Life Insurance for Pilots | The Definitive New Guide for 
Submitting an application for the best life insurance for pilots and receiving a Preferred Best rate classification is actually very common with today’s relaxed underwriting. Especially when applying with the correct life insurance company and having an IFR certification. If you are planning on purchasing pilot life insurance, we will cover everything you need to know step-by-step so you can purchase the best policy for the lowest possible rates.
Aviation life insurance is one of our specialties and we know how to help you apply for pilot life insurance and receive the lowest premiums.
Table of Contents
- Can I Purchase Life Insurance if I’m a Pilot?
- Will Being a Pilot Affect My Life Insurance Rates?
- Best Life Insurance for Pilots With Medical Conditions
- Best Life Insurance Companies for Pilots
- Life Insurance for Private Pilots
- What is a Flat Extra Charge?
- Aviation Exclusion Riders
- Life Insurance for Commercial Pilots
- Life Insurance for Helicopter Pilots
- Life insurance for Student Pilots
- Term Life Insurance for Pilots
- Requesting a Medical Pre-Screen Before You Apply
- Purchasing Pilot Life Insurance Through a Broker
- Applying for Pilot Life Insurance Over the Telephone
- In Conclusion
Yes, you can purchase life insurance if you are a pilot as long as you have the necessary training, experience and proper licensing for whatever type of aircraft you fly, such as:
- Private Airplanes
- Commercial Airplanes
- Military Aircraft
- Propeller Driven
- Jet Powered
There are additional questions a life insurance company is going to ask but remember, your health history is still going to be the most important factor involved. As with all life insurance applications for anyone regardless of their hazardous sport, hobby or occupation. Your health is going to be the most critical category of your application any carrier will review.
You’re life insurance rates can sometimes be affected by being a pilot. There is a much greater risk that the life insurance companies are taking on when they consider insuring the life of a pilot regardless if you are a private pilot or a commercial pilot. The two biggest questions are what do you fly and how much do you fly just for starters. This could mean either you fly a single engine Piper Cub twice a month for fun and recreation or you fly a US Air Force F-16 Fighter in the military possibly seven days a week.
As far as your health goes, your health classification could go one way or another to any health conditions and your flying would be impacted by life insurance “flat extra” charges which we will go into a little later.
Regardless of your occupation, sport or hobbies, your health history is going to be ranked number one when applying for life insurance. Medical conditions such as high blood pressure, high cholesterol, Asthma, being overweight and many other issues will be a life insurance companies biggest concern. Not simply the fact that you are a aviation pilot. Many pilots are concerned of the fact they have a risky classification as a pilot and don’t realize their health is even more important on an application.
These medical conditions will be put under the microscope on any application for anybody not just pilots. If you combine some of these medical conditions with flying an airplane several thousand feet in the air. You can have a major issue for you and your passengers if you suddenly get a heart attack or stroke just for starters. There are no para-medics, doctors, nurses or hospitals high in the sky.
As independent insurance agents, we represent well over 40 top rated life insurance companies. Here is a short list of the companies that work out very well for pilots and have some of the most competitive rates in the industry. These insurers are also very liberal towards pilots in the underwriting department and that is exactly how you land the lowest premiums. Take a look at what we believe to be the top 10 companies to consider for pilot life insurance:
- Banner Life
- AIG American General
- Lincoln Financial
- Mutual of Omaha
- Prudential Insurance
- Principal Financial
- Protective Life
- SBLI Savings Bank Life Insurance
Keep in mind that there is no special order that these companies are ranked in. There is no life insurance company in the world that will simply be the best life insurance companies for pilots. A lot of the actual ranking will reflect on your age, tobacco use status, health history, driving record, credit history and many other pieces of information. Everyone is on a case to case basis when it comes to applying for aviation life insurance.
Choosing the correct life insurance company to apply with is crucial. Applying with an insurer that does not have a favorable level of experience with pilot life insurance could trigger higher rates or a decline of your application.
Anytime someone applies for life insurance and they are involved with a risky sport, hobby or occupation. They will be asked to complete an additional questionnaire especially if it concerns something such as a private pilot.
Here are some of the questions they typically will ask:
- What type of private aircraft do you fly?
- What type of license do you have?
- Are you an actual licensed private pilot or a student pilot?
- Are you IFR instrument rated and what certifications do you have?
- When did you obtain your (PPL) private pilots licensing?
- How many years have you been flying private aircraft?
- How many hours do you approximately fly per month?
- Have you had any FFA violations to date? If so, what were they for?
- Are you planning on changing aircraft anytime in the next 1-2 years?
- What make and model aircraft are you currently flying?
- What is your type of aircraft class rating?
If you are in good health and your flying credentials are in order. You should not have any problems applying for life insurance for private pilots. This is regardless if you fly a small single engine airplane to a multiple engine jet.
A flat extra charge is used for just about any risky occupation or sport. This is an extra fee that adds an additional cost to your base premium. A flat extra charge can usually range between $1.25 to $15.oo per every $1,000 of face amount otherwise known as your death benefit. It is then added to your base rate for a grand total of premium. Here is a simple example using a $5.00 charge as follows:
A male age 30 applies for a $100,000 20 year term policy which has a premium of $700.00 for example purposes. The insurance company approves his application and since he is a private pilot, the carrier issues the policy with a $5.00 flat extra charge. Now here comes the math behind it:
The $100,000 policy costs $700.00 per year and the flat extra is $5.00. The cost of the flat extra would be $5.00 times 100 because his face amount is $100,000. The flat extra charge becomes an additional $500.00 for a grand total of $1200.00 per year.
The flat extra charges can vary depending on the exact risk factor involved. The average flat extra for a student pilot is just $2.50 for every one thousand dollars in coverage.
Many times there are no flat extra charges added to the premium at all. Especially if the pilot has sufficient experience and IFR certification. A Preferred Best health class can also be very possible.
Some of the carriers will allow you to exclude the actual flying coverage from the policy. If you feel comfortable applying for pilot life insurance with an aviation exclusion attached, you can do so. An exclusion will allow you to apply and have no reference to flying whatsoever. With this exclusion, there will be no coverage for a fatal crash. Not all companies offer these aviation exclusions.
Some pilots want to purchase life insurance and are not worried about the possibility of a fatal crash. Having an exclusion will eliminate the possibility of any additional cost in the policy for being a private pilot or a commercial pilot for that matter. This is something you have to carefully consider before you sit down and apply.
If you are purchasing life insurance to settle the demands of a divorce court. Most judges will never go for the idea of purchasing life insurance for pilots with an exclusion rider.
Purchasing life insurance for professional pilots is similar to private pilots but not exactly the same. If you pilot passenger airlines for a commercial airlines company. The majority of the life insurance companies will offer you their best rate classes such as preferred and preferred best if you qualify the medical requirements.
You also need to qualify for:
- Your current age being at least 30 years of age or older.
- The absolute minimum of 1,000 total hours.
- Must not have any FAA violations at all.
- A valid and up to date medical certificate.
- At least 100 hours of experience in the current make and model airplane you fly.
- Certification either commercial or Airline Transport Pilot ATP Certification
Life insurance coverage is normally still offered if you don’t qualify for each of the above but the ability of qualifying for the very best rate available may not be provided to you. Purchasing life insurance for professional pilots is a simple process with today’s more relaxed underwriting.
Applying for life insurance for helicopter pilots is very similar to life insurance for airplane pilot life insurance. The information the life insurance companies ask will be as follows:
- Total Pilot in Command hours of helicopter experience.
- Do you have any accidents or violations on your record?
- What type of pilot licenses to you currently have to date?
- Average pilot in command hours annually.
- Total pilot in command hours from last year.
- What type of helicopter do you fly including the make and model.
- What is your Federal Aviation Administration certification date?
- Are you planning on changing helicopters in the next year?
As with all types of aircraft flown either private or commercial, the most experience and training classes and certifications the better your chances on getting the lowest rates possible.
Student pilots purchase their life insurance exactly the same way an experienced pilot would. The only difference is the student pilot cannot qualify for preferred rates like the experienced and certified pilots can. As with anything else, this will come in time. As they say, everyone has to start someplace.
Most of the time the student pilots will receive a “standard” rate classification and will most likely receive a flat extra charge of $2.50 per thousand also. At this point in time they are considered a high risk student pilot with little to no flight experience. This will change as their flight time increases and their training continues.
Most of the time they will receive a flat extra charge of $2.50 per every $1,000.00 worth of coverage they apply for. This would simply add up to $250.00 for a $100,000 policy. It can get expensive if the student pilot applies for a high face amount policy such as a million dollars or more.
A flat extra charge can always be removed from the policy later unless for some reason the student pilot continues to be considered a high risk pilot. We usually have the pilot re-apply with another carrier after they exceed 500 hours behind the controls and have some more class time hours and certifications under their belt.
Does Life Insurance Cover Flying Lessons?
If you currently have life insurance coverage in the form of an individual or group policy. The life insurance you currently have will cover your demise if you have a fatal plane crash while taking flying lessons. If you are planning on purchasing a life policy in the future, there will be questions on the application pertaining to flying you will have to answer.
When you go to apply for coverage, you will have several choices of plan designs to choose from. Term life insurance for pilots will be by far the most cost effective product. Term products cost far less that the other choices such as universal life or whole life which are permanent forms of life insurance. Term comes normally in term lengths such as 10, 15, 20, 25, 30, 35 and 40 years. Term products always have the best life insurance rates for pilots.
Many people will purchase term with a larger face amount for the most financial costly times to cover mortgages, car payments and college tuition. They can add a much smaller universal life plan design to cover the rest of their life after the term policy expires. Whole life is far too expensive and many companies have eliminated it from there product line. Here is a list of your main choices for life insurance:
- Term Life Insurance – learn more
- Universal Life Insurance – learn more
- No Exam Life Insurance – learn more
- Return of Premium Life Insurance – learn more
Compare Term Life Insurance Quotes for Pilots on our instant rate comparison system. Review over 40 top rated insurers side-by-side.
Requesting a medical pre-screen will help you agent choose the correct company to fit your specific health history. A pre-screen will also help your agent if you have any hazardous sports, hobbies or an occupation that will impact your rates too. This will eliminate any surprises during or right after your application has been submitted. This is a simple and professional approach to applying for life insurance regardless if this is pilot life insurance or not.
Purchasing Pilot Life Insurance Through a Broker
Purchasing life insurance for pilots will definitely require an independent insurance agent. An independent agent does not work for an insurance company. They have your best interest in mind. A captive agent such as State Farm representative works for his or her insurance company and has their insurance companies best interest in mind.
An independent agent is also known as a broker and they usually represent all the top rated life insurance companies in the nation. Having access to all these companies gives the brokers the ability to custom fit the most applicable carriers to the applicant. We zero in on these companies to get our clients the lowest possible rates everytime. Captive agents are stuck using their one and only company which is usually an auto insurance company that just dabbles in life insurance.
We always recommend completing the form on the right and running our websites quoting system. This will give you an idea of all your options and life insurance rates for your age. This will also help you decide how much of a face amount you can afford to apply for. Our modern application system consists of the most simple and quick application process in the industry.
We use the new high tech SnapApp application system. This refined 15 minute telephone application will save you time and allow you to explain all your answers to the questions.
Don’t hesitate to call us with any questions you may have concerning life insurance quotes for pilots. There is no cost or obligation when working with an experienced independent agent. You may contact us 7 days a week for answers to all your questions. See how easy it is to get preferred rates for private pilots and commercial pilots as well.
Another good article for you to read is our getting started page. I hope this blog post has helped you learn more about obtaining aviation life insurance. It is actually very simple and much easier that you ever thought.
All the best,
Schedule a specific time at your convenience to discuss all your questions concerning life insurance with no cost or obligation.