Private Pilot Life Insurance
Private Pilot Life Insurance
Historically, most life insurance carriers consider private pilots as higher-risk candidates. This isn’t, by any stretch of the imagination the opinion of all companies. As a result, private pilot life insurance is much more affordable and attainable than man believe. If you are a private pilot in need of life insurance, we at The Hinerman Group are here to help you obtain a policy that best fits your needs.
The Underwriting Process for Private Pilot Life Insurance
Private pilots should be prepared for any questions an insurance agent or underwriter might ask when applying for life insurance. Many life insurers will rate the below factors differently than others, so it is important to discuss them with an insurance agent who is experienced in private pilot life insurance.
Some of the questions you may be asked include the following:
- What type of aircraft(s) do you fly?
- What certifications or licenses do you have?
- When did you become certified?
- How many years have you been flying?
- How many hours do you fly annually?
- Have you encountered any accidents or incidents while flying?
Life insurance companies typically prefer to insure candidates who are in good health and who fly between 25-250 hours per year.
How do Underwriters Determine Your Risk Class?
Life insurance underwriters will evaluate the above questions and a number of other factors when determining a candidate’s risk class. This risk class will ultimately determine what the candidate’s life insurance premium payments will be. With private pilots, it is also possible for them to be assigned a flat extra. This is an extra payment on top of premiums that life insurance carriers can add to cushion the risk. Two of the most common reasons for flat extra charges are low annual hours needed to maintain proficiency and more dangerous flying like crop dusting. Depending on the circumstances, these flat extras can last for the entire policy term or for just a few years.
The swing criteria:
- Total hours. They want to know that you are experienced enough to fly safely and know when not to fly.
- Your flight rating? IFR and CFII are eligible for the best rate class with no restrictions on aviation. VFR can get as good as preferred, the second-best rate class as long as…
- Annual flight hours. For IFR and CFII to qualify for the best rate class you need to be flying 50+ hours annually. VFR can fly as little as 25 annually and still qualify for preferred.
How to Apply for Private Pilot Life Insurance
Private pilots have many options when it comes to finding life insurance, especially compared to a few decades ago. However, it can be overwhelming to figure out which policy and life insurance company best fits your needs. That’s why the experts at Hinerman Group are here to help. We have many years of experience helping private pilots secure affordable life insurance and can walk you through all your options. To learn more about how we can help, call us today!
We can always beat the rates that AOPA offers on their group coverage and we aren’t limited on the amount of insurance the way they are. Give our private pilot life insurance policy quotes a try. You’ll be glad you did
More Questions? Check Out Our Blog!
The Hinerman Group knows that every situation is unique and it can be difficult finding the best answers. Be sure to check out our blog where you will find a comprehensive bank of topics covered regarding Life Insurance. The background covered in The Hinerman Group blog will point you in the right direction and help you get your family the coverage you need.
Want to talk? Call Ed directly at (719) 539-7914 for a FREE CONSULTATION. *Ed released the fish and it went on to have a full life.