If you are planning on purchasing life insurance for private pilots or airline pilots for that matter, you will be classified as a form of high risk life insurance. This certainly does not mean you can’t get life insurance or you will pay a much higher premium for it. You still have an excellent market of companies to choose from that have excellent rates for pilots. My first tip is to connect with an experienced independent life insurance agent or broker that specializes in high risk life insurance. Purchasing life insurance for a commercial or private pilot can often be more involved because of the additional risks pilots take, but the process should be a smooth stress free event. Working with an experienced broker will make all the difference in the world.
This article is all about how to purchase life insurance for pilots and secure the lowest rates possible. Once you read this article, you will have a much better understanding about applying for pilot insurance and receiving the lowest rates possible.
A percentage of the life insurance companies in the U.S. have reservations about the risk factor when insuring pilots. In other words, they don’t feel totally comfortable in this high-risk market. This simply means a good agent should omit these companies from their quoting process and concentrate on the companies that have a favorable opinion on pilots. The most important factor to receiving the lowest rates is to choose the correct company for the specific application. We work with many trusted companies that have no qualms with aviators and offer excellent rates.
How does applying for life insurance for pilots vary from any other occupation?
The application itself will have a section for what the industry refers to as hazardous occupations and sports which will in this case refer to the flying of airplanes or jets on the professional or personal basis. It will work exactly the same as Motorsports Racing which would include Drag Racing, Stock Car, Motorcycle and Boat Racing. Other high risk occupations could be Loggers and Lumberjacks, Commercial Divers and Farmers and Ranchers alike.
In many cases a simple supplemental application is required to answer some additional question to exactly what you fly, your experience level and how much you actually fly based on hours behind the stick. Usually the more experience the better and the more training you have the better also.
Flying an airplane or a jet as a professional or an amateur is underwritten in a similar fashion as having a medical condition. The process basically works the same way. As a simple rule of thumb, the more risk a life insurance company takes, the more premium they have to charge. This holds true in auto insurance, business insurance and all other forms of insurance products straight across the board.
You can also purchase a Term life insurance policy that excludes the aviation risk. This would in turn reduce your rates to a preferred rate class.
If you decide to exclude the flying coverage the policy would pay out just like any other policy would with the exception that it would not cover you for flying and airplane with you piloting the controls. Needless to say, if you were simply a passenger on any aircraft you would automatically be covered. This would also mean that the premiums would be the same as anyone else in your age and physical condition that never flew an airplane before. If you are healthy, you could then qualify for very affordable preferred rates.
Here are commonly the most important questions any life insurance company will ask when you apply for pilot insurance.
*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?
*What kind and how much formal training to 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 level or just for recreational use?
These are the most basic and important question the life insurance companies are going want answered. Each company will have their own version of questions they will ask. The application could be on paper, online, or over the telephone. The application process is very simple and streamlined today.
The key to getting the lowest rates will be working with a company that insures a lot of pilots and is not afraid of what type of risks pilots take.
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 medical conditions and your height & weight.
* Current Age – Your date of birth is the number factor that your premium is based on.
*Driving Record – They 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.
*Parents Health – This would be for checking on genetic illnesses that could be passed down such as Cancer or Heart Disease.
Usually pilots are in excellent physical and mental health because in order to maintain your pilots license you will be taking physical examinations so the governing agencies can make sure you are fit to fly. This excellent health can help you qualify for better life insurance rates.
What about purchasing life insurance for Helicopter Pilots?
Shopping the market for low cost life insurance for helicopter pilots is going to be virtually the same procedure as shopping for life insurance for airplane pilots or jet pilots for that matter. 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 will 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.
They also have more of a chance on hitting objects that are fixed to the ground such as 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 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 specializing in proving folks with high risk medical conditions, high risk occupations, hobbies and sports for over 20 years now. 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.
Make sure the policy you are applying for can easily fit your budget.
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. If your premium for whatever reason does become a problem the life insurance companies are could about reducing your face amount or term period so the premium can be reduced.
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If you are ready to start comparing plans designs and premiums, complete the form on the right side of this page and you can begin comparing the lowest rates from the most competitive companies in your state. All of the best life insurance quotes are displayed on our consumer quoting system. This will give you a little experience and we can give you a more accurate quote what the premium will be with the pilot coverage incorporated into the life insurance premium.
Don’t hesitate to call us with any questions you may have concerning life insurance for pilots. There is no cost or obligation for us to answer your questions and get you pointed in the proper direction. Our normal hours of operation are 9:AM to 9:PM seven days a week. Visit our About Us page and learn more about us and our complete line of life insurance products