Are you a pilot and having trouble finding affordable life insurance?
Most life insurance companies will charge you higher rates simply because you like to fly recreationally or even because you do so as a profession.
But, pilots shouldn’t all be lumped into the same category because every pilot knows that it’s likely more of a hazard just driving to and from the runway than piloting a plane or jet.
There are more life insurance carriers who have come to realize that flying is statistically safer than operating an automobile and have become more lenient when looking at pilots. There are even companies which specialize in providing life insurance to pilots.
Although things have begun to change in how some of the more lenient life insurance companies have come to view issuing policies to pilots, it all depends on how you use your flying craft.
What Pilots Should Know
Pilot Life Insurance Rating Considerations – Realistically, an occasional pilot who uses their craft on weekends is going to be viewed differently than a stunt flyer. And, a commercial pilot will also be viewed differently than a recreational pilot. It also depends on where you fly as well and the type of plane you pilot.
Another very important consideration is how many hours you have logged or your level of experience, and what sort of training you have received. Those companies which insure pilots have some specific questionnaires that relate specifically to your piloting activities.
Always be up front about your piloting activities, because life insurance companies take a dim view of deceitful responses and could cancel a policy or contest the payment of a claim if they discover you were deceitful in your questionnaire. Most policies have a 2 year ‘contestability’ clause where they can thoroughly investigate your background.
Other Life Insurance Rating Factors – It’s a simple fact that life insurance is less expensive when you purchase at a younger age than when you are older. Life insurance becomes progressively more expensive as you age regardless of whether you are pilot or not. Your lifestyle such as smoking, the state of your health and family history can also come into play when the insurance companies rate you.
Pilots tend to be on average healthier than those who don’t fly because of the more stringent medical requirements to hold a pilot’s license.
Flat Fees – Many insurers consider piloting as being a hazardous occupation or hobby and will charge a flat fee surcharge if you fly more than a specific number of hours per year such as say 200 hours. This flat fee is added onto the premium at a cost of a specific number of dollars per thousand dollars of coverage. So, make sure you ask about this flat fee as it can vary from carrier to carrier.
Always State That You Are a Pilot Right Away – When speaking with an agent, the best approach is to mention that you are a pilot right away. Make sure the agent is savvy about life insurance for pilots and knows that they should be selecting an insurer and a policy that can be more tailor-made for your hobby or occupation as a pilot.
Always Use An Independent Life Insurance Agent – Independent life insurance agents such as myself are the best way to go because we work for you and not the insurance companies. We have access to numerous companies so we can research those companies which offer life insurance for pilots.continue page 2……
