Life insurance

[Wetcheez]

I just applied for life insurance and had some questions concering the helicopter world and life insurance. One of the questions that I was asked was "Are you taking or plan on taking flying lessons?" I said NO. That's because I was denied my medical and am not sure if I will ever have the chance to train. And I knew if I said yes my payments would raise. If I enter a contract with them and then end up flying, will they pay out if something happens? Do schools have life insurance options for flying time? Also, what are the options for insurance when you are employed? Do helicopter employers get a good rate on insurance or am I just going to be paying out the butt for the rest of my life?

 

Or is laughable to even consider this in a helo profession? Any input would be greatly appreciated.

[RotorRunner]

First let me state that I am not an insurance agent or lawyer, however this is my personal experience.

 

When you reach 200 hours PIC time your rates will drop sharply.

 

Check out insurance through AOPA.

[Gerhardt]

You'd have to read the policy to know for sure if there was an aviation-related exclusion. If there's not, and you answered the question truthfully, there shouldn't be a problem. However, if you indicate on the app that you do not intend to take flying lessons and sign up six months later I'd think they'd stand on pretty solid ground denying a claim, even if your death occurred years later. The gist of it is that you misrepresented yourself at the time of the application.

 

I am very fortunate that my group plan at work does not exclude or rate-up aviation. But then again I'm not on the career-track so it doesn't really benefit me a lot.

 

There are reasonable life insurance policies out there. It's been several years, but I called matrix.com once and they searched around to broker a very reasonably priced policy for me.

[Wetcheez]

Thanks guys,

 

I'm going to check out AOPA and AVEMCO. They may be helpful when the time comes.

 

It's not that I was trying to misrepresent myself, I just did not want to tell them that I was going to try and take lessons and then be denied for medical only to be stuck with higher rates for the next 20 years. I don't know if there is a way to get back with them and say later that I wasn,t going to fly.

 

Anyways, I was just wondering if anyone else had any experience with this. Thanks again.

[Ely]

You'd have to read the policy to know for sure if there was an aviation-related exclusion. If there's not, and you answered the question truthfully, there shouldn't be a problem. However, if you indicate on the app that you do not intend to take flying lessons and sign up six months later I'd think they'd stand on pretty solid ground denying a claim, even if your death occurred years later. The gist of it is that you misrepresented yourself at the time of the application.

 

I am very fortunate that my group plan at work does not exclude or rate-up aviation. But then again I'm not on the career-track so it doesn't really benefit me a lot.

 

There are reasonable life insurance policies out there. It's been several years, but I called matrix.com once and they searched around to broker a very reasonably priced policy for me.

 

 

There is this little thing called a "no contest" After two years a policy is in place i dosn't matter what your app says. In other words life changes and you don't have to tell your insurance agent that decided to start hang gliding if thats what your in to. However if you lie on your app and die before your two years are up all your insurance co has to do is return you payments so be carefull.

[Gomer Pylot]

It depends on the insurance company. Some raise rates substantially for pilots, some don't increase them at all. Shop around, and ask questions before you sign. Make sure you get the answers in writing, because agents can lie, and you can't prove it later. Read the fine print in the policy, and then read it again.

[svtcobra66]

Why not just tell them if you get the medical to go through? That way they know that you're flying, and if the medical doesn't get turned around and you can't fly, then keep it as it is. As long as you make them aware of it before the fact then they have no grounds to deny, you will probably pay a higher premium if you do end up flying, but thats better than getting denied and avoiding the issue. And if they cancel the policy once you tell them, then you can obtain life insurance through one of the aviation specialists.