Private Pilot Life Insurance
Private Pilot Life Insurance
Historically most life insurance companies consider private pilots as high-risk candidates. This isn’t, by any stretch of the imagination the opinion of all insurance companies. As a result, private pilot life insurance coverage is much more affordable and attainable than you may think. If you are a private pilot in need of life insurance, we at The Hinerman Group insurance agency 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 all aviation activities with an insurance agent who is experienced with these types of life policies.
Some of the questions you may be asked include the following:
- What type of aircraft(s) do you fly?
- Are you currently a licensed private pilot or student pilot?
- What certifications or licenses do you have?
- When did you become certified?
- How man total hours do you have?
- How many years have you been flying?
- How many hours do you fly annually?
- Have you encountered any accidents or incidents while flying?
- What is your pilot’s license number?
- Are you currently in training to become a commercial pilot or employed by a commercial airline in any capacity?
- Are you a member of any pilots associations such as the AOPA, PPA, IPA, etc.
Pro Tip: 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. It should be noted that Hinerman Group is often successful helping pilots that are low in annual hours for legitimate reasons
Private Pilot Life Insurance Application Process
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 type of 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!
Below are the steps to expect when applying for life insurance.
- Complete the initial questionnaire and assessment with your agent or insurance broker.
- Discuss any potential aviation exclusions that may impact your eligibility or rates.
- Determine what life insurance products you are applying for such as term life insurance or whole life.
- Identify your loved one or person who will be your primary beneficiary.
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.
About the Author: Ed Hiinerman has more than 20 years experience helping people with pre-existing conditions obtain life insurance. He does this by partnering with many different insurance companies and building lasting relationships with the underwriting teams to ensure he can properly navigate the high level of complexity that comes with medical underwriting.’
Fact Checker: This article has been fact checked by Drew Gurley who is an active member of the Forbes Finance council and author on many topics within the life insurance industry.
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.