Life insurance for cyclists

Life insurance companies excluding cycling

Before the summer cycling season, there’s something you need to know

As a passionate cyclist I will ride anytime of the year. However, there’s nothing like the arrival of Spring and the anticipation of the Summer to reinvigorate my love for the sport. If you’re like me, you’re already regretting not spending more time on the wind trainer over winter to be at your best for the weekend ride with the crew, or participating in an official cycling event.

In my spare time, i.e. when I’m not balancing family responsibilities with time spent on the road or TT bike, I’m a financial adviser at miPlan; helping my clients protect their lifestyle and build wealth for the future. During a recent insurance application for a client, who also happens to be an avid cyclist, I discovered a change in the way insurance companies are treating cyclists and triathletes, that should concern you.

Life insurance companies starting to exclude cycling

When applying for cover, all life insurance companies will ask you to disclose any hazardous pastimes in which you participate. Unfortunately, they are not specific about what is hazardous, leaving it to you (hopefully with the help of your adviser) to know whether your hobbies and leisure activities are in any way hazardous.

Historically, the official list was fairly straightforward. Professional sports, sky diving, SCUBA (below a certain depth) & trail bike riding were well known examples of pastimes deemed hazardous, and therefore likely exclusions from certain insurance policies.

Recently, however, insurers have begun to expand the list, and during this recent application, I noticed that some insurers now consider “bicycle racing” as an excluded event for Income and Disability cover. Thankfully, because miPlan has access to all the major Australian life insurance companies, we are able to negotiate cover without any exclusions. But, I fear it is only a matter of time before all companies follow suit and this window of opportunity closes.

How much do you need your income?

As a husband and father of two, it is easy for me to visualise the impact the loss of my income would have. So, the decision to take out personal insurance was not difficult. As fit/healthy individuals, we can often fall into the trap of believing we’re indestructible … until something goes wrong.

Whether supporting a family, an expensive cycling hobby or a combination of both, we all rely on our income to fund our lifestyles. Many of you will already have some protection in place. Have you checked whether it covers you while you’re cycling?

Want a complimentary review? I can help.

As a passionate cyclist/triathlete and personal insurance specialist, I’ve spent (almost) as much time researching the quality of personal insurance products as I have analysing my Garmin data. To give you peace of mind as you head into the upcoming season, I am happy to prepare a complimentary analysis and report of your existing cover.

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