Statista estimates that about 47.5 millions Americans bike, with the majority of them young adults. As the number of cyclists has grown from 43 million to 47.5 millions in recent years, it continues to rise. It is not the most dangerous sport, but it is still a risky one. According to the Insurance Institute for Highway Safety, 843 bicyclists were killed in motor vehicle collisions in 2019. In addition, the number bicyclists who have died in motor vehicle collisions has tripled since 1975.
You may be looking for the best life insurance for cyclists if you’re in the market to purchase life insurance. You might consider special coverage options that are tailored to your sport, so you feel safe while searching for policies.
Are there any implications for life insurance rates if you are a cyclist?
Your insurance company will conduct an underwriting process when you apply for insurance. This is to assess the risk involved in insuring you. Underwriting usually involves a medical exam, family history check, and questions about your driving record, hobbies, and other information. There are many ways that cycling could impact your life insurance. Although it won’t directly affect your life insurance ratess, there are some indirect benefits to cycling.
Many mental and physical health benefits can be found in cycling, including a lower stress level and a healthier body. Because insurers consider health to be less risky, people who are healthier tend to pay lower life insurance rates. You can indirectly lower your life insurance rates by cycling.
Other potential health benefits cyclists may experience include:
- Weight control: You can maintain your weight or reduce it . This sport can build muscle, burn calories and fat. For a more intense workout, cyclists can increase the intensity or velocity of their cycling.
- Preventing diabetes: According to the CDC, one in 10 Americans has diabetes and one third have prediabetes. A lack of exercise is often one of the main causes of diabetes.
- Joint mobility is improved: As we age, our joint mobility decreases and the likelihood of developing arthritis. People with knee arthritis should consider cycling to decrease their symptoms. Cycling uses coordination, movement balance, strength, and coordination.
- Increases mental health: Recent studies have demonstrated the positive impact of exercise. Cycling is considered exercise and could reduce anxiety, depression, and mood swings. Through the release of endorphins to the brain from exercise, exercising could lead to better self-esteem and brain function.
Best cycling insurance
There are many types of life insurance. There are four types of life insurance: preferred plus, preferred, plus and standard. Each type has a different meaning, as shown in the table below.
| Insurance classifications for life | Significance |
|---|---|
| Preferred Plus | Preferred plus is reserved for those who are very healthy. This classification will make it more likely that you receive a quote which is lower than one who falls within a lower category. |
| Prefer | Healthy individuals still have the preferred life insurance classification. These individuals could have minor health issues, such as high blood pressure. |
| Standard Plus | People who are eligible for standard plus are considered to be healthy but may need more attention. |
| Standard | Standard life insurance is for applicants who are more risky than those who have standard plus or higher. This category may be for you if your weight is lower than normal or your medical exam shows that you have serious health problems. |
Bicyclists may be eligible for preferred or preferred plus life insurance due to the health benefits of cycling. Providers may include these factors in their underwriting of life insurance policies for cyclists due to the inherent risk.
Remember that your overall health is more than just one activity. You could be classified in one of the following insurance categories based on your family history, age, and other hobbies. In just a few clicks, you can find the average life insurance and get a quote online.
Term life
Term life insurance covers you for a short time. There are usually term lengths between 10 to 30 years that can be selected. Many insurers offer the option to renew or convert your current policy to a whole-life policy at the end of the term. Your beneficiaries would receive a death benefit if you die before the end of the term.
A term life policy could prove to be beneficial for cyclists as it is typically cheaper than a whole-life policy. It could also help offset any risk that insurers may associate with cycling. You can use the death benefit to pay off outstanding debts, funeral costs, and other expenses.
Whole Life
As long as you pay all premiums, whole life insurance covers your entire life. Whole life insurance is more expensive than term life insurance.
If you have the finances to purchase whole life insurance, you may be able to get the coverage you need as a cyclist. Whole life insurance may be worth the investment considering the risks of injury and death associated with cycling. Policies can also accumulate cash value over time, and provide additional funds for an emergency. Flexible payment options are available for some types of permanent insurance.
For healthy people, life insurance
Many people don’t think about purchasing life insurance until they are concerned about their health or get older. It is difficult to plan for an unexpected event so it may be worthwhile to consider life insurance when you are young and the rates are lower.
Many insurance companies offer incentives to healthy people for living a healthy lifestyle. Insurance providers that offer coverage for healthy people may be a good option. You may find it easier to save on premiums with them than traditional life insurance companies. HealthIQ is a company that specializes in providing coverage for healthy lifestyles. It reports that its customers can save up to 41% on their premiums. You will need to answer some questions about your health, complete the health literacy test, and confirm the activities that you are participating in.
Additional considerations when purchasing life insurance
Life insurance companies consider other factors when determining your risk or life insurance premium. When applying for coverage, cyclists should also consider the following:
- Family medical history: The life insurance company will likely review the family medical history during the underwriting process to determine if there are any health concerns. It could make a difference between being in the preferred or preferred plus classification, if you have a family history of heart disease.
- High cholesterol: Insurance companies may increase your rates if you have high cholesterol. It is worth noting that cycling can increase your cholesterol, especially if you are doing intense exercise or are new to the sport.
- Occupation: Life insurance companies also consider your occupation when underwriting, because it may come with its own set risks. Active-duty military personnel and those who work in construction might be more at risk than people working in an office job. Your job may lead to higher rates even if you are a regular participant in a healthy activity like biking.
While cyclists may experience many health benefits from regular exercise, it might not necessarily translate to lower insurance rates. It may be worthwhile speaking with an agent if your current life insurance company doesn’t reflect your healthy lifestyle. If you feel that switching to another company would be a better fit for your needs, there are many companies available.