It
used to be that if you enjoyed flying
for a living or just a love, life
insurance was going to be non-existent
or incredibly expensive for you. Things
have changed in the term life insurance
market for the better if you find
yourself in the sky on occasion behind
the cockpit. We work with pilots all
the time now to help them secure term
life so let's take a look at how the
life insurance market is finally
addressing the needs of pilots.
Just
the other day, a pilot called us for
life insurance options. He had already
checked out 5 other websites and 3
agencies with either no luck or a
general lack of knowledge on some of the
new options available for him. We're
glad he found us because we do have some
term life plans available and the new
underwriting is much more flexible.
So
let's go back in time. A pilot would
usually be making his or her way through
the term life application. Invariably,
there would be a question, along with
sky diving and other so-called risky
attributes, asking if the applicant was
a pilot. This could be commercial of
recreational. A "yes" answer to that
question was typically a deal breaker or
worse yet, the plan would cover the
pilot but exclude any benefit triggers
resulting from flying. This is only
half a remedy and ultimately, all pilots
would like to have full coverage even
deaths resulting from flying. The
limited options that were available
might approve you but at a huge increase
in term life cost. Not exactly a good
answer either.
Things have changed. The carriers (or
at least some of them) have become more
flexible. The trick is knowing which
term life carriers and plans are a
better fit for pilots. One of our
favorite options these days will
actually offer a pilot the best tier
(assuming he or she is in good health
and qualifies based on other general
life insurance underwriting
requirements) and apply a fixed extra
charge for being a pilot. Amazingly,
the fixed charge is affordable...a real
departure from extra premiums changed in
the past for flying. On top of this
fixed charge approach, the policy does
not exclude death as a result of
flying. It's the best of both worlds
and that's a tough order in the world of
life insurance. So how should you
proceed?
If
you're a pilot, let us know up front.
With a quick 10 minute pre-qualifying
phone call, we can take into account
your flying but also your general
health. Apples and apples, two carriers
may both cover flying at an affordable
term life rate but may evaluate other
health attributes differently. That's
were we can discuss your specific health
make-up beyond just the flying to figure
out which carrier will be easier (and
cheaper) to deal with. You longer have
to high your wings when applying for
term life insurance. We'll help you fly
and get term life coverage.
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