Life Insurance: CFI?

killbilly

killbilly

Vocals, Lyrics, Triangle, Washboard, Kittens
Guys,

Between Chris's accident and now the Winter Haven crash the inherent risks involved in flight instruction are staring me in the face.

I'm the main breadwinner in my little family, and beyond the life insurance I have through my company (which probably has a GA exemption I have to check) I'm worried about what would happen.

I know eff-all about life insurance. Normally would post this in CFI forum but would like to reach a wider audience. Do you guys carry any life insurance and what would you recommend if you do?
 
It’s called CFI-Care (say it out loud :)).

Seriously, I’m pretty sure I got mine through AOPA when I was CFIing. Everywhere else wanted a massive premium override (State Farm offered me super duper prime, then a hazard override that quadrupled the cost, for example) or simply refused to quote.

AOPA had rates that were pretty much the same as the prime rates everywhere else. This was 10 hrs ago, but it was about $350/yr for $500,000 20yr term. Iirc. And no GA exemption, obviously.

Btw, don’t buy whole life. It’s a horrible product. Term is the way to go.
 
I have had State Farm for almost a decade. Initially there was an “aviation rider” that made it expensive but they dropped it after a couple years-either because of experience or because of flying turbine/twin.
 
killbilly said:
I know eff-all about life insurance. Normally would post this in CFI forum but would like to reach a wider audience. Do you guys carry any life insurance and what would you recommend if you do?
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Term life insurance is actually pretty cheap if you are healthy. A 500K 10 year term policy shouldn't cost you much more than a steak dinner. It may cost a pilot a bit more, but unless you are doing something exotic it shouldn't be a problem. I'm covered for 1M at a cost of about $50/month.

If you have a family that depends on you, life insurance is essential. There is really no way to be a single father and work full time as a pilot. If we hadn't had insurance on my wife, I would be financially destroyed after she died. Instead we have financial security and I don't have to work full time for a while.
 
USMCmech said:
Term life insurance is actually pretty cheap if you are healthy. A 500K 10 year term policy shouldn't cost you much more than a steak dinner. It may cost a pilot a bit more, but unless you are doing something exotic it shouldn't be a problem. I'm covered for 1M at a cost of about $50/month.

If you have a family that depends on you, life insurance is essential. There is really no way to be a single father and work full time as a pilot. If we hadn't had insurance on my wife, I would be financially destroyed after she died. Instead we have financial security and I don't have to work full time for a while.
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You have to find the right provider. Some see pilot and the rates are 300 plus a month. Harvey and Watt is good to work with


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USMCmech said:
Term life insurance is actually pretty cheap if you are healthy. A 500K 10 year term policy shouldn't cost you much more than a steak dinner. It may cost a pilot a bit more, but unless you are doing something exotic it shouldn't be a problem. I'm covered for 1M at a cost of about $50/month.

If you have a family that depends on you, life insurance is essential. There is really no way to be a single father and work full time as a pilot. If we hadn't had insurance on my wife, I would be financially destroyed after she died. Instead we have financial security and I don't have to work full time for a while.
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This! I couldn't say it any better than this!

I also have $1M 20 yr level term for <$50/month, and I'm probably twice the age of the OP. If you have anyone depending on your income or your economic contribution to a family (i.e., a stay at home spouse), you absolutely need life insurance on each of you!! Look for 20 or 30 yr level term policy, even if you have to buy an aviation rider, it still will be way less than a cup of coffee every day.
 
Nihon_Ni said:
This! I couldn't say it any better than this!

I also have $1M 20 yr level term for <$50/month, and I'm probably twice the age of the OP. If you have anyone depending on your income or your economic contribution to a family (i.e., a stay at home spouse), you absolutely need life insurance on each of you!! Look for 20 or 30 yr level term policy, even if you have to buy an aviation rider, it still will be way less than a cup of coffee every day.
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God, I hope not. I'm not sure I'd want to be flying at 90. :)
 
USMCmech said:
Term life insurance is actually pretty cheap if you are healthy. A 500K 10 year term policy shouldn't cost you much more than a steak dinner. It may cost a pilot a bit more, but unless you are doing something exotic it shouldn't be a problem. I'm covered for 1M at a cost of about $50/month.

If you have a family that depends on you, life insurance is essential. There is really no way to be a single father and work full time as a pilot. If we hadn't had insurance on my wife, I would be financially destroyed after she died. Instead we have financial security and I don't have to work full time for a while.
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Wish I could get that coverage/rate.

I've gotten several quotes, and Term life (10-20) for a healthy, non-tobacco using CFI in mid-40s is going to run me anywhere from $140-$150 a month - that's for $500K in coverage.

Apparently, a sub-1000 hour CFI is pretty risky... :(
 
@USMCmech who's the underwriter?

I haven't been able to find anything in that range. Killbilly's quotes are closer to what I've been getting.(well over a 1000h CFI, excellent health, non smoker etc if that matters)
 
hammerhat said:
@USMCmech who's the underwriter?

I haven't been able to find anything in that range. Killbilly's quotes are closer to what I've been getting.(well over a 1000h CFI, excellent health, non smoker etc if that matters)
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I don't know if he's still instructing, and I do know he's a highly experienced pilot, so that might have something to do with the better rates.
 
Interesting find....talking with the brokerage firm that @MidlifeFlyer mentioned upthread....

It appears the price is considerably less if you're instructing less than 250 hours a year.
 
I just got a quote from PIC. 30 year old professional pilot who instructs a little bit. No exclusions other then flying in a war zone.

20 year level term 1.5 million coverage $122 month
20 year level term 3.0 million coverage $237 month


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Fly_Unity said:
Checkout Harvey Watt & Co. Its for $21.09/month that covers me and my wife (750K). Made Specifically for pilots by pilots.

Harvey Watt & Co. | Professional Pilot Life Insurance

Save money because you are a professional pilot or married to one.
www.harveywatt.com

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Waiting for them to get back to me to see if they cover GA flying.


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Inverted25 said:
Waiting for them to get back to me to see if they cover GA flying.


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Their answer to me was yes they do. Talking with them on the phone, they told me that their data showed them that pilots including GA pilots lived a healthier lifestyle than the average person. So unlike most every other insurance company, they do not have a penalty for pilots. I could be wrong on this number since it was a few years since I signed up with them, but I seem to remember them having over 200,000 thousand pilots who have life insurance with them.

I was wrong on my coverage. Looks like $21.00 is for 500k. $31.00 for 750.
 
I don't remember what the premium was when I looked at getting life insurance from State farm was, but the rider to cover skydiving and hang gliding was $5 per $1000 in coverage annually in addition to the regular premium. At the time I was single and a said to hell with it and skydived without life insurance.
 
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