rotrhd1 Posted September 21, 2005 Report Share Posted September 21, 2005 I was just wondering how many of you are forking out for your own term life insurance? When I approached several companies a few years ago about purchasing term insurance from them I asked them up front if what I did for a living would have an affect on the cost of the insurance. Every one of the said that it wouldn't. It's not until you get to the stage of having the underwriter review your information and policy that the truth comes out. If you are an active commercial helicopter pilot and you declare this with an insurance company, they immediately slap the highest rating on you of $5/$1000 of life insurance. Yet, if you fly less than 300 hours a year on a private fixed wing licence there will be no rating applied. I asked each why this was and their response was that flying helicopters was a very risky business. They couldn't say for sure where they got there information but they were adamant that "them were the facts." The last company I approached also dismissed the possibility that I would get rated to the max, but when the rating was applied from the underwriters, the agent was surprised. He had the decency to listen to my argument, which I supported with accident statistic from the TSB. I'm not a statistical guru by any means, but what I interpreted the stats to show was that helicopters fly the same if not more hours than the private/casual pilot yet their accident rate/100 000 hours flown was between 3 and 5 times more. The fatalities from this area of flying were 2 to 4 times more likely than in helicopters. He sent this info to the underwriters and they eventually reduced the rating. Unfortunatley it didn't go away all together but at least it's reduced. I guess I'm just wondering if any others have had experiences like this. If any of you want details on who this was with I'd be happy to give you more info. RH1 Quote Link to comment Share on other sites More sharing options...
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