Purchasing life insurance for pilots is a simple and straightforward process when using the correct life insurance companies
Submitting an application for life insurance for pilots and receiving the very best rates for is going to be dependent on applying with “aviation friendly” companies. If you are a pilot planning on purchasing life insurance, we will cover everything you need to know to be successful in receiving the lowest rates. You may even qualify for preferred best rates. Pilot life insurance is one of our specialties and we know how to help airplane and helicopter pilots get the best rates.
Life insurance for pilots of private airplanes and helicopters has become more relaxed due to new required safety measures
Many people believe that being a pilot will place you in a high risk category with high rates. Nowadays you can get excellent rates when you are applying with the correct companies that do not fear flying. Years ago anything involved in aviation was flat out considered high risk.
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 private or commercial pilots.
How does applying for pilot life insurance differ 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 a little more involved regarding aviation training and certification.
Purchasing life insurance with an aviation exclusion is another 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 for most pilots in general. If you feel comfortable applying for pilot life insurance with an aviation exclusion attached, you can do so. 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 the aviation risk. 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 two conditions you want to avoid 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 an additional 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. If you have sufficient experience and are in good health, there will be no reason to have either one.
The difference between a private pilot and a commercial pilot
There is not very much difference 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 small single engine aircraft.
The small private planes have a much higher statistics of having fatal wrecks. Last year there were over 70 aviation deaths for every 100,000 pilots. Even with these statistics, many applicants are approved for preferred best rates when they apply for pilot life insurance. Many of the best life insurance companies thankfully are very liberal when it comes to pilot life insurance.
Experience and training play a big part in the underwriting process for pilot life insurance
In most 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 in the past. 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.
Receiving an IFR Certification will help to secure the best rates
Being a private pilot that holds an IFR certification (Instrument Flight Rules) are going to be classified as a preferred rate class with most of the life insurance companies. If you do not already hold this certification, I highly recommend taking the classes to achieve this rating. It will pay off in your overall safety as a pilot and it will also make a big difference getting the best rates possible. If you are a private pilot with the IFR certification then please be sure your insurance agent is aware of this information. Once you go to apply, make sure the life insurance company you are applying with understands your certified for instrumentation. I have seen many pilots receive preferred best rates when they were certified and were in excellent health.
Commonly asked questions life insurance companies 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 questions 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 pilot life insurance rates will depend on a number of important factors
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.
As a rule, private pilots and also commercial 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 be close to 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.
Life insurance for student pilots
Student pilots purchase their life insurance in exactly the same fashion are a highly experienced pilot would. The only difference is the inexperienced student pilot cannot apply and qualify for preferred rates like the experienced and certified pilots can. Most of the time the student pilots will receive a “standard” rate classification and will most likely receive a flat extra charge 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. The flat extra charge can always be removed from the policy later unless for some reason the student pilot continues to be a high risk pilot.
We usually have the pilot re-apply with another carrier after they exceed $500 hours behind the stick. As they say, everyone has to start somewhere.
Your premium 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 pilot life insurance many times does not cost any more. You still want to make sure you can comfortably pay your monthly premiums.
How to apply for life insurance for pilots
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. 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 for pilot life insurance.
We help make purchasing life insurance for pilots simple and quick
We have been helping our clients with high risk medical conditions, high risk occupations, hobbies and sports for over 25 years. This gives us the advantage 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.
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 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 even commercial pilots as well.
All the best,
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