Pilot Life Insurance

[CTD]

I went through this a couple years ago. I always had excellent company coverage, so I didn't bother with supplemental; but when I joined Transport I needed some more.

 

I was looking for $350K, 20-year term, and applied to State Farm (my regular insurers). My wife got the same coverage for $20/mo. She's 30 years old, non-smoker, non-skydiver, blah blah blah. I was 41, and they wanted $169/mo because I USED TO BE a test pilot. Their logic waas that if I did it before, I could do it again. My assurances that I was not interested in this career again fell on deaf ears.

 

So, I called an old buddy who has an insurance company in North Bay. He found me a polocy with TransAmerica for under $60. Pilot, ex-test pilot, blah blah blah. Filled out the form, got the blood test, and go.

[Pratt]

Thanks 624, that was the one that I went searching for.

[624]

No problem Pratt, I'm in the market for life insurance right now too. But every time these insurance people find out I am a pilot the rate usually triples!!! So off I go looking for another broker. Surely there has to be an insurance underwriter out there that knows flying is safe.

[624]

Thanks BB, I'd appreciate anything you find out.

I'm dealing with the Cooperators on another insuance matter. I've never talked to them about life insurance though.

[Bush Bunny]

624, I use them for car insurance too, this afternoon should be informative though. I'll let you know.

 

BB

[Bush Bunny]

Ok, here's the deal with the life insurance through the co-operators.

 

As long as you don't fit into one of the special categories; crop dusting, fire surpression, off-shore heli etc, you are not a high risk claim. The policies come in two forms, term, and permenant. You can read up on the differnces on their web site.

 

The most interesting thing I saw during his presentation, was that the policey covers you ANY TIME. The other aviation related ones I saw didn't cover you at work, claiming that was the responsibility of the company and workers comp.

 

My quote being 30ish... for 500k coverage joint with my wife for a 10yr term policy was $58/mo. or $29 each - much better than what I was expecting. Once you go into permanent policies, ie. to death, the premiums go up, but these offer all kinds of tax shelter and early retirement options second only to the RRSP system. The term policies go up dramatically every ten years, my quote being over $900/mo at age 65. The permanent premiums stay the same and you contibute extra for the retirement/tax shelter etc. If the premium was $150/mo., then you contribute say $250/mo. and it is invested as a lump sum. When you want it, you go to the bank and sign over the policey as collateral and the bank lend you %80 of the policies worth, the remaining %20 being payed out at time of death.

 

Hope that short disjointed explanation helps, I got tonnes from the meeting and feel much better for having done. Any questions class???? :-)

 

BB

[624]

Thanks for the info BB. I'll have to give them a call.

[N.O.E.]

There are a few of us in the Calgary area who got good coverage through Standard life, try calling Bob Mcnary at 403 209-4044. I'm not sure if the package that we got is still available but ask what he's got.

 

cheers

[helicopper]

transamerica life canada utilizes their standard "aviation/ultralight/ballooning/hang gliding" questionnaire to pro-rate term premiums...

 

for further info/quote... contact mr bill LOZYNSKY in london @ 1-800-265-3299.

 

cheers...