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Does Life Insurance Prevent You From Pursuing Your Flying Career

Thursday, March 1st, 2012

Pilots find it extremely difficult to get a life insurance policy which is at lower rates and covers their life at competitive rates. Commercial flyers are however considered “low risk” by the insurers owing to the fact that commercial flying is safer but for the pilots who fly professionally or out of recreation, finding a low rated life insurance cover is very difficult.

Most of the insurers exclude the pilots the normal insurance benefits by charging exuberantly high premium rates besides automatically placing them in aviation sub-clause. Thus, if a pilot dies in some airplane or other aviation accident, the insurer will not pay the insurance to the beneficiaries of such pilot, the dogma is this clause is applicable on pilots even if the death happens while the person is travelling as a passenger.

The pilot in general are highly educated and earn higher incomes besides being healthier than other average people, thus being a pretty good risk. Thus, when you go to shop for a life insurance policy for yourself and mark your profession as pilot, one of the two things are likely to be done by the insurance firm:

  • They will include the aviation clause in your life insurance contract.
  • Or they will rate you, i.e. charge higher rates for your life insurance cover, which can typically range from 50% increase in the premium to 100% increase in the rates that you will be asked to pay.

It is usually easier for the firms to rate “all pilots” into one category, thereby reducing their hassles of finding and assessing the risks associated with various categories of pilots such as commercial flyers, recreation flyers, pilot students, instructors, air force pilots, professional pilots; thereby putting an increased burden on your pockets with higher rates of premium owing to your profession.

However, with the gradual change in the insurance markets, you can find firms which will provide you with the cover you need in minimal or competitive rates, almost in par with the rates fixed for normal individuals. It is not necessary for you to accept higher premium to cover your life. Many consumer oriented insurers in association with leading pilots have set up insurance initiatives to cover the individuals who are pilots in almost normal rates without applying the aviation clause on them.

How can I save money in my life insurance?

If you are a pilot, the good news is the times are gradually changing and you can avail a decreased rate in the insurance cover provided to you. Most of the pilots for that matter can, however, there are few conditions which need to be taken into account before you can save money in your life insurance cover.

  1. You can save money if you already have life insurance coverage.
  2. You can save money even if you hold a life insurance policy for ‘n’ number of years if you have not reviewed the rates in past three to four years.
  3. You can not save if you are covered by the employer.
  4. You can save money if you are planning to buy a new insurance cover for yourself.

Thus, if you are eligible to save, in most cases you would be you can stat off by following pieces of advice while dealing with your life insurance policy.

  • Do not buy a life insurance policy if you don’t really need. i.e., if you are not yet married, you don’t really need a life insurance cover.
  • Look for the policy which is competitively price. If you directly go for a rated policy for your profession you are likely to shell out a sum as high as 50% to 100% of the actual price which might be available for you with other insurers.
  • A guaranteed renewable policy in case of purchase for term insurance will be better than non-renewable policy, thus make sure you buy a renewable policy for term insurance.
  • Participating in plan sponsored by employer, is far better than shopping for your life-insurance cover for it would more or less be cost effective.
  • If you already own a life insurance policy, it is good to compare rates at a period of 3-4 years and get the latest rates for your policy.

Before finalizing an insurer it is crucial to look for his ratings and reviews. Read and comprehensively understand the various clauses in your life insurance policy. Look if your insurer includes the aviation clause in your policy and avoid buying the policy where this clause is included. You should comprehensively understand the various provisions of the insurance provider, the face value that will be payable to beneficiaries in instance of death, the premium charges and other costs of holding the insurance.

The best thing is to compare and get life insurance quotes from multiple policy providers and choose the one which is lower with equal benefits, alternatively you can choose the one with competitive rates and better claim settlement procedures. The bottom-line here is take an informed decision while shopping for the best life insurance cover so that you do not land up buying the policy which charges you higher rates or does not provide you the cover in case of death arising out of aviation accidents. Since your profession risks you with higher chances of death in case of accidents, it is very important to know the policies of various insurers towards dealing with accidental cases for pilots.

The purchase of your policy will be of no use if your dependents are denied of the benefits or amount in case of your death due to accident. Thus make sure that you end up buying the policy which suits your personal needs and is cost effective besides ensuring your dependents a happy future even in your absence. A secured future is the best gift you can give to your dependents, thus do an extensive research before purchase of a life insurance policy document.

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