Life Insurance for Pilots
Getting life insurance for pilots can be tricky, but you can get coverage. How much your life insurance coverage costs will depend largely on how regularly you fly, how much training you have, and whether you fly for fun or work. Read more to get the specifics on pilot life insurance.
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UPDATED: Dec 11, 2020
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- Life insurance rates for professional pilots are often no different than other professions
- Some life insurance providers will require an aviation exclusion rider in order to provide insurance
- Student pilots and enthusiasts may have to pay higher rates in order to secure life insurance
Flying planes and other aircraft can increase your life insurance rates, but it also may not increase your rates at all. Insurance company underwriters will want to know how and why you fly.
Affordable life insurance for professional pilots, generally speaking, is not much more expensive, if at all, than any other profession. However, a pilot’s occupational rating can affect their life insurance rates.
If you fly for fun and not for work, life insurance companies may label you high-risk. This will affect the types of life insurance policies you can get, and how much they will cost.
Read on to learn about the best life insurance for pilots, and enter your ZIP code to start comparing life insurance quotes for pilots now.
Do life insurance companies cover pilots?
Yes, pilots can get life insurance. Pilot life insurance companies look at several key things when insuring pilots.
- How often you fly
- Why you fly (work or fun)
- Level of training received
Life insurance companies use this information to determine how to underwrite your coverage. Each insurance company also has their own occupational rating system that also factors into how much your coverage costs. This is based on the risk associated with your profession.
The Best Life Insurance for Pilots
Every pilot and person is unique in the eyes of the life insurance companies. The way your flying will be treated on your life insurance may vary from other pilots you know. Keeping this in mind, there is no clear answer to what is the best life insurance for pilots?
Take a close look at the table below to get a general idea of how the leading life insurance providers classify pilots.
|Life Insurance Companies||Commercial Pilot Life Insurance||Private Pilot Life Insurance||Student Pilot Life Insurance|
|AIG||Preferred plus for corporate pilots if aircraft is company-owned and maintained at the same standards as a commercial aircraft and flies within the US and Canada only||Standard plus with a flat extra fee depending on hours in flight and where pilot flies||Standard plus with a flat extra fee|
|Banner Life||Preferred Plus and Preferred available for commercial pilots with regularly scheduled flights flying within the US and Canada||Standard plus depending on hours in flight||Standard with a flat extra fee|
|Lincoln Financial||Preferred Plus||Preferred depending on hours flown, age, background, and limited to flights within the US and Canada||Standard with a flat extra fee|
|Mutual of Omaha||Preferred Plus||Preferred Plus depending on hours in flight with flat extra fee||Preferred with flat extra fee|
|Pacific Life||Preferred Plus, with a flat extra depending on individual circumstance||Preferred depending on hours in flight, age, type of aircraft flown, and instrument flight rating||Up to underwriter jurisdiction|
|Principal||Preferred Plus||Preferred Plus depending on hours in flight||Standard Plus with a flat extra fee|
|Protective||Preferred Plus||Preferred with a flat extra fee depending on hours in flight and age||Standard Plus with a flat extra fee|
|Prudential||Preferred Plus depending on years of experience and type of aircraft||Preferred depending on hours in flight and years of experience||Standard Plus with a flat extra fee|
|SBLI||Preferred Plus within the US and Canada||Standard depending on hours of experience with a flat extra fee||Standard depending on hours of experience with a flat extra fee|
|Transamerica||Preferred Plus||Preferred depending on hours in flight||Preferred with flat extra fee|
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The table above gives you a pretty good idea about how pilots are classified by insurance companies. You may have noticed terms in the table like preferred or standard plus, and you may wonder what they mean. Those terms are life insurance classifications.
Life Insurance Classifications for Pilots
Preferred plus is the best possible life insurance term you can hope for. This classification type has the lowest possible premiums because life insurance companies expect these individuals to live the longest.
Preferred is a classification just under preferred plus. These individuals still get great preimum rates on their life insurance, but there are minor stipulations that keep them from getting the best rates possible of the preffered plus classification.
Standard plus life insurance classification is given to those who are deemed to have an average life expectancy. The life insurance rates in this classification are right at average. This classification is right in the middle.
Standard life insurance classification is still expected to have an average life expectancy, but there are higher premiums than standard plus.
Substandard is a multi-tiered classification that helps insurance companies rate individuals with complicated histories. If you end up in the substandard classifications, you will pay the most for life insurance coverage.
Applying for Life Insurance
Every insurance company treats pilots differently. Getting good life insurance can be a long process. Pilot insurance is not cheap, but depending on who you work for it could be included in your benefits.
Pilots, and other professionals, who work for the FAA receive life insurance benefits. If you fly professionally, speak to your employer about the potential benefits you receive. You may be suprised to learn that you life insurance benefits.
Whether you fly for fun or for work, you can get life insurance as a pilot. The key is to find the best policy. Enter your ZIP code below to start comparing life insurance rates today.