Life Insurance Question

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ClarksonCote

Filing Flight Plan
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Jan 1, 2016
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ClarksonCote
I've found a lot of information online about how becoming a pilot may or may not affect your eligibility for a future life insurance plan.

But how does it affect an existing one? Do you just have to read through the terms of the plan and see if there's exclusions listed for activities like being a pilot?

Thanks in advance!
 
There are exclusions, flying yourself is one. Premium's higher if you do any of the things on the list, or payout's smaller - verify your plan. No bonuses as far as I can tell for doing EVERYTHING on the exclusion list. :)
 
Who is your current carrier?
 
Read your policy carefully,or talk to the agent . I know I pay higher premiums due to being a pilot.
 
Read the fine print. My previous employer had to escalate Aviation exclusion questions through 2 or 3 HR levels. I finally got answers:

If I'm the pilot then I'm not covered. If I'm flying with a coworker then I'm covered and they aren't. LOL
 
Policies vary, read your policy like has already been said. If it is not EXCLUDED, you SHOULD be covered. Shop and ask. In my case, I filled out a questionnaire that asked if I was a pilot or intended to be one. At the time the answer to both was no. I later became a pilot and inquired, the underwriter had me write a statement that I had not started training prior to the policy being put in place. I also provided a copy of the first page of my log book to verify the date started. In the end, I didn't need to do anything, I was covered because it wasn't excluded and I answered the questionnaire honestly.
 
As others have said it varies. Our current one does not exclude it because I do not fly enough for the actuaries to be worried.
 
If you need a policy that allows piloting small planes, there are some insurance agencies that specialize in pilots. I got quotes last Fall from two agencies, and I liked them both: Travers Aviation and Pilot Insurance Center.

I started out asking for an accidental death policy because the one offered by my employer, as a benefit, excludes piloting. But I was told by an agent that there's nothing much offered like that. So I applied for term insurance, which is much more common, and it turns out that several companies offer such policies that don't exclude pilots. I ended up with Minnesota Life. Genworth was another with attractive rates, but they are financially weaker.
 
frfly172 said:
Read your policy carefully,or talk to the agent . I know I pay higher premiums due to being a pilot.
Click to expand...

READ it. Ain't trying to accuse agents, but when the time comes "but he said he talked to the agent and everything was ok" isn't going to hold any weight. Neither is "but on the internet they said.............."
 
My wife works for State Farm, so I can only talk about their policies. Since I had my life insurance policy before I started training and got my PPL, I was covered without any premium increase or exclusions. If I would have had my PPL before my life insurance, they would cover me, but the premiums would have been higher. Read your policy, every company is different.
 
Most ADD insurance policies have an exclusion clause for acting as a required crew member on a flight. Read your policy carefully. (as mentioned several times here)
Insurance companies do not care whether you are a student, bought an airplane, got an IR ticket, such changes do not matter to them. They have an exclusion clause that covers these activities and that's as far as they go.

Now if you want to be covered while piloting, you'll have to find an insurance company that offers this coverage and you will end up paying through your nose. Because afterall, us pilots are all crazy suicidal maniacs, right? :D
 
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