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life insurance for pilots

Life Insurance for Pilots

by Glenn on November 11, 2007

If you’re a pilot, you might be concerned about how life insurance companies will treat your avocation. Well, there’s good news and bad news (sort of).

No matter what type of pilot license you hold most companies will ask you to complete an additional ‘Aviation Questionnaire’ when you apply. This form simply investigates in more detail what and how you fly.

If you’re a commercial pilot you will likely recieve standard rates for your insurance. In other words, your job as a pilot won’t affect your insurance rates. In fact, your job may in fact help your rates. Commercial pilots typically are required as part of their job to be very healthy, exercise regularly, and recieve regular medical checkups. That means generally commercial pilots may recieve ‘preferred’ rates that are slightly less expensive than regular rates for the average consumer. This is of course dependent upon individual underwriting at the time of the application.

For private pilots or those that fly as other than a regular fare paying passenger insurance companies will want to handle this in one of two ways. While your base insurance rates will be based upon your individual underwriting and health, your flying activities will demand some type of rating. In that situation insurers typically offer two options.

The first option is a ‘rating’. This means they will charge an extra premium to cover your flying activities. The second possibility is an ‘exclusion’ where the insurer will cover you as normal for all activities except for flying. Should you die while flying or piloting an aircraft you would not be covered.

In short, if you’re a commercial pilot you can expect to be treated as if you are in a normal risk career. If you fly small aircraft you can expect to be rated. That makes it even more important to shop the various carriers to ensure you’re recieving the lowest rate.

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