There has been a lot of jockeying over the past few years in who can make the best offer on life insurance for pilots. Generally the discussion has been around term insurance.
When American General backed out of the aviation market, they took with them virtually the only preferred plus underwriting for private pilots. And with them preferred plus only came with an IFR ticket anyway. VFR pilots weren’t eligible for their best rate.
The void left by American General has been filled with companies such as North American, Genworth Life and Annuity, Reliastar, Prudential and John Hancock. While not offering their best rate class, pilots were still able to get preferred, the second best rate class.
Now a company has stepped forward and is offering their best rate class for IFR and VFR pilots that fall into the following windows of opportunity. They need to have 100+ total hours and fly between 26 and 150 hours annually. That is pretty standard criteria for most companies, the difference being that it qualifies you for one rate class better than the others.
The only downside to this good news is that the term rates aren’t all that spectacular, but the great news is that their universal life rates with a no lapse guarantee are the best in the industry. For those pilots needing a small, or large, amount of permanent coverage, this is the ticket.
Bottom line. There are plenty of good life insurance deals to be found for private pilots. While 99% of life insurance companies will cut and run from the business, a good independent agent will be able to steer you to the few companies that believe this block of business is a great risk.
My 20 years of experience give me the knowledge and leverage to find reasonably-priced life insurance for people who have been declined or are paying more than they need to.
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