Life Insurance for Pilots
Like myself, many children dream of growing up to become a pilot. We are intrigue by the different types of planes, how high we can fly and getting lost in the fantasy of traveling to different parts of the world.
We know, not all of us become pilots. For those who have gone through the intensive training and have chosen a career as a commercial or private pilot, you may be having a difficult time purchasing life insurance. Even though you’re safer flying a plane than driving a car, the insurance companies will list your avocation as a high risk.
Over the years many insurance companies have been changing their underwriting guidelines and views on commercial and private pilots. When applying for life insurance it’s important to disclose your specific situation since each insurance carrier that will review it, insures differently. The good news is that we know that pilots go through intensive medical screening. The underwriters will not only take into consideration your job but also your financial justification for the coverage you’re purchasing.
Although many companies consider flying a dangerous activity some are more lenient than others. The insurance carriers may add an additional charge or flat extra depending on your level of flying experience. It’s very important to make sure that your carrier doesn’t add the Aviation Exclusion Rider that makes the policy void if you were to pass in an aircraft accident.
What we need to know about your flying history
1) Total number of flying hours and number of hour in command
2) Types of planes that you fly (152’s, multi-engine, turboprop, jet, commercial)
3) FAA Certifications (VFR, IFR, Instructor, Multiengine, Commercial)
4) Do you fly commercial, corporate or recreational?
5) Do you fly US, Canada or Internationally?
The answer to all of these questions can and will be taken into careful consideration when applying for your life insurance coverage. We don’t want you to have to pay any more than you have to for your life insurance coverage.
Commercial Pilots flying in the US and Canada only may receive best class rates.
Corporate Pilots with a commercial license that fly aircraft that are company owned and maintained by the standard as a commercial aircraft, limited to flight in the US and Canada will receive preferred best rates.
Private Pilots that fly in the US or Canada only will receive standard rates with a flat extra from $2.50 to $5.00 per $1,000. Also, if you plan to fly outside of the US, than you can expect the flat extra rate to increase from $5.00 to $10.00 per $1,000 depending on your destination.
Commercial Pilot Case Study 1
We recently had a captain of a major airline contact us to purchase his new coverage. The captain was in perfect health but he was flying every 30 days to into a high risk country. The captain had a significant number of hours in command and all of his FAA certifications. He had no accidents or violations.
He was informed by others agents that he couldn’t get coverage due to where he was flying and was very concerned due to his current coverage expiring.
He found us and we researched all of our high risk carriers to see which one would provide him with the most competitive offer.
We only received one offer from an A+ rated carrier that offered him Standard rates with a $20.00 flat extra. Our client was so excited and pleased that we found coverage for him!
Commercial Pilot Case Study 2
We received an inquiry from a 777 retired captain. He was flying overseas for six months at a time for another international airliner. He also had no health issues, violations or accidents. He needed new coverage since his group insurance didn’t carry over after retirement.
We received quotes from 5 different companies and one A rated carrier offered him Preferred rates with a flat extra of $5.00. vs. Standard rates with $10.00 flat extra.
He too was another satisfied customer!
How did we do it, you ask?
Our agency specializes in high risky activities or avocations. We do our research and fact finding upfront with over 50 life insurance companies, before we submit a formal application to any carrier. Here is our qualifying process:
1) Qualify your health history and aviation background.
2) Pre-qualify your risk by sending it to the top insurance carriers that give the best rates for private and commercial pilots within a 24-48 hour turnaround time.
3) Present you with the tentative quotes and give you our professional recommendation.
4) Submit a formal application to the insurance company and attach the tentative quote that we received from the insurance company.
Again, we don’t want you to have to pay more than you have to for your insurance coverage. High Risk Life Insurances have experience and knowledge in writing the most competitive life insurance rates for pilots.
We appreciate your inquiry and we are looking forward to assisting you with your important coverage. Please call us today to receive your quote.