Hey, while we're hot and heavy on the insurance topics (you guys aren't winded yet, are you?) I have a related question.

Erin and I are trying to buy a house. She does well on her own financially, but I would never want to leave her to pay the mortgage and everything else all on her own, especially while having to deal with the loss of our beautiful 170B. This has me thinking about life insurance.

I'm 35, in good health, but I am a pilot. I've heard that many policies exclude death by air crash. I also see ads for life insurance in pilot magazines. Am I just stuck paying larger premiums than the earthbound schmucks? I can't say I blame life insurance companies, but what are my options?

1SeventyZ wrote: Am I just stuck paying larger premiums than the earthbound schmucks? I can't say I blame life insurance companies, but what are my options?

Short answer...yes

Longer answer, it's not too bad unless you are flying an experimental or aerobatics. If you fly either of those categories then you will be in the same rate scale as a rotorwing pilot. I fly both so I pay considerably more for my life insurance than my father does as a basic Cessna, straight and level flyer.

Oh and by the way...UMBRELLA POLICIES SPECIFICALLY EXCLUDE AVIATION LOSSES!!!

Try adding "I live in the Middle East" to the equation. The policy we ended up costs not only my arm and leg but all the kids arms, even then it won't cover the mortgage, but it's a start. I guess that's what I get for living in California.

Zane,

I am just in the process of picking up a ten year term with Travers & Associates. They also handle my aircraft insurance. I found that they had an excellent rate that, naturally, included pilots.

If you are interested, the contact is Francis Medler at 800-888-9859 or [email protected]. Nice guy.

AAA will also write a policy that includes pilots.

Skystrider wrote:AAA will also write a policy that includes pilots.

The good news is that more companies write life insurance for pilots than do aircraft insurance. AOPA, EAA, etc. along with most any Life & Health agent should have access to those markets...we have some on staff to support our aviation business. Just make sure you tell them up front that you are a pilot and confirm the coverage when you receive the quotes.

Zane, I think that lowflybye is gently hinting that his company can also provide you a quote on life insurance.

He seems like a nice guy. Maybe I can get some contact info from him for you.

I spoke with my insurance provider, and was told that if i got my PPL after I was already insured, I was covered fully! Had I already had my licence before I applyed, I would have been straight up denied. This is a work-benifit insurance policy.

avgas wrote:I spoke with my insurance provider, and was told that if i got my PPL after I was already insured, I was covered fully! Had I already had my licence before I applyed, I would have been straight up denied. This is a work-benifit insurance policy.

Not sure how it works in Canada, but that is not normally the case in the states as I understand it. It is not my area of expertise so I will have to check on it and get back to you.

My motto on Life Insurance: Never fund your replacement!

Zane:

I'd first make darn sure you need life insurance. After all, Erin will probably come to her senses at that point and end up with some rich software exec with a go-fast twin that will pay your house off for her

Seriously though, the life insurance gig is pretty unseemly. I have two kids, single dad. I'd need to have enough money for them to be taken care of until they are grown, then put them through college, grad school, etc. I don't have it now, and it will take a while to get there. Enter the insurance mafia. My work insurance basic life policy will pay for me becoming a smoking remembrance in an aircraft accident, but not the AD&D which essentially doubles the payout upon untimely death. Fine. I look elsewhere. First bait and switch artist gets me signed up for their physical on an ultra-attractive quote, then after being poked and prodded tells me I have a liver disorder - Go direct to High risk. I check it with my Dr., it's BS. Second outfit, now my cholesterol is too high. Again, check with Dr., but it too is total BS. Third outfit gives me a slightly higher quote, and only dings me another 20 percent or so between initial quote and actual offer - I think their excuse was that 6'-3" and 230 is outside their "optimum" BMI, even though it was clearly on the application. Still frustrated, but running out of options I decide to go with them, but as soon as I have enough assets to essentially self insure (and just keep the work policy), I will kiss them byebye. Note that each of these applications you fill out asks if you have applied elsewhere.

As mentioned in the other thread, insurance is a necessary evil. Its too bad the life insurance end is filled with so many unethical individuals. Lowflybye seems like a good guy, but then again he doesn't sell life insurance as a primary product. When and if it becomes that it isn't necessary, I won't give them another two quarters to rub together.

Flynengr

lowflybye wrote:

Skystrider wrote:AAA will also write a policy that includes pilots.

The good news is that more companies write life insurance for pilots than do aircraft insurance. AOPA, EAA, etc. along with most any Life & Health agent should have access to those markets...we have some on staff to support our aviation business. Just make sure you tell them up front that you are a pilot and confirm the coverage when you receive the quotes.

That's what I did. I consolidated two policies my wife had with Allstate into one to cut the premium. While he's working on the computer I tell him about my high priced insurance thru the Federal Gov't. He says he can beat that. I say I'm a pilot, he says it doesn't matter. I say prove it. $500K, 10 yr term, age 45 is $39 a month. Flying has no effect on the price. If I was not a pilot that's what the price would be and it's the lowest price they offer so I guess my cholesterol is low enough.

I got a term policy through Pilot Insurance Center. 37 when I got it, good health. $900/year for a 1.25M policy I think. My wife is a full time mom, so for me, its a necessary.

1SeventyZ wrote:Hey, while we're hot and heavy on the insurance topics (you guys aren't winded yet, are you?) I have a related question.

Erin and I are trying to buy a house. She does well on her own financially, but I would never want to leave her to pay the mortgage and everything else all on her own, especially while having to deal with the loss of our beautiful 170B. This has me thinking about life insurance.

I'm 35, in good health, but I am a pilot. I've heard that many policies exclude death by air crash. I also see ads for life insurance in pilot magazines. Am I just stuck paying larger premiums than the earthbound schmucks? I can't say I blame life insurance companies, but what are my options?

Simple solution. Join AOPA (you are already a member aren't you?) and get their accidental death coverage. Doesn't exclude us birdmen and birdwomen....

Found out this morning that I have been approved for $1 million 20 year term policy @ $685/yr.

I'm 37, average build (6'1" 195lbs), non-smoker in good health. They came to my house to take my blood pressure, and urine and blood samples; Rather thorough.

I was very straight up about my pilot experience and my frequency of flight(they wanted total hours and hours per year.) They were quite curious about my history with experimental aircraft. No rider necessary in the end though.

Anyway, if anyone else is interested, contact my buddy Peter Seelig here in Portland: [email protected]. Good guy, my age, one of my main skiing partners.