Life Insurance Exclusions

enduropro - 2009-07-09 11:40 PM I'm an insurance broker/business consultant. You're covered 100%. They would have also covered you for hang-gliding and skydiving too, but would have most likely rated your policy to accomidate the added risk. The only way they would NOT cover the 2 mentioned is if they found out you lied on the application where the question is asked. There is no question that I am aware of that refers to swimming, racing, or triathlon for any insurance company. http://www.linkedin.com/pub/stephen-leblanc/b/20a/220

Bone Head - 2009-07-10 6:19 AM

I'm a licensed life & health agent. I'm not aware of any life insurance policy with a triathlon exclusion. However, there are supplemental health policies with a question on the application "Do you now or in the future intend to ....... race any type of vehicle in an organized event...?" This include bicycles. You would be covered during training rides but not during the event.

Consult your policy.

enduropro - 2009-07-10 7:44 AM Interesting... that must be new, or perhaps not used in the New England area. I have seen "racing motorcycles, car, boats and any other motorized vehicles" but never bicycles. And even if it did, that exclusion is only enforceable for 2 years. Heck, even suicide will be a payable event after 2 years of policy coverage. The life policy has a Declaration Page that lists all coverages and exclusions. It should be near the front of the booklet. If it's not stated there, you’re covered. Trust me, you're 100% covered. So come watch me struggle through Ironman Lake Placid in 2 weeks, then talk yourself into getting in line on Monday morning to sign up for 2010. If it doesn't kill you it can only make you stronger....and if it does kill you...well...see above. Godspeed -Steve

Bone Head - 2009-07-10 9:50 AM

Again, I'm not aware of any life policy with such an exclusion.
The question from the health insurance supplement, specifically an accident supplement, that I was referring to is: 
"Any person to be covered under this policy who now or intends in the future to drive any taxi for wage, compensation or profit; participate in mountaineering using ropes and/or other equipment, parachuting, hang gliding; or participate in any sport or sporting activity for wage, compensation, or profit, including officiating or coaching; or racing any type vehicle in an organized event; must be listed along with the activity(s) in the following space:       " 

The insurer is an extremely large, international company and one of the many which I have a contract. You are correct regarding the 2 year incontestability for a life policy (unless it is a fraudulent application).  Also, you may be correct regarding New England as each state's Bureau of Insurance has input as to the policies provisions and exclusions before it can be marketed in the state. New York insurance law is so unique that many insurers have a subsidiary company just to do business in New York State.

trinewby - 2009-07-10 10:28 AM From the wording of the exclusions, it sounds like the crux of the matter is going to be whether a bike is considered a 'vehicle'.  Unless the insured is a pro, he isn't competing for 'wage, compensation, or profit...', so that exclusion doesn't apply.

davidson3 - 2009-07-09 11:16 PM So...Anyone see any exclusions in their policies for Tris?  I know they will not cover hang gliding or sky diving, but if I drown this weekend, my wife with get the cash, right?