Whether you are a pilot looking for extra life insurance over and above what your company offers or are just looking to secure a policy on your own, it is natural to wonder if your chosen profession will make it difficult to obtain a life insurance policy.
After all, being a pilot is deemed a dangerous job, so many companies may shy away from covering pilots, right? Wrong! You can get a policy, you just have to do your due diligence and understand what companies use to decide life insurance premiums for pilots.
When am I Covered with Pilot Life Insurance?
Just because you fly for a living does not mean the life insurance carrier will not cover you while you are or are not flying. While some companies sell “time-specific” policies for specific trips (traveller’s life insurance is very common but limited to the time frame of the trip), you are looking to secure coverage as a term of whole of life policy.
As with any professional, your coverage is in place when you are both flying and on the ground.
Does the Type of Flying Affect My Coverage?
The broad stroke answer to this question is, “Yes”. Different flying occupations will result in different types of premiums. For instance, someone that owns a small, personal jet flying “on demand” may see higher premiums than a pilot that is flying larger commercial jets for a living.
In addition, the more experience the pilot has, they more likely he or she is to see lower premiums offered for coverage. genesage.com/life-insurance-for-dangerous-hobbies covers similar ground as well as a discussion relating to high risk hobbies and other pastimes.
Life insurance companies also consider some types of pilots as uninsurable. For instance, it can be quite difficult for “crop dusters” to secure coverage simply due to the fact that the relative nature of their flying is considered more dangerous. Mind you, this is not true of all companies, so it may take some research to find a company that will accept this type of pilot as an applicant.
Will I have to take a Medical Exam for Pilot Life Insurance?
While not all companies require medical exams, the nature of the profession makes it far more likely that the carrier will want a recent medical exam before approving coverage. For most pilots, though, this is not a concern, as pilots in general are in exceptional health due to the nature of the profession.
For most professional/commercial pilots, an exam is mandatory every year simply to keep their job, so this should not be a make or break issue for someone looking to secure life insurance.