Life Insurance

J

JC-Flyer

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John
My life insurance does not allow for GA flying...

I was thinking of getting a policy from a company that specializes in pilot's life insurance.

Do any of you have this?

Is it very expensive in comparison? Approximately how much?
Does it depend on the the number of hours you have and the number of hours you fly per year?

Does anyone have a list of companies?
 
You might check with your company.
Mine doesn't allow it either for a NEW policy. I was given the information since it was already in force when I got my ticket, it would remain in force.
 
Check with your employer. When I started flying again I got a quote from one of the aviation insurance companies, and it was a bit more than I thought it should be. So, I called up HR and found that the company insurance has no exclusions for flying. I am now paying about $35 a month for $500K (I'm clean and young).
 
Are you saying your life insurance won't pay at all if you are flying GA? Or that it doesn't pay extra for accidental death if you are flying GA?
 
AuntPeggy said:
Are you saying your life insurance won't pay at all if you are flying GA? Or that it doesn't pay extra for accidental death if you are flying GA?
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Mine told me, if I had my ticket when I got it, they would pay NOTHING since it is an exclusion.
 
When you look, some are agents representing multiple companies; some are companies that issue policies themselves. know who folks represent. AOPA is a agency but seems to place with one insurer.
Find out who will actually issue the policy and how that firm is rated. Consumers Reports periodically reviews insurers, but the universe will be much more limited for one insuring pilots.

Best,

Dave
 
Here's mine
http://www.piclife.com/

Good rates, no more than other quotes at the time.
only question is,...how well do they pay claims? Not ready to try it yet. Someone go first, let me know.
 
I have term with piclife. Price was competitive, within a dollar or two, of regular non aviation term insurance. I think I pay 30 a month for 500K.
 
My quote with PICLife was theoretically with ING as the underwriter :dunno:

Though my work (federal employee) insurance has no aviation exclusions either the PICLife quote is far and away more competitive as far as pricing, because my insurance rate through work is not locked in, it changes with age and it balloons after age 50. One more cannon shot to the myth about government benefits.

I'm going to be moving forward on it this week.
 
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I bought a 30 yr fixed term policy from Zurich Kemper a number of years ago with no aviation exclusion. The policy somehow ended up with Chase a while back so don't know if ZK (or Chase) offers the same now. Price was reasonable and less that PIC.
 
alaskaflyer said:
My quote with PICLife was theoretically with ING as the underwriter :dunno:

Though my work (federal employee) insurance has no aviation exclusions either the PICLife quote is far and away more competitive as far as pricing, because my insurance rate through work is not locked in, it changes with age and it balloons after age 50. One more cannon shot to the myth about government benefits.

I'm going to be moving forward on it this week.
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Well the rate for a term policy is locked in for the term of the policy, but you better believe it goes up if you pick a new policy as you get older.

Term life is best for coverage for the times others are depending on you - when you have kids growing up and your spouse may be a homemaker. I got a 20 year policy in my thirties, and by the time it runs out I won't have those types of worries any more.
 
markb5900 said:
You might check with your company.
Mine doesn't allow it either for a NEW policy. I was given the information since it was already in force when I got my ticket, it would remain in force.
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Same with me. I asked the broker, he said it would only matter at renewal, but the policy would still pay if something happened in the meantime.
 
markb5900 said:
Mine told me, if I had my ticket when I got it, they would pay NOTHING since it is an exclusion.
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I thought that they could only use that to avoid paying if you died of something that would be an exclusion. So if you died in a plane crash you aren't covered, but if you die of cancer you are. Is that incorrect?
 
alaskaflyer said:
My quote with PICLife was theoretically with ING as the underwriter :dunno:

Though my work (federal employee) insurance has no aviation exclusions either the PICLife quote is far and away more competitive as far as pricing, because my insurance rate through work is not locked in, it changes with age and it balloons after age 50. One more cannon shot to the myth about government benefits.

I'm going to be moving forward on it this week.
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Thought I'd follow up with this...after underwriter processing the quote changed significantly.

PIC was great to work with, but it turns out they simply could not quote me an affordable policy and I'm still without supplemental insurance to my existing FEGLI policy (which is also not affordable - or at least competitive - above their base coverage for my age bracket.)

The problem? Not flying...high-altitude mountaineering. Even though I am pretty much retired from any serious climbing I'm still within the five-year window of my previous climbs. The quote for a $250k 20-year term was above $1k per year :eek:

I'm now going through the process with AOPA's group provider. Here's hoping their underwriting questions aren't quite so comprehensive :thumbsup:

OTOH PIC did end up insuring my wife, rates were very competitive for her and I'm happy with that one.
 
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alaskaflyer said:
Thought I'd follow up with this...after underwriter processing the quote changed significantly.

PIC was great to work with, but it turns out they simply could not quote me an affordable policy and I'm still without supplemental insurance to my existing FEGLI policy (which is also not affordable - or at least competitive - above their base coverage for my age bracket.)

The problem? Not flying...high-altitude mountaineering. Even though I am pretty much retired from any serious climbing I'm still within the five-year window of my previous climbs. The quote for a $250k 20-year term was above $1k per year :eek:

I'm now going through the process with AOPA's group provider. Here's hoping their underwriting questions aren't quite so comprehensive :thumbsup:

OTOH PIC did end up insuring my wife, rates were very competitive for her and I'm happy with that one.
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They think you're gonna die from previous climbs, or is the rate because they think it's a "current activity" you might participate in again?

If it's the latter, and you're willing to forgo the climbing to get a favorable rate that covers you flying, offer to sign a waiver that doesn't cover you for accidents while mountaineering.
 
TangoWhiskey said:
If it's the latter, and you're willing to forgo the climbing to get a favorable rate that covers you flying, offer to sign a waiver that doesn't cover you for accidents while mountaineering.
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It was the latter, and two different underwriters wouldn't even write an exclusion for the activity. Nor take my word for it :ihih:

Since AOPA-sponsored insurance is a group policy everyone thinks that underwriting will be more gentle. Here's hoping so. They did require a medical exam last week and I haven't gotten anything additional yet beyond the standard health questions and pilot info.
 
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Well, the AOPA group policy came in. $1/month for every $10,000 coverage, level 20 term. I guess it'll have to do for a while until high altitude climbing is a distant memory in the underwriters' minds.

FYI for the AOPA group policy your benefit is cut in half if you die in an ultralight, hanglider, or uncertified aviation contraption. It is also cut in half after 70yoa, and terminates at age 80.
 
TMetzinger said:
Well the rate for a term policy is locked in for the term of the policy, but you better believe it goes up if you pick a new policy as you get older.

Term life is best for coverage for the times others are depending on you - when you have kids growing up and your spouse may be a homemaker. I got a 20 year policy in my thirties, and by the time it runs out I hope like hell I won't have those types of worries any more.
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FTFY:tongue:
 
I have a $500k term policy I started when I was 31 (two years ago). It is about $700/yr...no aviation exclusions. I believe it is through Prudential. Found it through Ron Powell, a local insurance man who dabbled in aviation once so he knew what I was talking about.

http://www.ronpowellinsurance.com/
 
No wife, kids, no need for insurance.
 
SteveR said:
I have a $500k term policy I started when I was 31 (two years ago). It is about $700/yr...no aviation exclusions. I believe it is through Prudential. Found it through Ron Powell, a local insurance man who dabbled in aviation once so he knew what I was talking about.

http://www.ronpowellinsurance.com/
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Just for comparison, at 33 (last year) I got a $1MM 20 year term policy with no exclusions for $786/year.
 
TMetzinger said:
+1

I've been happy with my policy and the service. It was comparable to other term life that had the exclusion.
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+2, I had changed policies a number of times until going with PIC ... rates matched / beat what I could get elsewhere without exclusions
 
FlyNE said:
Just for comparison, at 33 (last year) I got a $1MM 20 year term policy with no exclusions for $786/year.
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I should've mentioned, mine is a 30 year term. Just curious, who is your policy with? I'm considering going to a $1MM policy.
 
SteveR said:
I should've mentioned, mine is a 30 year term. Just curious, who is your policy with? I'm considering going to a $1MM policy.
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I went through Zander Insurance and it was underwritten by Midland National
 
EdFred said:
No wife, kids, no need for insurance.
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Even with a wife and four kids I always thought life insurance was a poor value. I've never paid a nickel for it and only ever have been covered by whatever my employer offered at no cost to me. Skip it and put the money you'd have spent on it every month into your savings.
 
PittsDriver said:
Even with a wife and four kids I always thought life insurance was a poor value. I've never paid a nickel for it and only ever have been covered by whatever my employer offered at no cost to me. Skip it and put the money you'd have spent on it every month into your savings.
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Bah. Is your airplane insured?

At a 9% rate of return my monthly insurance premiums would add up to just over $43,000 over that 20 year period. Tell me that you haven't blown that much on flying in the last few years alone. It's peace of mind to me to know that if I do something stupid my family won't have to worry about how to keep the house.
 
Pilots insurance center is a good broker. PIClife.com
They have provided term rates from well rated companies that were basically the same cost as other non-GA friendly policies.



JC-Flyer said:
My life insurance does not allow for GA flying...

I was thinking of getting a policy from a company that specializes in pilot's life insurance.

Do any of you have this?

Is it very expensive in comparison? Approximately how much?
Does it depend on the the number of hours you have and the number of hours you fly per year?

Does anyone have a list of companies?
Click to expand...
 
I think 'whole' life insurance is a bad deal. Term on the other hand is a phenomenal deal. A couple hundred bucks a year can provide signficant ($M) coverage depending on age and health... It is a great strategy to use until one's personal assets are large enough to ignore life insurance.




PittsDriver said:
Even with a wife and four kids I always thought life insurance was a poor value. I've never paid a nickel for it and only ever have been covered by whatever my employer offered at no cost to me. Skip it and put the money you'd have spent on it every month into your savings.
Click to expand...
 
I got a 20 year term for both me and my wife from State Farm a few years ago. They had no exclusion for pilots, which surprised me. IIRC, they significantly beat PICLife on the premium as well.

I'm not sure what my employer-provided policy covers.

Now I just have to be careful and make sure my wife doesn't figure out how much more I'm worth dead than alive - she's a pretty good shot. ;)
 
FlyNE said:
I went through Zander Insurance
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I bet that place sure loves Dave Ramsey!

I just applied through Mutual of Omaha since a buddy of mine cornered me on it....they gave me preferred plus, then I went through the hoops of being a pilot med exam and got a good rate, then they retracted and raised that quote through the roof once the underwriter re-thought the fact I have my CFI. What a scam, I am calling Zander and too bad for my friend.:dunno:
 
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taters said:
I bet that place sure loves Dave Ramsey!

I just applied through Mutual of Omaha since a buddy of mine cornered me on it....they gave me preferred plus, then I went through the hoops of being a pilot med exam and got a good rate, then they retracted and raised that quote through the roof once the underwriter re-thought the fact I have my CFI. What a scam, I am calling Zander and too bad for my friend.:dunno:
Click to expand...

That catches a lot of people including - as you can read above - me. The initial quote is dirt cheap until you actually go through underwriting. Same with PIC which has received several rave reviews here...great folks, great quote...until underwriting :incazzato:
 
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