Pilot Life Insurance
11-15-2007 | 06:02 PM
#1
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Pilot Life Insurance
Does anyone have or know of a good Life Insurance Company that offers policies specific to Pilots? I think my current Employer's rates are ridiculous and I would like to look at other options.
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11-19-2007 | 09:02 AM
#2
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From: Student Pilot
I got mine through AOPA, from Minnesota Life. I looked up their rating and it was relatively high. I pay $45/month for $500,000, but the type of insurance I have doesn't build any cash value (I forgot the specific phraseology they use, but the ones that do build cash value are a lot more expensive.) I'm young and healthy and don't have any dependents but the reason I insured my death so high is that I have a big student loan which a family member cosigned... I would hate for him to get shafted with my debt if I die and want my family to have more than enough to cover all my loan/funeral/etc and still have a lot left over.
11-25-2007 | 06:18 PM
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01-24-2008 | 06:49 PM
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From: 737NG FO
Term life insurance rates increase with age. Whole life insurance is better for long term insurance because you can lock the price. That is why whole life insurance is considerably more expensive. Ideally you would use term life insurance when you are young. As your assets grow and the kids leave the house you taper insurance back with age as the rates increase. Of course this was based on the concept of paying down a house mortgage. All insurance is cheaper when you are young and healthy. Term insurance eventually becomes unaffordable when you get older to the point that few people keep it. It is cheaper because odds are no one will collect. These are are generalities. Most insurance excludes aviation and military duties except for some of the ones mentioned above.
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