Life Insurance

[rainman]

Well here is a question for ya'll.

 

For all of you who are contracters or work for company's that don't have life insurance, who do you go through and how much is it costing?

 

Any suggestions and or experiences any of you could share on this topic?

 

Cheers,

[Ryan]

Only suggestion I can throw out is too little too late for most here:

 

Get your life insurance before you even start training for your licence. Once you get insurance you can go to town flying whatever you like under the sun and they can't do a **** thing about it.

 

I looked into it as I got life insurance before my training. Even once I get a flying job I can increase my insurance as much as I like and the company (Manulife) doesn't care, nor can they stop me. :punk:

 

They can only deny you or be a pain in the *** if applying after you get a pilot's licence.... whether it be a private or commercial one. :down:

[Skids Up]

What about the fine print that says you are not covered in airplanes /aircraft unless you are only a fare paying passenger???

 

Seems to me that would be fairly restrictive....

[Harmonic_Vibe]

I have never seen the fine print but I have been told it's there. I have life insurance on my mortgage through the Royal Bank and an additional half million in coverage, also through the bank. It's less than a hundred bucks a month for all of it. However, Skullcap told me that his insurance through his bank doesn't cover him if he's acting as the pilot of an aircraft... or something like that anyway, so I guess I should look into it... especially since my ex-girlfriend is my beneficiary... hmmmmmmm... I better get on it tomorrow...

 

HV

[Cole]

HV, Does that mean if you die in a house fire, your family is loaded?

 

Just kidding, would never wish death on anyone. as specially a pilot

 

 

Cole :punk:

[rotrhd1]

Only suggestion I can throw out is too little too late for most here:

 

Get your life insurance before you even start training for your licence. Once you get insurance you can go to town flying whatever you like under the sun and they can't do a **** thing about it.

 

I looked into it as I got life insurance before my training. Even once I get a flying job I can increase my insurance as much as I like and the company (Manulife) doesn't care, nor can they stop me. :punk:

 

They can only deny you or be a pain in the *** if applying after you get a pilot's licence.... whether it be a private or commercial one. :down:

 

As I understand it Ryan, that's not the way it works.

 

You can go to town flying for a career but if you don't inform your insurance carrier of this change then they have every right to deny a payout if the unthinkable happens. It's the same if you take up sky-diving or other "percieved" risky hobby.

 

A lot of life insurers don't cover the "insured" when that person is the pilot of said aircraft, unless the carrier has underwritten the policy indicating that risk and has charged a healthy rating to boot. Most charge $5/$1000 of coverage on top of the regular charge. That adds up fast.

 

What burned my butt was that if you're a private pilot and fly less than 300 hours per year you don't charge a rating. I showed the Clarica agent I was dealing with the accident rates/100K hours of flying for private pilots vs helicopter and he went to the underwriters on my behalf and got the rating cut in half. What a guy! :up: :up:

 

I've recommended almost a dozen pilot friends to him and they've all recieved the same deal.

 

I continue to pass along the information to anyone who asks.

 

 

I've also read that life insurance offered by banks for your mortgage and other stuff are as thin as the paper they're written on. Lots of loopholes for them to wriggle out of - they are banks after all! Better to get your insurance from insurance theives... they're the real professionals.

[rainman]

I guess I should be checking my mortgage insurance as well then! What a shocker that would be for our significant others if it was all deemed null and void at our demise.

 

HV, yeah you better change that beneficiary, wouldn't want the ex benefiting! My dad still hasn't done that and it's been almost 4 years. Not too pro-active

[putz]

RAINMAN!!!

 

Check out Robert Mcnary at Pelican group out of Calgary. I got a term policy for $100000 for $35 a month. I looked around and that was a good deal. He deals with alot of rotary pilots. He has to really work on the insurance people. Pretty indepth experiance checks and pursuading from what he told me. Isn't funny how doing a medical every 6 months to a year doesn't help a bit when it comes to insurance people.

Hope that helps

[Ryan]

Hmm. Interesting stuff guys... all worth looking into. I never heard about the fine print, but my agent said I'd be fine even if I were PIC. But being an insurance agent means I should know better, since they lie better than lawyers!

 

Rotrhd1, PM me you're Clarica agent's info should I need to pull the old switch-a-roo.

[rainman]

Thanks Putz!

 

I'll give them a call, Going to an rbc guy today and we'll see how that works out.

 

Cheers