Life insurance for pilots
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Joined: Jan 1998
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From: Where the job is!
Life insurance for pilots
Is the Professional Pilots Insurance Plan out of Alberta still operating? If so, would anyone care to comment on their experience with them? What alternatives specifically catering to pilots are available?
Joined: Jul 2006
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From: Canada
Yup, my husband and I (we're both ATPL pilots) each a plan with them.
Most of the information is on their website... pretty simple and straightforward. The only small glitch I had was when I changed my maiden name to my married name, I emailed them to update my information and they were slow to get back to me as my "rep" had moved on to another job. I ended up having to to email the "main" address, at which point they apologized profusely.
The price is sure right... especially for less coverage, our local Cooperators wanted an outrageous rate for my husband, and refused to cover me outright (I travel overseas regularly to many countries not on their "list" of so-called "safe" places...)
Most of the information is on their website... pretty simple and straightforward. The only small glitch I had was when I changed my maiden name to my married name, I emailed them to update my information and they were slow to get back to me as my "rep" had moved on to another job. I ended up having to to email the "main" address, at which point they apologized profusely.
The price is sure right... especially for less coverage, our local Cooperators wanted an outrageous rate for my husband, and refused to cover me outright (I travel overseas regularly to many countries not on their "list" of so-called "safe" places...)
Last edited by surveytheworld; 6th October 2009 at 01:54. Reason: grammar
Thread Starter
Joined: Jan 1998
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From: Where the job is!
Thanks for the information surveythe world. I checked with PPIP but they are no help.
First, their cover/policy terminates at age 65. That is of no help to those who intend to keep working after age 65 or need cover after that age. Second, the cover/policy terminates if one becomes a non-resident of Canada. As pilots have a global job market to chose from that also is of no help. It precludes Canadian pilots from considering any jobs outside of Canada, other than rotational contract work overseas with Canadian operators while still retaining Canadian residence (and paying Canadian taxes). Third, the amount of cover is limited to $300,000, reducing to $100,000 at age 60.
Other life insurance companies offer policies that provide more cover to well after age 65 and have no restriction on accepting a job overseas in future. Their rates seem to be comparable to PPIP's so there is no upside with PPIP, only a severe downside.
As always, it pays to shop around.
First, their cover/policy terminates at age 65. That is of no help to those who intend to keep working after age 65 or need cover after that age. Second, the cover/policy terminates if one becomes a non-resident of Canada. As pilots have a global job market to chose from that also is of no help. It precludes Canadian pilots from considering any jobs outside of Canada, other than rotational contract work overseas with Canadian operators while still retaining Canadian residence (and paying Canadian taxes). Third, the amount of cover is limited to $300,000, reducing to $100,000 at age 60.
Other life insurance companies offer policies that provide more cover to well after age 65 and have no restriction on accepting a job overseas in future. Their rates seem to be comparable to PPIP's so there is no upside with PPIP, only a severe downside.
As always, it pays to shop around.
Last edited by Carrier; 14th October 2009 at 19:56. Reason: additional information
Joined: Jul 2006
Posts: 101
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From: Canada
I did some shopping around but got turned down outright by many because of where I go for work. I work for a Canadian company but we fly worldwide, and the second you say "Africa" the insurance companies get all scared. If I just travelled to "nice" places the rate would still be exorbitant ($300-500 a month) and at 30 years old, the PPIP plan seemed like the best solution (around $30/month.)
Let me know what you end up going with, if you can!
Let me know what you end up going with, if you can!
Thread Starter
Joined: Jan 1998
Posts: 452
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From: Where the job is!
Quote: ".....and the second you say "Africa" the insurance companies get all scared."
Presumably this refers to Canadian insurance companies. Try contacting insurance companies who are familiar with Africa. Remember that all those pilots who are citizens of various African countries and who live and work there also need life insurance. They get it somewhere!
Old Mutual Old Mutual | Home and Sanlam Sanlam - Home are two good large insurance and financial services companies based in South Africa. They have expanded their services overseas, including to Europe and North America, so it should be possible to obtain life insurance through their foreign offices and in a currency to suit your future needs.
Presumably this refers to Canadian insurance companies. Try contacting insurance companies who are familiar with Africa. Remember that all those pilots who are citizens of various African countries and who live and work there also need life insurance. They get it somewhere!
Old Mutual Old Mutual | Home and Sanlam Sanlam - Home are two good large insurance and financial services companies based in South Africa. They have expanded their services overseas, including to Europe and North America, so it should be possible to obtain life insurance through their foreign offices and in a currency to suit your future needs.
Joined: Apr 2000
Posts: 450
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From: BC
Insurance...
Proverbial problem for pilots not with a corporate/organized flight department. I have flown contract for many years and have found some excellent coverage in Canada.
I deal with CIBC and through their 'wealth/investment' division (i'm not wealthy, BTW), they have a comprehensive insurance division. I usually throw my hands up at banks, but this time, it was quite the opposite.
Several years ago, I was able to secure over 1.5 Million in life insurance, good to 75 years and on a separate cover, a loss of income insurance as well.
The life insurance was rather simple and the loss of income required me doing a medical, that is set up by the insurance company. A nurse-practitioner comes to your home, asks a few questions, takes a urine sample, uplinks an ECG to a cardiologist and its all over and done with in 30 minutes.
I was age 56 when I applied for the insurance and secured coverage with no problems.
Feel free to PM me for more info, if you want.
I deal with CIBC and through their 'wealth/investment' division (i'm not wealthy, BTW), they have a comprehensive insurance division. I usually throw my hands up at banks, but this time, it was quite the opposite.
Several years ago, I was able to secure over 1.5 Million in life insurance, good to 75 years and on a separate cover, a loss of income insurance as well.
The life insurance was rather simple and the loss of income required me doing a medical, that is set up by the insurance company. A nurse-practitioner comes to your home, asks a few questions, takes a urine sample, uplinks an ECG to a cardiologist and its all over and done with in 30 minutes.
I was age 56 when I applied for the insurance and secured coverage with no problems.
Feel free to PM me for more info, if you want.
