Life Insurance
03-13-2023, 10:33 AM
#1
Rubber dogsh#t out of HKG
Thread Starter
Joined APC: Jan 2008
Position: Senior Seat Cushion Tester Extraordinaire
Posts: 620
Life Insurance
My financial advisor suggests I get additional life insurance outside of my employer.
What kind and which companies are more suitable to pilots? Term, Whole, Variable, etc.?
Are benefits paid if I buy the farm while flying in or around a conflict zone? (I fly ACMI and we do military pax and cargo)
What kind and which companies are more suitable to pilots? Term, Whole, Variable, etc.?
Are benefits paid if I buy the farm while flying in or around a conflict zone? (I fly ACMI and we do military pax and cargo)
03-15-2023, 07:39 AM
#2
Prime Minister/Moderator
Joined APC: Jan 2006
Position: Engines Turn Or People Swim
Posts: 39,273
Originally Posted by Radials Rule
My financial advisor suggests I get additional life insurance outside of my employer.
What kind and which companies are more suitable to pilots? Term, Whole, Variable, etc.?
Are benefits paid if I buy the farm while flying in or around a conflict zone? (I fly ACMI and we do military pax and cargo)
What kind and which companies are more suitable to pilots? Term, Whole, Variable, etc.?
Are benefits paid if I buy the farm while flying in or around a conflict zone? (I fly ACMI and we do military pax and cargo)
Term is almost always best. Whole life is more or less a scam IMO.
Most retail insurance will not cover anything war related... life, property, liability, etc. You could shop around and ask, but I doubt it. A company whose employees are exposed to combat risk in the course of their employment could probably obtain a group policy.
The underwriter could analyze the extent of the risk, and agree to operational policies and limitations to constrain the risk. For an individual policy, for all they know you're going to ship out to Ukraine and join the resistance tomorrow. Or take a job as a mercenary in Africa. There are very few people who would shop for combat risk life insurance, and they all have a reason for doing so.
04-10-2023, 02:08 PM
#3
New Hire
Joined APC: Apr 2023
Posts: 1
So if you buy the farm then you're dead. What good does life insurance do for you? Nothing. What it does do is give a benefit to your loved ones. In this case I believe Term is the best way to go. I have Term that will run out shortly after my children are all adults and on their own. In my mind the purpose of life insurance is to protect my family. Cheers.
04-13-2023, 09:24 PM
#4
Perennial Reserve
Joined APC: Jan 2018
Posts: 11,501
Term. It’s cheapest at the time you need it most, when you are young and have not yet had time to accumulate the wealth that would see your family through if something happened to you..
https://www.forbes.com/advisor/life-...nsurance-cost/
Whole life might not be a scam, but it’s pretty damn close. By the same amount of term that whole life would cost you and put the difference in your IRA or 401k and it will beat the wealth accumulation in a whole life policy in about three months.
https://www.forbes.com/advisor/life-...nsurance-cost/
Whole life might not be a scam, but it’s pretty damn close. By the same amount of term that whole life would cost you and put the difference in your IRA or 401k and it will beat the wealth accumulation in a whole life policy in about three months.
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