Pilot's Life Insurance

[EDUC8-or]

Just a quick, or maybe long question. I'm currently shopping around for a better alternative for life insurance. I've noticed certain types will just cover you while in flight or performing flight related duties and others won't cover you while flying at all.

What do you use? (especially looking for a non-ALPA related alternative) Does it cover you at and outside your workplace as a professional pilot. Any help from 121 or 135 guys who have shopped around is much appreciated.

 

[flyguy969]

I have my PPL and will be starting my Instrument/Commer. My girlfriend will be co-signing for the loan, as the loan requires a co-signer. I was actually wondering about so sort of life insurance that would cover me in the event something happens so she would not be saddled with the debt. Any idears?

 

[mtsu_av8er]

I decided to keep my VGLI (Veterans Group Life Insurance) in force, because it is so hard to get life insurance as a GA pilot or non-airline professional pilot.

It's a challenge! Have you talked to your insurance salesman about it?

 

[pullup]

I decided to keep my VGLI (Veterans Group Life Insurance) in force, because it is so hard to get life insurance as a GA pilot or non-airline professional pilot.

It's a challenge! Have you talked to your insurance salesman about it?

For me I have a waiver on my life insurance that says if I die flying then nothing will be paid. If I didn't sign it I would have had to pay and extra $2000/yr for it. On a related note, do airlines offer life insurance at reduced rates, and if so how much?

 

[derg]

I decided to keep my VGLI (Veterans Group Life Insurance) in force, because it is so hard to get life insurance as a GA pilot or non-airline professional pilot.

It's a challenge! Have you talked to your insurance salesman about it?

True. My life insurance company about flipped when they heard I was a pilot, but then since I was a professional pilot, it was just a supplemental form I had to fill out.

This advice is YEARS old, but it might work now. But give Zander Insurance (zanderins.com) a shot and make sure you tell them you're a pilot and they'll find someone willing to work with you.

 

[flyguy969]

Thanks Doug will try that this week and see what happens

 

[wheelsup]

On a related note, do airlines offer life insurance at reduced rates, and if so how much?

In short, some do, for certain things. Here is our contract:

A. Life Insurance
1.
a. The Company will provide and pay the premium for basic group term life insurance for all active pilots. The life insurance for Captains will be one hundred fifty percent (150%) of the pilot’s annual earnings, with a minimum benefit of seventy-five thousand dollars ($75,000). The life insurance for First Officers will be one hundred fifty percent (150%) of the pilot’s annual earnings, with a minimum benefit of fifty thousand dollars ($50,000). “Annual earnings” means current (at time of death) hourly pay rate times eighty (80) hours times twelve (12) months.

b. A living benefit option will be included in the life insurance contract. This benefit will allow a terminally ill pilot to choose to receive a percentage (in accordance with the plan provisions) of his benefit prior to death.


2. Supplemental Life Insurance

a. A pilot may purchase an additional three hundred thousand dollars ($300,000) (in $10,000 increments) in life and accidental death and dismemberment insurance at group rates/age based in accordance with the terms and conditions of the policy.

b. A pilot may purchase up to fifty thousand dollars ($50,000) (in $10,000 increments) in life insurance for the spouse at group rates/age based, in accordance with the terms and conditions of the policy.

c. A pilot may purchase up to ten thousand dollars ($10,000) (in $2,500 increments) in life insurance for a child(ren), in accordance with the terms and conditions of the policy.


3. Accidental Death and Dismemberment Insurance

A pilot may purchase up to three hundred thousand dollars ($300,000) (in $10,000 increments) in accidental death and dismemberment insurance at group rates/age based, in accordance with the terms and conditions of the policy. In order to purchase this insurance, a pilot must purchase supplemental life insurance in the same amount.

4. Any required taxes on the above mentioned benefits will be passed on to the pilot.

 

[crashmbern]

eagle pays one years salary. I pay extra for 5x my salary since my parents co-signed my college loans. Its only about $7 bucks a month for the extra isurance.

 

[B767Driver]

True. My life insurance company about flipped when they heard I was a pilot, but then since I was a professional pilot, it was just a supplemental form I had to fill out.

This advice is YEARS old, but it might work now. But give Zander Insurance (zanderins.com) a shot and make sure you tell them you're a pilot and they'll find someone willing to work with you.

I used Zander and got a reasonable quote. I told them I had the potential to fly to 5 continents as a commercial pilot...and got $1M in coverage for $435 per year. That was the best I could find.

 

[Flysher]

I got insurance with AOPA through minnesota life. 200K for around 200 bucks a year.

 

[derg]

I used Zander and got a reasonable quote. I told them I had the potential to fly to 5 continents as a commercial pilot...and got $1M in coverage for $435 per year. That was the best I could find.

Killer. Good work!

I got a $500G 30 level term for $635/year back in 2003 @ 32 yrs old.

Maybe I need to reshop the rates!

 

[B767Driver]

Killer. Good work!

I got a $500G 30 level term for $635/year back in 2003 @ 32 yrs old.

Maybe I need to reshop the rates!

A guy I flew with recently was brokering life insurance...and he could offer $750k for $405. You may want to reshop.

 

[Van_Hoolio]

I have my PPL and will be starting my Instrument/Commer. My girlfriend will be co-signing for the loan, as the loan requires a co-signer. I was actually wondering about so sort of life insurance that would cover me in the event something happens so she would not be saddled with the debt. Any idears?

I have life insurance for this very reason. I got it through AOPA since they don't have an aviation exclusion.

Mike

 

[Callous]

I started out with AOPA's term life insurance, but I wanted more than 200k coverage. After some research I found AIG, they have a specialty division that deals specifically with pilots/aviators. Their website is located at http://www.piclife.com . You can request info online, etc.

I dont work for AIG, or sell this insurance.

 

[wheelsup]

I dont work for AIG, or sell this insurance.

I have a friend that does though (not that it means anything...). He quit flying (was a CFI) and then dropped out of the controller pool when the FAA cut pay. Now he's making pretty good $$ selling insurance.