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Term Life Insurance

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porra

Well-known member
Joined
Nov 14, 2003
Posts
122
For those of you that have to buy Life Insurance, what companies would you recommend?
Thanks
 
Agreed. I switched to Minnesota Life last year and locked in a 20 year term $750,000 policy at $495 per year. Far outstripped my previous ins. company and any other competitor. Went thru AOPA.
 
For those of you that have to buy Life Insurance, what companies would you recommend?
Thanks

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.
 
For those of you that have to buy Life Insurance, what companies would you recommend?
Thanks

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.
 
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.
 
Thank you all for the info.
I guess I'll have to read the fine print not to have aviation waiver on it.
 
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.
 

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