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Buy life insurance. Every year you see this topic from me. I know it is preachy, but since I saw a close friend pass and leave his wife and two girls without, I swore I would bring this up with my friends every year.

If your single, go play. If you have others you are responsible for, make sure they are taken care of, and go play.
 

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Even more likely to be of use is health insurance. Nobody should paddle without health insurance. I broke my neck in class III (ocean playboating). It was at LEAST $250,000 worth of hospital and surgery.

You can't afford not to have health insurance. If you think you can't afford it then it is time to cancel cable, stop eating out, get rid of your cell phone, and sell your car and start riding the bus.
 

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The Russian
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The cool thing about life insurance, all whitewater spots are covered, no matter how extreme! I made sure of that before I signed my life away. Mountaineering, canyoneering, climbing, etc isn't covered though, basically anything to do with the ropes and vertical.

Canada, it's a great advice man. I go on rivers with a lighter heart now, knowing my family will be taken care of if I decide to drink too much river water.
 

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I'm a proponent of long term disability insurance. Don't have the stats on hand, but more likely to become disabled and unable to provide than die. Just another thing to think about.
 

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Renaissance Redneck
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The cool thing about life insurance, all whitewater spots are covered, no matter how extreme!
Yes Indeed. We have Government Blue Cross = Just like the congressmen so it is about the best coverage available but they will not cover injuries from a lot of "high risk" activities (sky diving, bungy, etc.) but rafting and kayaking are covered. I made sure to check it out too. I wonder if they are covered by the public option...
 

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I definitely agree with this post. You have to have life insurance.

A lot of employers offer basic life insurance as part of your health plans. I know it seems like they are already taking a lot out of your checks, but for like an extra $2 per paycheck you can add $50,000 in life insurance coverage. It's crazy cheap -- assuming your young and relatively healthy. Check with your HR Department.
 

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I'm a proponent of long term disability insurance. Don't have the stats on hand, but more likely to become disabled and unable to provide than die. Just another thing to think about.
Some companies offer AFLAC insurance, which isn't a bad way to go either. I have a Cancer policy with a Return of Premium rider. If one of us gets cancer, there's a payout for every treatment, office visit, etc. If we go 20 years and never use it, the entire premium is returned. Granted they earn interest on that money & I don't, but I consider it money in the mattress, as well as lucky if we never have to use it.

Of course this isn't so much applicable to kayakers, but I think a lot of folks aren't aware that most medical bankruptcies are people that have insurance. Even with great insurance, a long term illness can crush your family's finances.
 

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Also look into buying your own term life insurance outside of your company benefit. As soon as your company goes under or you get laid off then you don't have life insurance anymore unless you planned ahead and got your own.

The earlier you buy term life insurance, the cheaper it is. "term life" just means that if you live to 75 or whatever then the policy expires... it only pays out if you die young. It is dirt cheap if you start it young.
 

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There are a couple of points I'd like to make with respect to the above insurance coverage comments.

First, Long Term Disability coverage does not protect you from an injury immediately, it usually won't pay anything (typically 60% of your monthly pre-disability earnings) until 26 weeks after you have sustained an eligible disability. To bridge that gap, a Short-term Disability policy will pay you a weekly benefit (typically 60% of your weekly pre-disability earnings) after the waiting period has been met (usually on the 8th day after an injury/accident). So, if your employer offers it, TAKE IT! It's usually not too expensive and you'll be glad you did in the event of catastrophe.

As far as life insurance is concerned, term life doesn't build any cash value, so if you are able, buy universal or whole life insurance which does. If you end up with Term Life, that's not bad either and most policies also come with Accidental Death and Dismemberment (AD&D) which doubles the face value of the policy in the event of death by accident (perish the thought). If you purchase supplemental life through your employer (not the basic which the employer pays for), in the event of termination, you will have an option to convert the policy to an individual one which is usually less costly than getting one on your own.

Great points, folks - we start each season filled with dreams and hopes of action-packed adventures, but there are definitely consequences out there to remember as well.

Be safe out there 8)
 

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The Russian
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With Whole Life you can withdraw the money after a short period of time if you need to. I thought that was a better choice so your payment doesn't go to waste, unless the dollar value drops. Whole life is a lot more cost up front, but you don't lose it at the end. It's like buying a house versus renting one. With Term policy you lose any payments you make, you don't get anything back unless you kick the bucket before your term is up.
 

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These are all great point on the different products that are offered.

Another to consider is an accident policy simlar to AFLAC but, it will cover up to $15,000.00 and has a $100 deductible with less cost in premium. If someone has a Major Medical health plan it will pay all out of pocket expenses and when the Major Medical pays 100% it will pay you the remaining $15,000.00 in cash.

Here is an example $5,000.00 deductible with $3,000.00 co-insurance total out of pocket is $8,000.00. If a person had $15,000.00 in bills it would pay the out of pocket of $8,000.00 and pay a person $7,000.00. This should help the injured person not get back to work to soon and cause another injury. If a person does not have a major medical it will bills up to $15,000.00. I personally have one of these policies.

This will cover all white water sports and others as long as you are not in pro event for profit. This plan will cost the average person for $25-40 a month and it can be effective with in 72 hours. Yes, I am agent and a Kayaker if I can help answer questions on any of the above topics give me a call or if you want to go boating.

Have a great time on the water and alway prepare for what you can't see.

Bill Ballou 970-216-3635
 

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thanks for the reminder. I have one, term policy I bought when my second child was born, but I have been meaning to buy a second policy. I needed a kick in the ass and this was the reminder. I just called my agent and got it set up.
 

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There are a couple of points I'd like to make with respect to the above insurance coverage comments.

First, Long Term Disability coverage does not protect you from an injury immediately, it usually won't pay anything (typically 60% of your monthly pre-disability earnings) until 26 weeks after you have sustained an eligible disability. To bridge that gap, a Short-term Disability policy will pay you a weekly benefit (typically 60% of your weekly pre-disability earnings) after the waiting period has been met (usually on the 8th day after an injury/accident). So, if your employer offers it, TAKE IT! It's usually not too expensive and you'll be glad you did in the event of catastrophe.

As far as life insurance is concerned, term life doesn't build any cash value, so if you are able, buy universal or whole life insurance which does. If you end up with Term Life, that's not bad either and most policies also come with Accidental Death and Dismemberment (AD&D) which doubles the face value of the policy in the event of death by accident (perish the thought). If you purchase supplemental life through your employer (not the basic which the employer pays for), in the event of termination, you will have an option to convert the policy to an individual one which is usually less costly than getting one on your own.

Great points, folks - we start each season filled with dreams and hopes of action-packed adventures, but there are definitely consequences out there to remember as well.

Be safe out there 8)
I highly disagree with term vs. whole/universal. NEVER mix investment and insurance it's a raw deal. Buy term and invest the difference in the market. If your insurance guy is telling you the opposite get rid of him like a hooker with the Clap. He's only trying to make more money.
 
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