS.