Commercial Pilots and Life Insurance policies

[Ben-B]

I think I'm posting this in the right section, but apologies if it's not.


Does being a professional pilot considerably affect the premiums on a life insurance policy?

I have been told yes AND no by both pilots and non-pilots, as well as been given advice to take out a policy BEFORE I become a commercial pilot, in order to reduce the cost (ie take out a policy and pay a lower premium, then change my policy details and incur a smaller cost increase that if I took out a new policy).


What is the general consensus of professional pilots on the forum?

Thanks, Ben

[David Horn]

When I got a quote from BUPA late last year it seemed to make little or no difference.

[parabellum]

It will depend on the nature of your flying and you do need to discuss this with either your broker or the underwriters. Airline flying should not attract a loading as there is no actuarial evidence to show that airline pilots are a greater risk than anybody else.

Whatever you do don't hide the fact that you are a pilot as this would amount to non disclosure of essential information and would probably void your policy if you had an aviation related accident as a crew member.

[Intruder]

Depends on where you are and the company and policy you deal with.

Many US life insurance policies have aviation exclusions. I shopped around for one that didn't have one; this is where an independent agent with a knowledge of insurance AND aviation is a good resource. Midland National in the US.

[Ben-B]

Thanks for the replies guys.

At the moment, the intention is to go into the airlines, which as far as work related safety goes, is not a particularly high risk I guess, then again, a lot of insurance companies seem to have their own ideas about everything anyway, so I guess we'll see.


On a non-aviation related note, would any of you say there is too young an age to take out a policy?

[Intruder]

If you are single with no dependents, why do you need one?

If you are married and/or have kids, it would be nice to make sure they have enough money to survive...

Term insurance is the way to go. "Whole Life" makes financial sense only for the broker...