Earning your pilot’s license is a thrilling experience.
Some people decide to get their aviation license to help with a long commute or for agricultural reasons. Some have dreamed of flying since they were small children. And still others heed the call of aviation as a career. Regardless of the reason, most people that put the time, effort and money into obtaining their pilot’s license have spent many years dreaming of the day they will earn their wings. Once they do begin flying on their own, however, the question of life insurance invariably comes up. Many pilots and would-be pilots wonder if the hobby or job they love will be considered too high risk for life insurance and just where can I get life insurance for a pilot. If they can get insurance will it be affordable? The short answer for both commercial and private pilots is yes, you can almost certainly get life insurance at rates you can easily afford.
Life insurance is one of the most important safety nets that you could ever buy for your family. It’ some of the only ways that you can ensure that your family has the money that they need, regardless of what happens to you. When you apply for life insurance coverage, the insurance company is going to look at dozens of different factors to determine how much of a risk you are to insure with a plan. The higher risk that you are, they more they are going to charge you for insurance coverage. They are going to consider everything from your age to your overall health. If you have a “high-risk” job or hobby, like flying, you may assume that you can’t buy a life insurance policy or that your premiums are going to be sky-high, but that couldn’t be further from the truth.
Most Of Our Companies Offer Life Insurance For Pilot’s
As a pilot or potential pilot, it is important to do your homework when researching life insurance, and that is where we are able to help. In most cases you are eligible for coverage but sometimes you can get a policy that you think is correct but actually does not cover you when you are flying. Do not let this happen to you or your loved ones.
Commercial pilots are almost always considered low risk by insurance companies. This is simply because flying commercial airplanes is considered very safe. As an added bonus to insurers, commercial pilots have to have regular physicals and, therefore, are considered to be healthy overall. One area that might affect your ability to get the best rates is where you fly. If you fly over certain terrains or fly from or land on non-licensed strips your rates could be higher than expected. If you are a commercial pilot in any circumstance, then we can help you get the best rates possible.
When you apply for life insurance as either a commercial or a private recreational pilot you will be expected to fill out an additional aviation questionnaire. This will generally cover some basic questions like how long you have been flying, where you fly and for what purpose do you fly. Obviously, this helps assess the risk of insuring you.
Private recreational pilots will generally be able to get life insurance at the same rate as commercial pilots. Age and experience can affect this, however. If you are young and inexperienced your rates may be higher. A reputable flight school can sometimes lower your premiums. As with commercial pilots, the terrain you fly over can affect your rates. For example, flying over fields for crop dusting is not considered nearly as high risk as flying over mountainous terrain. Again, we can help you navigate the best rates for your circumstances.
As with anybody applying for life insurance, pilots should keep the following in mind:
- Talk to your doctor
Insurance companies want to insure people who are in the best health. Talk to your doctor about your health history and what you can do to stay healthy. It is also a good time to get a complete physical.
- Your family history
When determining your rates, your family history will play a role. Do your homework and be prepared to answer questions about your family health history.
- Consider timing
If you have just had major surgery or been diagnosed with a disease it might be better to give it some time before you purchase your insurance. The same holds true for your pilot’s license. Sometimes waiting six months can dramatically affect your rates. Talk to us and let us work with you to establish the best timeline to suit your needs.
- Take care of your health
When you get life insurance, whether you are a pilot or not, you will be subject to a health exam. Make sure your blood pressure is under control, your weight is in a healthy range and you are eating as healthfully as possible. It is also a good idea to monitor your alcohol intake and if you are smoking try and quit. It is also a good time to begin an exercise program if you do not have one already.
Calculating Your Life Insurance Needs
Before you apply for a life insurance plan, it’s important that you determine what your life insurance needs are. Not having enough life insurance could leave your loved ones with a massive amount of left over debt and final expenses, which can make an already difficult situation a thousand times worse. When you’re calculating your life insurance needs, there are several different factors that you should account for to ensure that you’re purchasing a large enough plan.
The first number that you should crunch is your debts or final expenses that you would leave behind to your family. The primary goal of your life insurance plan is to give your family the money that they need if you were to pass away and ensure that they are left with a massive amount of debt. Be sure to add up all of your mortgage loans, student loans, credit cards bills, and any other final expenses.
The next number that you should look at is your annual income. The secondary goal of your life insurance plan is to help your family replace your source of income. If you’re one of the main income earners in your home, your family could struggle to pay for any basic expenses, but that’s where your life insurance comes in.
The best way to ensure that you’re getting the most affordable life insurance policy is to compare rates from dozens of companies before you pick the company that’s going to work best for you. Every insurance company is different, which means that one insurance company could give you higher insurance quotes, while other companies will offer you affordable coverage.
There are many different insurance companies across the nation, each of them is going to view your flying differently. Instead of wasting your time calling dozens of companies yourself, let one of our independent insurance agents do all of the work for you. Unlike traditional insurance brokers, we don’t only work with a single company. We represent dozens of highly rated companies across the nation and we can bring all of the best insurance rates directly to you.
Frequently Asked Questions
What information does a life insurance company need if I am a pilot?
When you apply for life insurance as either a commercial or a private recreational pilot you will be expected to fill out an additional aviation questionnaire. This will generally cover some basic questions like how long you have been flying, where you fly and for what purpose do you fly. Obviously, this helps assess the risk of insuring you.
Can I get life insurance if I am a commercial pilot?
Commercial pilots are almost always considered low risk by insurance companies. This is simply because flying commercial airplanes is considered very safe. As an added bonus to insurers, commercial pilots have to have regular physicals and, therefore, are considered to be healthy overall. Also, the terrain you fly over can affect your rates.
Can I get life insurance if I am a private recreational pilot?
Private recreational pilots will generally be able to get life insurance at the same rate as commercial pilots. Age and experience can affect this, however. If you are young and inexperienced your rates may be higher. A reputable flight school can sometimes lower your premiums. As with commercial pilots, the terrain you fly over can affect your rates.
