Applying for life insurance for pilots and receiving Super Preferred rates is now a very common rate classification
Getting the best rates for pilots is going to be dependent on applying with aviation friendly life insurance companies. If you are planning on purchasing life insurance, we are going to go over everything you need to know to be successful in securing the lowest rates possible. Did you know you can apply for life insurance for pilots and even receive preferred best rates? Many people believe that being a pilot will place you in a high risk category with high rates. Nowadays you can get dynamite rates when you are applying with the correct companies that do not fear flying.
This concept on the other hand can also be a flop if you are not working with an experienced independent agent experienced in aviation 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.
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 or some of the other high risk occupations or hobbies. Pilots life insurance applications can be a little more involved. 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. Experience behind the stick makes all the difference in the world.
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 and involved.
Purchasing life insurance without an aviation exclusion is normally your smartest choice
Some of the carriers will allow you to exclude the actual flying coverage from the policy. This usually defeats the whole purpose of buying life insurance in the beginning. If you feel comfortable applying for life insurance with an aviation exclusion attached. Some companies will allow this and it remains an option for you. This is something you have to carefully think over before you apply.
What 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 listed in your 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 pilot policies have no exclusions or extra fees.
The difference between a private pilot and a commercial pilot
There is 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 cases 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 purchase life insurance that excludes the flying 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.
Some of the most commonly asked questions any life insurance company will ask
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? 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. But keep in mind that applying for life insurance is getting simpler every year.
Receiving the best life insurance rates will depend on working with a company that is pilot friendly
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. Smoking cigarettes have a major impact on your rates. Life insurance for smokers can cost over 300% more than those of a non-smoker.
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.
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.
Helicopter crashes have a higher rate of fatalities than airplanes
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 sometimes don’t 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.
Applying for Term life insurance for pilots is much easier than in the past
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.
The policy you are applying for should always 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. Even though pilots life insurance many times does not cost any more. You still want to make sure you can comfortably pay your monthly premiums.
Applying for pilots life insurance
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. All this is in reality is a very refined telephone application that will save you time and allow you to explain all your answers to the questions. Take a moment to read our understanding the application process article to get to know what to expect when submitting an application.
Activate our quoting system and compare the best term life insurance quotes to see for yourself
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. You may contact us 7 days a week for answers to all your questions without cost or obligation. See how easy it is to get the best life insurance rates for pilots.
All the best,