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At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation of how we make money. Our content is backed by LLC, a licensed entity (NPN: 19966249). For more information, please see our Insurance Disclosure. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our insurance team is composed of agents, data analysts, and customers like you. They focus on the points consumers care about most — price, customer service, policy features and savings opportunities — so you can feel confident about which provider is right for you. We guide you throughout your search and help you understand your coverage options. We provide up-to-date, reliable market information to help you make confident decisions. We reduce industry jargon so you get the clearest form of information possible. All providers discussed on our site are vetted based on the value they provide. And we constantly review our criteria to ensure we’re putting accuracy first. Bankrate logo Editorial integrity
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See which provider is right for you. The amount of coverage you need depends on many factors, including your age, income, mortgage and other debts and anticipated funeral expenses. Whole life insurance combines life insurance with an investment component. Coverage for life Tax-deferred savings benefit if premiums are paid 3 variations of permanent insurance: whole life, universal life and variable life include investment component Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time. Fixed premium over term No savings benefits Outliving policy or policy cancellation results in no money back Find matches Powered by HomeInsurance.com (NPN: 8781838) This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. Bankrate Why Lemonade? It's a fresh twist on life insurance: easy, accessible and affordable. See more providers in Choose from insurers in Show More If you are in the market for life insurance and you are an avid cyclist, you may be wondering what the best life insurance is for cyclists. In finding policies, you may consider specialized coverage options to accommodate your sport and feel safe cycling. Can being a cyclist impact life insurance rates
When you apply for , your insurance company will go through an underwriting process to determine the risk associated with insuring you. The underwriting process usually involves a medical exam, family medical history check and questions regarding your age, hobbies, driving record and more. Cycling could affect your life insurance in various ways. While it may not directly impact your life insurance rates, the benefits of cycling may have an indirect impact. Cycling often leads to many such as decreased stress and a healthier physique. Healthier people generally pay less for life insurance because insurers associate health with lower risk. Therefore, cycling has the potential to indirectly lower your life insurance rates. Some other potential health benefits that cyclists often experience are: Weight control: Cycling may be a good way to maintain or even and body mass index. The sport can help build muscle and burn fat and calories. Cyclists can also change the intensity and velocity of cycling for a higher impact workout. Prevents diabetes: Americans have diabetes and one in three have prediabetes according to the CDC. Lack of physical activity is often one of the major causes of diabetes. Improves joint mobility: As people get older, joint mobility usually decreases and the possibility of arthritis increases. Because cycling utilizes coordination, movement, balance and strength without needing to be high-impact, it is often recommended to those with knee arthritis to . Improves mental health: Studies have shown the on the brain. Since cycling qualifies as exercise, it could help reduce anxiety, depression and poor moods. Exercise could also lead to improved self-esteem and brain functionality through the endorphins it releases to the brain during physical activity. Best life insurance for cyclists
There are different classifications of life insurance. The four types are preferred plus, preferred, standard plus, and standard, which all have different meanings as the table below shows: Life insurance classifications Meaning Preferred Plus Preferred plus is generally reserved for very healthy individuals. With this classification, you are more likely to receive a quote that is less expensive than someone who falls under a lower category. Preferred The preferred life insurance classification is still assigned to healthy individuals. However, these individuals may have minor health conditions, like high blood pressure. Standard Plus Those who qualify for standard plus are still considered healthy, but may have a few health concerns that need closer attention as time progresses. Standard The standard life insurance classification is usually for applicants who are considered riskier to insure than those who qualify for standard plus and above. If your weight to height ratio is less than ideal or if your medical exam reveals progressing health issues, then you might be put into this category. Because of the health benefits from cycling, cyclists might expect to fall under the preferred or preferred plus life insurance classifications. However, due to the risk associated with cycling, providers may also include those factors in underwriting life insurance policies for bikers. Bear in mind that your total health accounts for more than a single activity. Your family history, age and other hobbies could place you in either insurance classification for any given reason. You can determine the or obtain a online within a few minutes. Term life insurance provides coverage for a limited period of time. Usually, between 10 and 30 years are available for selection. At the end of the term, many insurers allow you to either renew your existing policy or convert it to a whole life policy. If you die before the term ends, then a death benefit would be provided to your beneficiaries. For cyclists, term life insurance could be a beneficial option as it is generally cheaper than a whole life policy and could help make up for any potential risk insurers associates with cycling. The death benefit can be used to cover outstanding debt, funeral costs and more. Whole life insurance provides coverage for your entire life, as long as all premiums are paid. However, whole life insurance is typically one of the most expensive life insurance types, especially when compared to term life insurance. However, if you have the financial means to invest in whole life insurance, it may provide the coverage you are looking for as a cyclist. For example, with the risk of death and injury associated with cycling, the cost of whole life may be worth it since the policies are typically able to accumulate cash value over time and provide additional funds in case of an emergency. Some types of permanent life insurance even offer flexible options for paying. Life insurance for healthy individuals
Many individuals may not consider purchasing life insurance until they become worried about their health or . However, it is impossible to plan for unexpected tragedy and may be worth considering life insurance while young, when rates are generally lower. Some insurance companies reward healthy individuals for leading a healthy lifestyle, such as . Cyclists may consider insurance providers that specialize in coverage for healthy individuals, as you may save more on life insurance premiums than with traditional life insurance firms. HealthIQ specializes in offering coverage for people with healthy lifestyles and reports that its insureds can save up to 41% on premiums. To begin the quote process, you can answer personal health-related questions, take its health literacy test and verify the types of activities you participate in. Other considerations for life insurance
Being a cyclist and leading a healthy lifestyle are not the only things that life insurance companies will look at when determining your risk and life insurance premium. Other factors cyclists may consider when applying for coverage include: Family medical history: During the underwriting process, the life insurance company will likely review your family medical history to check for any health concerns that arise. If you have a family medical history of heart disease, for example, it could be the difference from being placed into the preferred classification versus preferred plus. High cholesterol: Insurance companies might increase your insurance rates if your cholesterol levels are considered high. It may be worth keeping in mind that if the exercise is highly intense or you are new to it. Occupation: Life insurers also consider your occupation in the underwriting process, as it could come with its own set of risks. For example, active-duty military and construction work might be more likely to injure themselves than someone working a standard office job. Even if you participate in a healthy activity, like biking, you may see higher rates due to your job. Cyclists are likely to experience several health benefits resulting from their regular physical activity, but it may not always transfer to insurance rates. If you feel that your current life insurance company does not reflect your healthy lifestyle, it could be worth speaking to an agent to figure out your options. Multiple companies are available if you decide that to another company better suits your circumstances. SHARE: Grace Kim has two years of experience in writing for finance and insurance domains such as The Cheapest Car Insurance Companies in New Jersey at Bankrate and Reviews.com. She has written about auto, homeowners, renters and life insurance. She has spent most of her professional experience writing about finance and tech topics. Related Articles