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MX, SX & Off-Road Discussions
General Moto | Off-Topic Posts
Do you have more insurance because you ride?
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[QUOTE="Smit-Dog, post: 675071, member: 25436"] Like Patman did, you have to work up the real-world scenario of what expenses would need to be covered if you got hurt. Could you go 3 months without income? 6 months? 3 weeks? :eek: Also keep in mind that even with insurance coverage, you can still get dinged with copays (mine was $1300 w/ simple collarbone break) and lost vacation time. A disabling injury will have a different financial impact on different people. Are you a full-time student living at home with few expenses and even less income? Or are you the sole income provider for a wife, 3 kids, with a mortgage, auto loans, property taxes etc? Add up all your fixed and variable expenses for a month. How long could your savings carry you? If you were totally disabled, would a fair amount of your expenses go away? Would the typical 60% income of long-term disability insurance cover it for you? Basically, I carry long-term coverage and life insurance only. Short-term (< 90 days) is covered by savings. If it really came down to it, my wife could go back to work semi full-time and make a decent amount to cover the gap. As for life insurance, if you don't have any dependents, I wouldn't worry about it. Maybe get just enough to cover funeral expenses and to throw a blow-out wake for your friends and family. If you have a wife but not any kids, it would depend on your wife's situation. Does she have a decent career to fall back on? Would she get re-married? If yes and/or yes, then I'd just get enough life insurance to cover her for a couple years to remain financially stable during the transition. If you do have young kids with a stay-at-home mom supporting the family, then you really have to add up all your monthly expenses (don't skimp here), multiple by 12 for total yearly expenses, and then figure out how many years you need to support the family. You also need to factor in cost-of-living increases. For me, as primary bread-winner with 3 kids (9,7,3), I have enough life insurance to cover all expenses for 13 years. This does not account for investment interest or appreciation, so it would very likely cover them longer. Although I didn't factor it in income-wise, I would bet that my wife would get re-married at some point, and she has a decent career to fall back on. And as far as paying off the house, I wouldn't recommend it. Have your wife keep all low-interest and/or tax-deductible interest loans intact. Use the proceeds from a large life insurance policy to cover monthly expenses, while generating the maximum investment interest. [/QUOTE]
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MX, SX & Off-Road Discussions
General Moto | Off-Topic Posts
Do you have more insurance because you ride?
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