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Term Life Insurance
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siouxicide
Gimme yo' change
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js32driver
Member
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- Feb 8, 2004
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- 13
When you say "recommend" do you mean by quality or by price?
You can search by both at www.term4sale.com. That's one of the best term life insurance search engines out there. And you don't have to type in your name, address, phone number, etc., to get a quote. Just fill out the little questionaire and you get tons of quotes. Good luck.
Flying Biker
My own boss!!!
- Joined
- May 7, 2005
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- 64
When looking, be cautious and make sure that there are no aviation waivers attached. I would say most have them so if you are ever in any type of aviation accident then that policy is not worth the paper it is written on.
When I was looking many years ago, I believe even the AOPA insurance had this waiver on as well. I would not have thought this since it was coming from them it would have it, but it did. For the life of me, I can not remember who we got ours from and since I am sitting in a hotel room, I don't have access to it, but I know it took a lot of research to find one who did not have the aviation waiver attached. I actually had to go through the process of filling out the paperwork with one company only to find out about this little show stopper. But we finally did find one and even then it took about 8 more pages of paperwork that we had to fill in and several phone calls from the underwriters asking me the same questions about training, flight hours, expected flight hours, so on and so forth.
This did raise the rates slightly but not significatly. I want to say it raised it around 10.00 more a month on the premiums.
siouxicide
Gimme yo' change
- Joined
- Sep 19, 2003
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- 153
To clarify, my MN Life policy is $22/month without any aviation restrictions. Whether I'm piloting, pax, whatever, I'm covered. You will have a physical done and all the usual stuff.
Here's an old thread that may be useful
Here's an old thread that may be useful
sydeseet
Huge Member
- Joined
- Nov 26, 2001
- Posts
- 575
The aviation aspect can throw a wrinkle into the approval process but you can successfully navigate through it if you are prepared. I bought a 20 yr $1million+ policy last year through a local broker. When the pilot issue came up we spent the next two weeks working with various underwriters to make sure that my status as a professional corporate jet pilot flying 3-400 hours per year did not cause any type of coverage issue or increase in premium. If you are approved as a super-preferred risk without the aviation then you should fight to be considered a super preferred risk with it. They may want to lump you with every weekend warrior or crop-duster as an increased risk, however, my broker and I were able to convince them that my job is no more dangerous than someone in sales. I have it in writing that my claim will be covered should I cease and desist in any type of aircraft accident - whether it be as a CFI in a 172 or as a PIC in a G5.
It may take some wrangling but it's worth the fight. It will be yet another case of educating someone on exactly what a professional pilot does at work. Good luck.
It may take some wrangling but it's worth the fight. It will be yet another case of educating someone on exactly what a professional pilot does at work. Good luck.
siouxicide
Gimme yo' change
- Joined
- Sep 19, 2003
- Posts
- 153
I probably sound like a salesman for MN Life, but their application has you list type of flying, type of aircraft, hours per year, if you do flight instruction, etc. I believe it was PIC Life that was also geared towards pilots, but their rate for me was $30/month for $500k, 20-year. Still pretty decent I thought.
Shag McNasty
Well-known member
- Joined
- Jul 14, 2002
- Posts
- 119
AIG ?
If your an ALPA member the programs offered as additional coverage are very competitive. Just call member services, they have many programs to choose from.
About the only thing ALPA is good for these days.
Undewriter is Guardian Life Insurance Company, you may be able to buy into the program without being an ALPA member. The last time I looked you just have to be an active P121 pilot. Check it out.
About the only thing ALPA is good for these days.
Undewriter is Guardian Life Insurance Company, you may be able to buy into the program without being an ALPA member. The last time I looked you just have to be an active P121 pilot. Check it out.
LAFrequentflyer
Well-known member
- Joined
- Oct 17, 2005
- Posts
- 197
Get a quote from http://zanderins.com/ as well. They represent a large number of insurers so can usually find you a pretty good deal. The quote's free so it's worth getting several.
siouxicide
Gimme yo' change
- Joined
- Sep 19, 2003
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- 153
It is a tiered system based on your physical condition, risk factors such as smoking, and whatever they find in the physical and bloodwork. My rate was the preferred select rate.
matthewjohn
Well-known member
- Joined
- Jan 18, 2006
- Posts
- 61
AIG doesn't sell term insurance.
A company they own sells term, American General, which is profitable and still rated very high.
AZ T
ALPA's term life insurance is a rip off. I've quoted it in various situations, always more expensive than many other companies, even with aviation "issues."
Someone mentioned PIC Life: www.piclife.com. They know the pilot game better than anyone else when it comes to life insurance.
Get enough, it's cheap. We recently had a family member pass suddenly in his 50's...$500,000, with very little debt...and it wasn't enough. Get at least $1,000,000.
And don't buy it from one of those stupid MLM companies like Primerica for goodness sakes.
AZ T
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CitationCapt
STILL determined
- Joined
- Dec 3, 2001
- Posts
- 229
You have no idea what you're talking about, sorry.
Insurance companies and mutual fund companies are regulated separately. Insurance companies must contribute to state guarantee funds - if the insurance company goes insolvent, the state pics up the tab to guarantee funds available for claims. Mutual fund companies do not. If the mutual fund makes bad decision, you as a shareholder are out of luck. In addition, credit rating agencies look at factors affecting credit worthiness for insurance companies, hence ability to pay claims. These ratings are reliable. Mutual fund companies have morningstar, a backend payout system which is rarely accurate nor reliable and has nothing to do with paying claims.
An insurance company and a mutual fund company are two totally separate types of businesses - one a contract, the other a gamble.
AZ T
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