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Life Insurance for Motorcycle Racing in Canada

Life Insurance for Motorcycle Racing in Canada
Life Insurance for Motorcycle Racing in Canada

Motorcycle racing is an exciting but inherently dangerous sport. Riders can reach speeds over 300 km/h while maneuvering close to other riders and around tight corners and jumps. Crashes are common and often deadly. This high-risk factor means life insurance coverage is crucial for motorcycle racers to financially protect their families.

This article will explore everything you need to know about getting life insurance as a motorcycle racer in Canada. We’ll look at the types of policies available, top insurance providers, costs, tips for purchasing the right coverage, and how beneficiaries can file a claim if the worst should happen.

What is Life Insurance for Motorcycle Racing?

Life insurance for motorcycle racing provides a death benefit payout to your listed beneficiaries if you die while covered under an active policy. It functions just like any other life insurance policy. The key difference is that insurers classify motorcycle racing as a high-risk activity.

This affects your eligibility for coverage and leads to higher premium costs. Insurers need to charge more for policies covering dangerous sports like racing to account for the increased statistical likelihood of fatalities.

The purpose of life insurance for motorcycle racers remains to provide financial security for dependents and cover debts like a mortgage in case of premature death.

Types of Life Insurance Policies for Motorcycle Racers

Types of Life Insurance Policies for Motorcycle Racers
Types of Life Insurance Policies for Motorcycle Racers

Motorcycle racers have access to various forms of life insurance, but some policy types are better suited for this high-risk lifestyle than others.

Term Life Insurance for Motorcycle Racing

Term life insurance for Motorcycle Racing is the most affordable form of life insurance and is usually the best option for motorcycle racers. It provides coverage for a set period or “term,” usually 15-year term, 35-year term, etc. Premiums remain locked in for the length of the term and only pay out a death benefit if you pass away during that term. Term policies do not accumulate cash value.

Term life insurance works well for motorcycle racing because premiums are lowest when you’re young, and coverage ends when you stop racing. You can also get large death benefit amounts, often $500,000 or higher, for relatively low monthly premiums.

Full review: What is Term Life Insurance ?

Permanent Life Insurance for Motorcycle Racing

Permanent life insurance is meant to provide lifelong protection. The main types are:

Whole Life – Offers fixed premiums, guaranteed death benefits, and cash value savings you can borrow against or withdraw. More expensive than term life.

Universal Life – Allows flexible premium payments and death benefit amounts. Also builds cash value. It costs more than the term but less than the whole life.

Variable Life – Provides investment options by linking cash value to securities performance. Most expensive permanent life policy.

Permanent policies last forever and may accumulate cash value, but premiums are much higher than term insurance. Some forms also limit coverage for high-risk activities, so they are not ideal for motorcycle racing.

Full review: What is permanent life insurance?

Accidental Death Insurance

Accidental death policies pay out if you die due to an accident. Some may offer higher coverage for motor vehicle accidents. This supplemental insurance can provide extra peace of mind for motorcycle racers at a relatively low cost when added to a term life policy.

Alternatives to Life Insurance for Motorcycle Racing

Purchasing life insurance is the best way for motorcycle racers to guarantee their families receive money in the event of a fatal crash. But there are other options to consider as either complementary strategies or substitutes if you can’t get approved for coverage:

  • Savings accounts – Set aside money yourself in savings that your family can access if you die prematurely. But hard to save enough to replace lost income.
  • Investing – Invest extra income and build up assets your beneficiaries can inherit. However, returns are not guaranteed and are subject to market risk.
  • Employer group insurance – Some employer plans offer low-cost group life insurance with fewer health questions. It won’t cover racing but provides basic protection.
  • Final expense insurance – Small policies that cover funeral and final medical costs. Not enough for full income replacement, but pays some immediate expenses.

How Life Insurance for Motorcycle Racing Works

Understanding the process life insurance companies in Canada use to assess your risk, determine premium costs, and pay out claims helps when purchasing the right policy:

Underwriting – The insurance company will collect extensive information on your racing activities, experience level, type of bike, and how often you race. Any past accidents also factor in. You’ll also provide a medical history and undergo a health exam. These factors determine your risk profile and eligibility.

Premium cost – Based on underwriting, the insurer assigns you a risk class ranging from preferred to high-risk. The higher the risk you are, the more premiums you pay, sometimes double the standard rate or more.

Payout – If you die in a motorcycle racing accident while covered under an active policy, the death benefit gets paid tax-free to your listed beneficiaries. Some policies may try to exclude paying for deaths involving hazardous activities, so read the fine print carefully.

When Do Motorcycle Racers Need Life Insurance?

Here are some key times when purchasing life insurance for motorcycle racing:

  • You race frequently or professionally as your main source of income.
  • You have dependents like a spouse, children, or aging parents who rely on your income.
  • You carry significant debt like a mortgage that your income services.
  • You want money to immediately cover final costs like funeral expenses without burdening loved ones.

If motorcycle racing is just an occasional hobby or you have minimal financial obligations, the cost of life insurance may not be justified. But protect dependents if racing makes up a significant part of your lifestyle.

Pros and Cons of Getting Life Insurance for Motorcycle Racing

As with any financial decision, there are both advantages and potential drawbacks to purchasing life insurance as an avid motorcycle racer:


  • Protects family with death benefit in case you are killed racing
  • Can find policies that cover racing at reasonable rates
  • Ability to get a sizeable $500,000+ death benefit
  • Lock in when young before health declines


  • Premiums cost more than non-racers pay
  • Some policies exclude racing deaths
  • Long underwriting process with medical requirements
  • No cash value accumulation on term policies

Overall, the financial security life insurance provides likely outweighs the higher cost for most motorcycle racers who are serious about protecting dependents. Just be sure to find the right high-risk tolerant insurer.

See also: Family Life Insurance

Cost of Life Insurance for Motorcycle Racing

Cost of Life Insurance for Motorcycle Racing
life buzz quote in canada new 8 1
Cost of Life Insurance for Motorcycle Racing

Plan on paying more for life insurance as a motorcycle racer compared to the average policyholder. Some factors impacting your costs are:

  • Age – Premiums rise as you age. Cheapest in your 20s and 30s.
  • Health – Good health lowers costs. Serious pre-existing conditions like heart disease, Brain Cancer increase premiums.
  • Experience – New racers pay more than veterans with good safety records.
  • Coverage amount – More death benefits mean higher premiums.

The table below shows Sample Monthly Premium Costs for a Healthy 30-Year-Old Racer

Policy TypeCoverage AmountEstimated Monthly Premium
Term Life$250,000$30
Term Life$500,000$60
Whole Life$1 million$500

Get quotes from multiple insurers before deciding on coverage that fits your budget.

Further reading: What Factors Determine Your Life Insurance Premiums?

Compare Life Insurance Companies for Motorcycle Racers

Not all life insurance providers offer affordable coverage or accept high-risk motorcycle racers. Here are the top recommended insurers based on underwriting willingness and premium costs:

Foresters Life Insurance

Foresters specializes in low-cost term life insurance with excellent rates for younger motorcycle racers. Up to $500,000 in coverage with limited health questions. Riders over 50 may encounter issues.

Full review: Foresters Financial Life Insurance

BMO Life Assurance

Part of BMO Financial Group. Offers individual term life policies up to $5 million. It has a reputation for covering most activities and occupations, including motorcycle racing, under certain conditions.

Full review: BMO Life Insurance

Canada Life

Will insure amateur motorcycle racers under age 50 through Canada Life’s Term Life Insurance plan, with up to $5 million available depending on health, age, and experience.

Full review: Canada Life Insurance

Sun Life Financial

Sun Life offers both term and permanent life insurance options. It will cover motorcycle racing, but premiums depend heavily on risk profile. Requires medical exam.

Full review: Sun Life Insurance Canada


Manulife’s Term Life Insurance plan available to amateur motorcycle racers who race recreationally and have clean medical history. Up to $5 million coverage depending on age and health.

Full review: Manulife Life Insurance

Use an independent broker to compare quotes for life insurance for motorcycle racing across providers and maximize savings.

Who Needs Life Insurance for Motorcycle Racing?

Here are some specific scenarios where purchasing life insurance coverage makes sense for motorcycle racers:

  • Professional racers – Racing provides your main source of income without other substantial assets. Life insurance protects future lost earnings.
  • Amateur racers who compete often – Even if you have a day job, frequent racing ups your risk substantially. Insure against death while competing.
  • Married racers or those with kids – Provide peace of mind by covering lost income that dependents rely on if you unexpectedly pass away.
  • Racers with minimal savings – Life insurance provides capital your family can use to pay final costs and settle debts like a mortgage.
  • Young healthy racers – When you’re young with good health is when rates are lowest, even if racing frequently. Lock in affordable coverage early.

If any of the above describes your situation, life insurance can provide invaluable financial security.

Tips for Purchasing Life Insurance for Motorcycle Racing

Follow these tips when shopping for the best motorcycle racing life insurance policy for your needs:

  • Disclose your racing activities upfront and be honest. Trying to hide anything considered high-risk only risks having a claim denied later.
  • Get quotes from several highly-rated insurers. Some specialize in covering high-risk sports and offer better rates than big names.
  • Focus your search on term life insurance due to lower premium costs. Permanent insurance costs significantly more.
  • Consider adding an accidental death policy as a cost-effective supplement to bolster coverage.
  • Opt for higher death benefit amounts (e.g. $500k+) since you’ll lock in lower rates as a young racer.
  • Work with an independent broker who can compare many policies and find you the best-fit insurer.

See also: Life Insurance for High Risk Occupations

How to Apply and Buy Life Insurance for Motorcycle Racing

If you’re ready to move forward getting covered, follow this typical application process:

1. Contact a broker or insurer – Independent brokers can check rates with multiple companies. Alternatively, contact insurers directly.

2. Provide background information – Be prepared to give a detailed account of your racing history, experience level, safety track record, and frequency. Honesty is crucial.

3. Select policy type and duration – Choose from term life, whole life, universal life, etc. Pick the length of coverage, such as 10 or 20 years for term policies.

4. Choose coverage amount – Decide on the death benefit amount based on debts, income replacement needs, and future obligations. $250,000 is a common minimum.

5. Go through underwriting – You’ll undergo a medical evaluation and exam to determine health and risk factors that set premium costs.

6. Get approved – It may take weeks or months to hear back after underwriting completes review of your application. Avoid any changes in health during this time.

7. Pay the first premium – Once approved, pay your first premium to activate coverage. Make payments on time going forward to keep the policy in force.

Expect the buying process to take up to two months for approval and issuance of your policy paperwork.

Where Can You Buy Life Insurance for Motorcycle Racing?

Where Can You Buy Life Insurance for Motorcycle Racing
Where Can You Buy Life Insurance for Motorcycle Racing

Motorcycle racers have various avenues to explore when it comes time to purchase life insurance coverage:

  • Insurance brokers – Independent brokers can quote many policies from top providers. Recommended for unbiased advice.
  • Insurance company websites – Many top insurers allow you to quote and apply for coverage online through their website.
  • Financial advisors – If you already have an advisor, they may facilitate getting life insurance quotes through insurer partners.
  • Insurance agents – Connect directly with agents from insurance providers. Can guide you through the application process.

No matter which channel you use, make sure to ask lots of questions and clearly explain your racing activities so you get the appropriate high-risk policy. An independent broker is best for conducting an unbiased comparison of quotes across insurers.

How Beneficiaries Claim a Life Insurance Payout After Death of a Motorcycle Racer

No one likes to think about claims, but knowing the process provides peace of mind:

  1. Beneficiaries contact the insurer to inform them of the death.
  2. Provide required paperwork like a death certificate and proof of identity.
  3. If you died in a crash, supply any police reports and the coroner’s report on the cause of death.
  4. The insurer verifies all submitted paperwork, including medical records related to the cause of death.
  5. If death is confirmed to be covered based on policy terms, the insurer processes issuing payment of the death benefit amount to beneficiaries.

Some things that may delay a payout are questions about the circumstances of death or the cause of death. For example, deaths related to drug use or criminal activity can be disputed for coverage. Legitimate racing deaths should get paid out smoothly.

At Lifebuzz, we provide helpful guides on life insurance for extreme sports that include not only Motorcycle Racing but also Rock Climbing, Bungee Jumping, Skiing, Race Car Driving, etc. We offer specialized advice for getting coverage without paying premium prices. Learn strategies to help you find budget-friendly coverage for your vertical challenges.


Purchasing adequate life insurance provides essential financial security for motorcycle racers and their families in the tragic event of a fatal crash on the track.

Although premiums cost more compared to non-racing policyholders, coverage remains surprisingly accessible from specialty insurers as long as you disclose all details about your participation in this high-risk sport.

Focus your search on affordable term life insurance with at least $250,000 in death benefit coverage. Lock in lower rates when young and healthy to protect your dependents as your racing career progresses.

While nothing can fully compensate for losing a loved one, life insurance proceeds help beneficiaries carry on financially and focus on healing after dealing with sudden loss. Don’t put off getting covered.

Ready to explore your life insurance options as a motorcycle racer?

Get in touch with us at Life Buzz or fill out the quote form on our website, and an independent broker will review the best policies to protect your family. Ride on!

FAQs About Life Insurance for Motorcycle Racing in Canada

What are the steps to get life insurance for motorcycle racing in Canada?

The steps include contacting brokers or insurers for quotes, providing background on your racing, choosing a policy type and amount, undergoing medical underwriting, and paying your first premium once approved.

Where can I find the best life insurance for motorcycle racing in Canada?

Top options to get quotes include independent insurance brokers, insurer websites like Foresters Life and BMO Life, or through a financial advisor.

How much coverage should I get from life insurance for motorcycle racing in Canada?

Aim for at least $250,000 to $500,000 in death benefits, more if you have higher income replacement needs or larger debts.

Which life insurance companies offer the best rates for motorcycle racing in Canada?

Some of the best rates come from Foresters Life, BMO Life, Canada Life, Sun Life, and Manulife. An independent broker can provide comparisons.

What factors determine the cost of life insurance for motorcycle racing in Canada?

Major factors include your age, health, racing experience, frequency of racing, and the death benefit amount you want.

Is term or whole life better for life insurance for motorcycle racing in Canada?

Term life provides the most affordable rates for motorcycle racing coverage in Canada. Whole life is significantly more expensive.

Can I get life insurance for motorcycle racing in Canada if I have health conditions?

Yes, but certain conditions like heart disease may result in higher premiums or difficulty qualifying for preferred rates.

How risky is motorcycle racing when applying for life insurance in Canada?

Insurers classify motorcycle racing as high-risk, so expect to pay higher premiums compared to average policyholders.

What benefits do I get with life insurance for motorcycle racing in Canada?

The primary benefit is the tax-free death benefit paid to your beneficiaries to cover things like debts, final expenses, and income replacement.

What is the difference between amateur and pro racing when getting life insurance for motorcycle racing in Canada?

Professional racers pay the highest premiums. Amateur or occasional racers have more affordable rates but are still higher than non-racers.

Can I get approved for life insurance for motorcycle racing in Canada if I am over 50?

Approval over 50 is difficult but possible, depending on health and racing activity levels. Underwriting scrutinizes older applicants much more.

Will life insurance for motorcycle racing in Canada cover death during practice laps?

Yes, standard policies will cover you during racing, practice sessions, qualifying, track days, or any on-track activity.

What medical tests do I need to qualify for life insurance for motorcycle racing in Canada?

Expect requirements like a paramed exam, blood work, urine sample, and potentially an EKG or other heart tests depending on health and age.

Can I get life insurance for motorcycle racing in Canada as a new rider?

Yes, new riders can get coverage but will pay higher premiums until they build up experience and a track record of safety. Disclose your experience level openly.

What causes the cost of life insurance for motorcycle racing in Canada to be higher?

The main factors causing higher premiums are the inherently high risk of fatal crashes, age, health issues, and frequency of racing activity.

How long does life insurance coverage for motorcycle racing in Canada last?

For term policies, choose coverage lengths like 10, 15, 20, or 30 years. Permanent policies last lifelong but cost significantly more.

Can I get discounts on life insurance for motorcycle racing in Canada?

Discounts like multi-policy discounts may apply. Buying young when rates are lowest provides the most savings.

What is the claims process like for life insurance for motorcycle racing in Canada?

Beneficiaries submit death certificates, IDs, and any police/coroner reports. The insurer validates info and pays a tax-free death benefit.

When should I consider getting life insurance for motorcycle racing in Canada?

When racing is your primary income, you have dependents, little savings, or want to cover debts. Protect loved ones from financial hardship if you die.

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Written by Ben Nguyen

Ben Nguyen is an award-winning insurance expert and industry veteran with over 20 years of experience. He is the chairman and director of IDC Insurance Direct Canada Inc., one of Canada's leading online insurance brokerages.

Ben is renowned for his extensive knowledge of life, health, disability, and travel insurance products. He is the prolific author of over 1,000 educational articles published on LifeBuzz, BestInsuranceOnline, and InsuranceDirectCanada. His articles provide Canadians with advice on making smart insurance decisions.

With a Bachelor's degree in Actuarial Science and a Fellow of the Canadian Institute of Actuaries (FCIA) designation, Ben is frequently interviewed by media as an insurance industry spokesperson.

He has received numerous honors including the Insurance Council of Canada’s Pivotal Leadership Award, the Canadian Insurance Hall of Fame induction, and the President’s Medal from the Canadian Institute of Actuaries.

Ben continues to shape the vision and strategy of IDC Insurance Direct as chairman. He is dedicated to advancing the insurance industry through his insightful leadership.

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