Life insurance for gyro pilots

Joined
Jul 31, 2014
Messages
3
Location
Susanville, CA
Hi all, newbie here. Got the bug a few months back to build/buy a gyro, get trained, and get in the air. Been enjoying lurking here for last month or so. My wife is in favor- as long as my life insurance is paid up . :D Any advice on how to get term life (I'm 60 now) that won't be voided in the "unlikely event"? Thanks for everyone's wisdom, experience and contributions to this great site.
 
You can buy Life term insurance from the EAA that does not exclude experimental rotorcraft.. Seems like you can get 250K for about $400 year.
 
I recently went to work for a company which has one vice president who's a pilot. Guess what? The company's term life plan has no aviation exclusion! ;)

I now have insurance that will cover me if something goes awry in an experimental. AOPA and EAA have both had plans which included experimentals, but excluded rotorcraft. (I haven't shopped them lately.) Just one more way we're considered too small to fight for, I guess.
 
Interesting. My SBA loan requires term life for the loan period, 10 years, in the amount of the loan - right now insurance is for $225k. My monthly life insurance payment (60yrs old) is $235. I am looking for ways to reduce this.

The policy specifically excludes accidental death while flying experimental aircraft.
 
I checked my policies a couple weeks ago. I've had two for about 15 years and neither have Aviation Exclusions.
 
Yes, life insurance for rotorcraft is available, and for very reasonable rates!

Yes, life insurance for rotorcraft is available, and for very reasonable rates!

I posted a year ago the details here:

http://www.rotaryforum.com/forum/showthread.php?t=39146

Upon my renewal this fall, the rate went up a little over a dollar a month. So, last year if was around $43 monthly.

The rate for me was around $38 per month, just for the $250,000 coverage from being a Pilot In Command (PIC). It was only an additional $5 a month for 24 hr. accidental death, regardless of cause. Also, through this Lloyd's Of London coverage, they'll not pay at all if death is caused by suicide, something life insurance companies usually cover after the policy is in force more than 2 yrs.
 
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Interesting. My SBA loan requires term life for the loan period, 10 years, in the amount of the loan - right now insurance is for $225k. My monthly life insurance payment (60yrs old) is $235. I am looking for ways to reduce this.

The policy specifically excludes accidental death while flying experimental aircraft.

Greg: Met Life insures me for $250K at $127 a month. That is for a 20 year policy through age 77 for me. I'm the same old age as you (60). That, of course has the usual aviation exclusion. The policy I had through Fidelity was a 15 year one for $93 a month. Baring complicated health issues for you, I can't imagine why they are charging you so much...did you get it through the loan process (credit life insurance), 'cause that type is usually more expensive than finding it on your own.

These insurance companies asked for, & I told them about my immediate family's cancer history, too.

The Lloyd's referenced here is about $39 per month for the PIC coverage only. I elected to add their 'round the clock accidental death coverage from any event for an additional $5 monthly.

Can't place the insurance company's name right now, but I was reading some of the Dave Ramsey stuff the other day where they name an insurance company that has the "A" rating from A.M. Best that can beat all the other company's rates.

I'm going to research it more, & change over from Met Life if they have better rates for the regular life insurance. I'm guessing Met Life's rates are higher since they advertise a lot on television, and have to pay for all that advertising.
 
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