Is Affordable Life Insurance for Pilots available?
Life insurance for pilots is affordable and does not have to be difficult to find if you know the carriers that underwrite these risks.
This article will give you information on what underwriting questions companies need answered how they typically rate coverage for pilots.
The bottom line is, some life insurance companies simply underwrite private pilots more favorable than others. It pays to use an expert agent who knows the carriers that will offer the lowest rates.
Information needed to underwrite pilots
- Have you ever flown as a pilot or crew member, or do you intend to do so?
- What type of license or certificate do you hold?
- Date of issue? If expired, give date. Do you intend to renew?
- Do you intend to qualify for a higher grade certificate?
- Do you hold a current FAA medical certificate? Date last renewed? If expired, do you intend to renew?
Schedule of flying time as pilot, co-pilot?
Commercial passenger airline– Contemplated next 12 months? Past 12 months? One to two years ago?
Employer owned aircraft– Contemplated next 12 months? Past 12 months? One to two years ago?
Crop Dusting or aerial spraying- Contemplated next 12 months? Past 12 months? One to two years ago?
Student Instruction– Contemplated next 12 months? Past 12 months? One to two years ago?
Freight carrying or non-scheduled passenger service– Contemplated next 12 months? Past 12 months? One to two years ago?
Military– Contemplated next 12 months? Past 12 months? One to two years ago?
Non-commercial pleasure– Contemplated next 12 months? Past 12 months? One to two years ago?
Personal Business Transportation– Contemplated next 12 months? Past 12 months? One to two years ago?
Instruction as student– Contemplated next 12 months? Past 12 months? One to two years ago?
In addition to the information above it is also important to know the following:
- Total number of hours flown as a pilot
- Have you flown, or do you intend to fly a prototype, experimental, or home built aircraft?
- Do you or have you ever participated in aerobatics, air racing, or stunt flying?
- Do you contemplate any of flying not indicated in the above answers? If yes, please explain.
- Have you ever had an aircraft accident or been grounded, fined or reprimanded for violation?
Other important underwriting information
When underwriting a life insurance policy for a pilot it is of course important to get the details on the flying history. But, it is also important to find out details of the pilots health and medical history.
Some of the information that will be needed include:
- Date if birth
- Height/weight
- Any history of tobacco use
- Any family history of cancer of heart disease resulting in death before age 60
- Any history of cancer, diabetes, heart disease, sleep apnea or other medical condition
- Currently taking any prescription drugs
- Any history of alcohol or drug abuse
- Any plans for foreign travel
- How much coverage and what plan of protection are you looking to obtain?
Carriers specializing in underwriting pilots
Some of the life insurance carriers that specialize in underwrite pilots include:
- Protective Life
- John Hancock Life
- Prudential
- American General Life
- Banner Life
- Lincoln Financial
- Principal National Life
Each life insurance carrier will look at and evaluate your lifestyle and medical history differently. This is why it is important to use an independent agency that offers multiple carriers and guaranteed issue coverage.
Conclusion-
If you are a pilot looking for life insurance coverage, please contact us by phone at 678-207-8160 or e-mail the agency owner at mike@specialriskterm.com for a free evaluation of your coverage needs.
