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So many life insurance companies have come so close, but none have ever stepped off the edge and done it. Preferred plus rates with no extra charge for private pilots who don’t have an instrument rating.

ING Reliastar came out with their preferred plus and a $.48 flat extra per thousand and got everyone’s attention for a while until it kind of blended in with the fact that several other companies were offering preferred rates. When you did the math the premiums were often lower at preferred than ING’s lure with preferred plus. But now……

An A+ rated carrier announced yesterday that they will now underwrite VFR pilots with 100+ solo hours and 26-150 hours annually at what are arguably the most competitive preferred plus rates on the table today. The aviation life insurance underwriting applies to term insurance and universal life and can go up to $10,000,000.

Just to put that in perspective I have a client who has $4,000,000 of term insurance in force. He fits all of the criteria above and currently has his policy with North American at preferred paying about $4800 annually. We just discussed this and ran rates with this just announced underwriting and it would reduce his premium to $3700 annually.

This really can’t be overstated. VFR pilots simply haven’t been offered these kind of rates before. Obviously you would have to qualify for preferred plus rates in all other aspects, but generally speaking health issues are not a big factor with pilots, some of the most annually examined folks there are.

Bottom line. If you are a private pilot with life insurance you shouldn’t pass up this opportunity to shop your coverage and jump on the savings. If you don’t have insurance and have always been envious of those best rates you see advertised, here’s your chance.