If you are planning on purchasing life insurance for pilots, this article will go over everything you need to know. Did you know you can apply for life insurance for pilots and even receive preferred rates? Many people believe that being a pilot will place you in a high risk category with high rates. This can be very true if you are not working with an experienced independent agent or applying with the wrong carrier. Any way you look at it, you have to do your homework.
All the best life insurance companies underwrite their applications differently. Some have no qualms with aviation and some do not prefer to pursue insuring pilots. So common sense will tell you to use the companies that are “aviation friendly” so to speak.
How does applying for life insurance for pilots vary from other occupations or hobbies?
In reality there is actually very little difference securing life insurance for pilots that some of the other occupations or hobbies. A pilots life insurance policy is no different that any other life insurance policy. The only exception is that the insurance company takes on an additional risk due to flying. The life insurance application will have a section for what the industry refers to as hazardous occupations and sports.
There will be questions which will refer to the flying of airplanes, jets or helicopters on a professional or personal basis. It will work exactly the same as Motorsports racing which would include Drag Racing, Stock Car, Motorcycle and Boat Racing as an example. Naturally some of the questions pertaining to flying would be a little different.
What exactly is the actual definition of an aircraft pilot?
Being an aircraft pilot is basically anyone that operates a flying machine such as:
- A private airplane
- A commercial airplane
- A hang glider
- Hot air balloon
- Dirigible (Blimp)
- Rocket powered aircraft
Here are the two conditions you do not want on your life insurance policy.
- Paying a “flat extra” fee in addition to your standard premium.
- Having any exclusion riders that would eliminate coverage while you were flying your plane.
A flat extra fee would be a separate charge in addition to your regular life insurance premium. This would be a flat dollar amount such as $2.50 for every $100,000 of life insurance coverage. This can get very expensive especially if you have a high face amount such as $500,00 and up. If a pilot has very limited experience flying, a flat extra fee sometimes can’t be helped. The best life insurance for pilots policies have no exclusions or extra fees.
Does it make a difference if you are a private pilot or a commercial pilot when it comes to life insurance premiums?
Not very much at all because you are still undergoing the threat of a fatal crash. A commercial pilot will usually have the most experience in the air and in many time the most training. The side effect of being a commercial pilot is the greater the odds of having a fatal experience due to flying on a daily basis. The private pilot that flies for a hobby usually has much less time in the air but has a single engine aircraft.
The small private planes have a much higher statistic of fatal crashes. Last year there were over 70 aviation deaths for every 100,000 pilots.
Experience and training play a big part in the underwriting process.
In some cases a simple supplemental application is required to answer some additional questions. This would pertain to specifically what you fly, experience level, certifications and how much you actually have flown. Usually the more experience the better and the more training you have the better also. The dangers of being a pilot are very similar to being a scuba diver when it comes to unexpected problems and what to do about them when they happen. When a problem occurs to simply have to make a quick reaction know what to do without panicking. This is where the experience and training can really save the day. Investing is any available extra training could become a life saver.
You can also purchase life insurance that excludes the aviation risk.
If you decide to exclude the flying coverage, the policy would pay out just like any other policy. The exception would that it would not cover you for you specifically flying an airplane. If you were a passenger on any form of aircraft you would still be covered. This would also mean that the premiums would be the same as anyone else in your age and physical condition that does not fly.
Here are just some of the most commonly asked questions any life insurance company will ask you.
What is your level of flying experience. This will usually entail how many hours to you have under your belt flying the type of aircraft you normally fly?
How much formal training do you have to date? This would include formal training in an airplane or jet, in a classroom or in a military training exposure.
What types of aircraft do you fly? This could range from a commercial Boeing 777 to a small single engine Piper Cub.
Do you fly airplanes on a commercial or recreational level?
These are the most basic but very important question the life insurance companies are going want answered. Each company will have their own version of questions they will ask. All you have to do is answer these questions with accurate answers and you will be surprised how very simple the application process is. Applying for life insurance is getting simpler every year.
Achieving the best life insurance rates will depend on working with a company that is liberal with the aviation.
Keep in mind that all of the other questions in the underwriting process will be taken into consideration such as:
Health History – This would include all known medical conditions just as it would apply to any other life insurance application. You do not get penalized any more because you happen to be a private pilot or commercial pilot.
Current Age – Your date of birth is the number one factor that your premium is based on.
Driving Record – The insurers want to see if you are a safe driver and check for DUIs, DWI and reckless driving related infractions.
Tobacco Use – Do you smoke or use any form of tobacco, not just cigarettes. Any form of tobacco has to be taken into consideration as with all life insurance policies.
Parents Longevity – This would be for checking on genetic illnesses that could be passed down such as Cancer or Heart Disease. This would be especially for your parents if they passed before age 65.
Usually pilots are in excellent physical and mental health. This is naturally required to maintain your pilots license. This good overall health can help you qualify for better life insurance rates.
What about purchasing life insurance for Helicopter Pilots?
Purchasing life insurance for helicopter pilots is going to be virtually the same procedure as life insurance for airplane pilots. This risk for the life insurance company will virtually be the same. Life insurance for helicopter pilots will still be considered a high risk category. Periodically we hear about helicopter crashes because they usually fly at lower altitudes in more congested airspace. Flying helicopters in a city usually has more dangers than flying in wide open country areas.
Applying for life insurance for helicopter pilots is very similar to airplane pilots.
They also have more of a chance on hitting objects that are fixed to the ground. Some of these would be cell towers, mountains, lighting towers, bridges and radio broadcasting towers. They also will be involved in foggy conditions because they are much lower to the ground than airplanes. Due to the large and wide propellers the helicopter have. Helicopter pilots can sometimes not realize that their props will not quite clear an object protruding from the ground. Such as towers, trees and mountains and have a mid-air collision especially if the visibility is poor.
If you are planning on applying for Term life insurance for pilots, do not worry, it is much easier to purchase than you may believe.
We have been providing folks with high risk medical conditions, high risk occupations, hobbies and sports for over 20 years. We have the experience to make this a simple and easy process. The cost of purchasing life insurance for pilots usually is very affordable. Choosing the right agent for the job is just as important as choosing the most applicable insurance carrier. That is why we always recommend working with an independent insurance agent (broker) that represents many companies.
Make sure the policy you are applying for can easily fit your budget.
This is just common sense but life insurance premiums are like any other type of expense, they always keep rolling in like clockwork. Take your budget into consideration so you do not purchase a policy with a premium that could become a financial burden later. If your premium for whatever reason does become a problem, the life insurance companies could reduce your face amount or term period so the premium can be lowered. If you need any help choosing the proper face amount, don’t hesitate to use our face amount calculator.
Activate our quoting system and compare the best term life insurance quotes online in less than a minute.
If you are ready to start comparing plans designs and premiums. Complete the form on the right and you can begin comparing the best life insurance rates. You will be able to review over 40 of the best life insurance companies in the nation. This will give you some experience of what your options are.
Don’t hesitate to call us with any questions you may have concerning life insurance for pilots. There is no cost or obligation when working with independent agents. Visit our about us page and learn more about us and our agency. I hope you have a much better understanding about applying for life insurance for pilots.