Level Term Insurance for pilots?

[AFcitrus]

Does anyone know of any insurance companies that will give a 20 year policy for $400,000 - $500,000 to pilots in the AF reserves - for a descent price? The cheapest monthly premium I have found is around $75/month (Armed Forces Mutual Benefit Fund).

It's odd, but many companies will insure an army/marine ground pounder for the same amounts for only $25-35/month but won't touch a pilot for less than 3 - 5 times that amount. So much for flying at 25,000 feet being safer than the front lines of ground combat!

Any ideas would be greatly appreciated.

Thanks

 

[Slim]

Following retirement from the National Guard, my neighbor (also a National Guard retiree) helped me obtain a poilicy which replaced my SGLI. They don't hold my flying against me.

First Penn Pacific Life Insurance Company
Executive Offices
10 North Martingale Road
Schaumburg, Illinois 60173-2268
(847)466-8000

I don't know if they will insure active/reserve military fliers. My quarterly premium is $118...more than SGLI, but lower than other replacement policies I looked at. The policy is for $250,000.

Good luck...fly safe!

 

[AFcitrus]

Thanks, I'll give them a call

 

[Fins83]

Term Life

Just want to point out that price should not be your only variable when deciding on a Life Insurance Company. I'm not familiar with First Penn Pacific Life... they may well be a great company. You should check on the rating of the particular company you are interested in....willl they be there in 20 years? Also check on other variables ...like if you are deemed terminally ill...can you get a portion up front, etc?

I retired last summer after 20 years and I did some of my own research on obtaining a 20 year term policy. Yes...I still fly. Most companies wanted to know what I am flying and projected hours. Some said that because I am over 40 yoa...that the "aviation rider" did not apply (I wouldn't be charged any higher than a non-aviator).

I checked 4 different, well-rated companies and chose one due to their past history with me (which is good), their insurance rating, and their competitive price. I chose a 500k level term for 20 years. At 43 yoa...I pay $90/month

Company...USAA

Just my thoughts....beware of looking at price alone.

 

[Andy]

Fins83 makes good points. ... don't forget to check for that 'pesky' war clause (if you die in an armed conlict, the insurance co doesn't pay).
I picked up extra insurance prior to desert storm and ended up spreading it out among several companies; it's been quite a while, but I think that it was cheaper to do it this way. Of course I dropped most of the coverage after Desert Storm, so it may be different in looking for 20 yr level term.

 

[Slim]

I also checked USAA. I use them for homeowners and auto insurance.

However, as a retired reservist, I looked for two things in replacing SGLI...a war clause and no "penalty" for my flying. One might think they would have a competitive policy given that many of their members are (a) reservists who fly for airlines, and (b) reservists who may be called up to go to war.

That was not the case. They would not insure my airline flying and there was no war clause. I found that surprising in 2001, prior to Sept. 11th.

I wrote to them saying this was insulting to those reservists who are USAA members and fly for a living. I also pointed out that such members were a sizeable chunk of their customer base. The complaint fell on deaf ears and they lost their opportunity for my business in life insurance.

I looked at three/four companies and agree you should check out more than one. But USAA dropped the ball on this one as they did with many members in Virginia after Huricane Isabell.

 

[AFcitrus]

Thanks folks,

I did check USAA and Zurich Life - the two companies that tend to be the "friendliest" to military people. They were not so friendly to me. $125 + per month.

USAA was supposed to get back with me and tell me whether I could have a military aviation exclusion (not sure if I want that or not). They had no problem that I was flying 800-900 hours/year with AirTran, only that I flew a KC-135 for 150 hours/year.

Incidentally, they did tell me that if I was over 40 (I am 34), they would not charge me extra for the military flying. Something about guys over 40 not flying as much because they are supposed to be "commanders". I guess they've never been in a Guard or Reserve flying unit.

Oh well, I'll keep looking. It is real shame that one is persecuted for flying in the military these days. Especially when most military pilots are not the ones in harm's way. I guess we should just be glad those couragous American ground troops in Iraq can get solid insurance for their's and their family's piece of mind.

 

[AFcitrus]

oops!! that's "peace of mind"

 

[t38dude]

Check this site out: www.aafmaa.com/home.asp

I am also trying to find some reasonable term life insurance. A bud of mine directed me to this company. Seems very military friendly (No wartime, no aviation, and no terrorism exclusions). As a matter of fact, it is only for military folks (and their dependents). I'm 36 and just got a quote of $27.00 a month for 500,000 worth of coverage for 20 yrs. Not bad! This quote is for people in excellent health (non-smokers) with good family histories. But the more expensive plans were still pretty reasonable. Give it a shot

T-38 dude

 

[dicepilot]

I was using AFBA ( Armed Forces Benefit Assoc.) and changed to USAA last year. 400,000.00 level term @ 45.27/mo. Age 42 at time of policy start. Does not require avn rider and provides avn coverage civ and mil.

 

[Falconjet]

Broker?

I went through the same drill earlier this year in an effort to consolidate my many insurance policies. I used IntelliQuote.com to get quotes from several different companies, and called USAA, TROA, Navy Mutual and several others directly. The best quote I got for a 20 year level term policy was from Prudential via the IntelliQuote service. Some companies will give aviators their best rates, some won't (de-facto flying clause), and the intelliQuote rep was able to outline each companys' policy based on my age and health. It was very helpful to get a lot of answers at one time. The price, based on the fact that Prudential would allow me their best rate based on my health despite flying for a living, and their reputation are what sold me on their policy.

I was very pleased with the service of the Intelliquote folks and the turnaround time for the whole process. I was also able to drop all of my ALPA and company supplemental life insurance because the term policy was cheaper.

Another option to consider.

FJ

PS: Fins83, You da Man!