Life insurance, need advice quick because I'm eager to ride! | GTAMotorcycle.com

Life insurance, need advice quick because I'm eager to ride!

Manulife and Sun Life have some reasonable term products, but in this market, it's expensive. Go with term insurance. In terms of coverage, it really depends on how you want to leave your wife and kids. Basically, you need to figure out, how much money your family needs to lessen the financial impact when you're gone. That could be anything from "in the soup" to 3-5 years of your after tax income plus funeral costs to give her time to sort things out/find someone to replace you for support or up to the cost of paying off your mortgage and an annuity to support your wife for the rest of her life and your kids for 20 years, including an amount for a post secondary education. Another risk you may want to consider coverage for is disability. It's all a balance of what you feel is acceptable for them financially and what you can reasonably afford.

Life insurance companies don't care if you ride a motorcycle or not, unless you're racing.
 
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Corsara said:
Hi everyone,

New rider here, will be getting my bike (2007 Yamaha FZ6) in a week or so. Since I didn't expect to close a deal on a bike so soon, I didn't research any life insurance stuff. Have 2 kids though (one of them still in wife's tummy ;)---can't risk it even if I bike for practice around the block!

Any tips on where to look for life insurance? What should I look for in terms of coverage for the case when I could end up in a fatal accident riding the bike? I tried to read online, but the ones I saw don't seem to mention "motorcycle" in their policies. Not that I plan to have claims on that policy...but it's for the kids u know, just if the s..t hits the fan!

Thanks in advance!

Cheers!
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ask your motorcycle insurance company if they do life insurance too.
makes things easeir.... one payment....one company.
if they insure bikes, i am sure they will do life insurance.
 
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