Coming from a family with more than a few pilots both in the military and commercial sectors, I didn’t like the idea of how hard it is getting life insurance if you’re a pilot. From my experience pilots are some of the most healthy and highly disciplined individuals who actually tend to live long healthy lives. Besides by this time everyone knows it is a higher risk to drive a Prius then fly a Cessna. In this article, we will be discussing life insurance for the different types of pilots and also some steps to getting life insurance coverage. The following are some key points from this article;
- Operating an aircraft is considered a higher risk by life insurance companies so often times companies will exclude payout if the cause of death related to an operation of an aircraft, increase the life insurance premium and sometimes even decline coverage altogether.
- Student pilots will usually not qualify for a preferred rating and will start with a standard rating which brings the monthly payment up.
- Private pilots can qualify for a preferred rating with no flat extra just like a regular healthy applicant if you have the right amount of total flight hours(pic), IFR certified(some companies don’t require this) and also stay in the range of min/max hours flown within a year.
- Believe it or not commercial pilots are one of the safest jobs in the country. This is because, they, and you already know this, have to go through rigorous testing and hold certain qualifications to work with the airline.
- You have two ways of applying you can pick a company that requires a medical exam with 4-6 weeks processing time or a no medical exam option with a complete online application.
- It can get hard trying to find the best life insurance company for a pilot like yourself because there are just so many companies out there but don’t let any of them fool you, the best life insurance company for you should reflect your specific needs, health, and lifestyle. What one considers the best life insurance company may not be the same for you because not everyone has the same needs, health, and lifestyle as you do.
Life Insurance for Pilots
Operating an aircraft is considered a higher risk by life insurance companies so often times companies will exclude payout if the cause of death related to an operation of an aircraft, increase the life insurance premium and sometimes even decline coverage altogether. Now before you get all worried there are more than 20+ companies who welcome and are willing to issue policies at reasonable rates to pilots. I personally wrote a case where a client who was a pilot got better rates than a regular applicant. The way your rates will be determined along with which guidelines you fall into will depend on the type of pilot you are. In addition to the type, the company will also consider total flight hours(PIC), certifications(IFR mostly) and min/max hours of flight per year.
So check out the categories that fit you:
*This is a general overview of how life insurance companies will look at your application regardless if you are a rotary or fixed wing operator. (Helicopter Pilots please note)
Life insurance for Student Pilots
Student pilots will usually not qualify for a preferred rating and will start with a standard rating which brings the monthly payment up. In addition to that, they will charge a flat extra (An extra dollar amount per $1,000 of insurance that is charged to cover any extra hazard or special risks such as aviation or hazardous activities.) Usually, this amount will be $2.50-$3.50 with most companies for a student pilot. The positive side of this is that, you can still buy coverage while your “risk” is high and once you become certified or gain a significant amount of flying hours (usually more than 600) you can reapply for better rates with no fees or penalties.
Life insurance for Private Pilots
Private pilots can qualify for a preferred rating with no flat extra just like a regular healthy applicant if you have the right amount of total flight hours(pic), IFR certified(some companies don’t require this) and also stay in the range of min/max hours flown within a year. The total hours required can range from 25-300 depending on the company if you want to avoid the extra surcharge. Also if you fly between 20-300 hours per year majority of the companies won’t penalize you. If you are IFR certified along with any other additional training will also help get preferred rates.
Life Insurance for Helicopter Pilots
There are a couple of things that the insurance company will want to know about you. With these factors, the insurance company will determine your rating.
- Kind of helicopter make and model you use mostly.
- What is it used for? Are you simply flying for pleasure or travel? Or are you doing some extreme missions?
- Do you do it for money?
- The typical flight conditions.
- How many hours do you fly per year?
Life Insurance for airline pilots
Congratulations! Most companies will provide a preferred plus rating as long as you are in good health and have a clean background history (also known as a job requirement). Believe it or not commercial pilots are one of the safest jobs in the country. This is because, they, and you already know this, have to go through rigorous testing and hold certain qualifications to work with the airline. Since a commercial pilot is not considered high-risk you will be able to receive one of the best ratings if you are fairly healthy.
Best life insurance companies for pilots
Being a pilot is not the only factor companies will use and expect them to categorize you. Picking the best company boils down to the type of flying you do, how long have you been at it, aircraft type and any certifications. Once you and your agent have answers to these questions a life insurance company can be picked out to match your criteria. For instance, you may go with a company that has maximum fly hours per year of 50 so if you do 100 they’ll give you a surcharge, whereas another company will still give you a preferred rate. One of our favorite companies that we like to send our hard-working pilots to is AXA.
Work with us!
You should have a pretty clear idea of what it takes to get life insurance as a pilot now. The next step is working with an independent agency that knows what it takes to get a pilot approved! The good news is that we are that agency and we happen to work with over 60 top rated life insurers. We will check the entire marketplace by all the information you provided to get you the best rate possible. Our experienced agents will also draft a cover letter to be included with your application to further entice the underwriters to look at you more favorably.
Feel free to call us at 888-492-1967 or Compare Life Insurance Quotes Online.
