Hmmmm, so figure the insurance company figures about 230:1 against you dying before 65.
Life Insurance for Pilots that doesn't cost an arm and a leg?
- Thread starter Greebo
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Hmmmm, so figure the insurance company figures about 230:1 against you dying before 65.
alfadog
Final Approach
I think you dropped a decimal place. ROI and P&O also factor in but yeah, you are paying for 23:1. If you think your odds are better than that then keep the money in the living trust it you have it.
Doh! teach me to divide big numbers in my head.
Yeah the fee for taking the bet is whatever interest they can make on the money. Figure that would be roughly equal to the interest on 20 year $45,000 mortgage.
The trust is the better deal in my book because you are the house in the bet. You have much more to lose, but you get the better odds and make the interest.
alfadog
Final Approach
Doh! teach me to divide big numbers in my head.
Yeah the fee for taking the bet is whatever interest they can make on the money. Figure that would be roughly equal to the interest on 20 year $45,000 mortgage.
The trust is the better deal in my book because you are the house in the bet. You have much more to lose, but you get the better odds and make the interest.
Well, if you did that in your head then you did pretty well. The trick in any calculation is the "does it make sense" and also a rough side check like figure 200 x 200 = 40,000 = about 25:1. The "makes sense" test is harder here.
gkainz
Final Approach
I've been debating with myself about replacing my policy with a lesser value, but the few half-hearted attempts showed less coverage would cost the same or more now ... I bought that one with kids still at home and college tuition forecast during in the coverage window.
LJS1993
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Jaybird180
Final Approach
PM me if you want my agents info. Add about $7.00 to the premium and if you're me, you can have 2.5x the above benefit for Pilots insurance. Premium decreases as I add ratings.
Depending on what there is left to protect and assure for the potential exists to skip it.
I always love when I'm told I need life insurance...
kimberlyanne546
Final Approach
VERY DUMB QUESTION WARNING:
If I am a pilot, but die of something else, and my life insurance (perhaps in the future I'll get an employer who gives me benefits again) EXCLUDES pilots or whatever.
I'm covered UNLESS I was a pilot right?
Oh and what if I'm a passenger?
With company policies, I've never done much more than sign a form (usually). When taking out my own policy, USAA had hours of questions about stuff on the phone (especially flying) and wanted me to see a doctor and wouldn't give me a quote. I thought, what a hassle, I'll do the $4 per quarter AOPA thing. Was super easy, one postcard sized form.
If I am a pilot, but die of something else, and my life insurance (perhaps in the future I'll get an employer who gives me benefits again) EXCLUDES pilots or whatever.
I'm covered UNLESS I was a pilot right?
Oh and what if I'm a passenger?
With company policies, I've never done much more than sign a form (usually). When taking out my own policy, USAA had hours of questions about stuff on the phone (especially flying) and wanted me to see a doctor and wouldn't give me a quote. I thought, what a hassle, I'll do the $4 per quarter AOPA thing. Was super easy, one postcard sized form.
Greebo
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Retired Evil Overlord
Kimberly,
I clearly remember that the exclusions in my case extended only to acting as an "operator" of an aircraft - not a passenger.
But you should consult with your agent to be 100% certain.
I clearly remember that the exclusions in my case extended only to acting as an "operator" of an aircraft - not a passenger.
But you should consult with your agent to be 100% certain.
kimberlyanne546
Final Approach
No worries, for now - I have AOPA for PILOTS. My job has zero benefits. Only pay. A job in the future might have life insurance.
Greebo
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Retired Evil Overlord
I'd call pay a benefit.
CMTowner
Line Up and Wait
I'm through Primerica.
Greebo
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Retired Evil Overlord
Thank you to everyone who's contributed helpful answers. I am most grateful.
buzzard86
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I'm a little late to this discussion, but wanted to chime in. I got my term policy a few years back from PIC. https://www.piclife.com/ I shopped around and they found me the best rate for a reasonable policy. It was also nice to deal with someone who understood aviation. The quote that I got from AOPA's agency was very, very high.
Jim
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Jason W (FlyNE)
I agree. I priced AOPA and they were WAY higher than the other policies that I found.
