First seen on Smartincomeprotection.com.au
Getting life insurance for pilots can be quite challenging. Because any aviation-related job is considered as a high-risk activity, there are insurance companies, which refuse to offer any type of coverage for them. Also with recent events that directly affected the pilots, more insurance become more hesitant or stricter in offering life cover. But, do not despair. For all the pilots out there, applying for this type of insurance, here are some things you need to know to make the process faster and easier.
Before discussing the ways to get life insurance, here are some difficulties and exclusions that pilots face when it comes to life cover. First of all, pilots, in general, are asked to pay higher premiums for their life cover. This relates to the fact that what they do for a job is very risky and they are more exposed to accidents. So, even though pilots earn more than average, they need to pay more to get this kind of cover.
In addition, there are also some changes in specific coverage in life insurance for all types of pilots. For example, many insurance companies do not offer life cover to pilots who operate in war zones, risky geographic places, and unstable places. So, those military pilots, missionary pilots and relief pilots usually have a much difficult time in getting life insurance.
There are also a lot of people who assume that hesitation from insurance companies to offer life insurance to pilots stems from the acts of terrorism in the airways. Terrorism is also thought to be the reason for the pilots' eagerness to get insurance. However, recent studies in the increased number of pilots with this type of insurance reveal that terrorism may not be the force behind this trend. The availability of pilot-specific life insurance by a handful or insurance companies has more effect in this trend than terrorism.
Now, those companies, which offer pilot-centred life cover understands their needs, and they specifically, designed the policy by considering the types of pilots. Distinctions have been placed on commuter pilots, military pilots and agricultural pilots. Different premiums and coverage are offered for the different types of pilots. To get more information about this, talk to insurance agents or the insurance company itself.
The following are factors to consider when shopping for pilots insurance, you can successfully navigate common aircraft insurance pitfalls, and choose the provider that meets your needs.
1. A Pilot-Centric Insurance Provider
When looking for pilot insurance, it is important to choose a company that understands pilots and their unique needs. Don't get lumped into that catchall 'pilot-category' by working with a company that doesn't specialise in airplane insurance. By choosing a specialised aircraft Insurance company, you get a plan tailored to your specific piloting practices and lifestyle. This will allow you to lower your premiums while ensuring that you, your passengers, and you’re loved-ones are truly covered.
2. Direct Writer Aircraft Insurance Company
Seek out a direct writer company instead of an independent agent when shopping for pilots insurance. Direct writer companies employ non-commissioned professionals who specialise in their company's aircraft insurance policies. Remember, pilot insurance policies are non-standardised, so it is imperative that you deal with a professional intimately familiar with the nuances of the many coverage and policies available today.
3. Availability of Discounts
While choosing an airplane insurance plan tailored specifically to your needs is the first step to lowering your premiums, additional discounts are out there. Look for aircraft insurance companies that offer programs that reward pilots for participating in training designed to improve their piloting skills. Participation in these programs can lower your premiums by 5-10%, and many aircraft insurance providers offer multiple programs that can be combined for significant discounts.
4. High A.M. Best Rating
An airplane insurance company's A.M. Best rating is a measure of the company's financial strength and its ability to pay claims. Ranging from A++ to F, why put your future in jeopardy by working with any pilot insurance company without a 'Superior' rating.
The insurance agents can also make getting life insurance easier with a specialisation in pilot-centred life cover. They can go over your financial situation and other needs, and look for the best company suited for what you really need. Finally, getting life insurance for pilots can also be achieved by searching online for policies that meet your needs and conditions.
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