Life Insurance for Pilots.

At PIM we’re passionate about flying. But we’re even more passionate about taking care of the needs and financial health of our families. Unfortunately, these two passions can separate like oil and water when it comes time to purchase life insurance. If you’re a pilot and you’ve tried to purchase life insurance, you know what I mean. And if you’re an ag pilot, obtaining affordable life insurance might seem next to impossible. Regardless of what you fly, there is a good chance you are either paying higher life insurance premiums than you deserve or you’re taking an unnecessary risk—flying with no life insurance coverage at all as most policies exclude any and all activities related to piloting an aircraft.

We strongly encourage all of our clients to maintain an appropriate level of life insurance coverage. It should be a key component in every family’s overall financial plan. A family could be devastated financially without adequate coverage in the event of an untimely death. The benefits can be used to pay for funeral expenses, cover estate taxes and educational expenses, supplement a spouse’s retirement savings, repay an outstanding mortgage or debt or simply to maintain a lifestyle.

There are many nuances in life insurance coverage and with the aid of your agent you should determine the appropriate type of life insurance for your life stage/situation. Term life insurance provides a stated benefit upon death, provided the death occurs within the specified time period outlined by the policy. Whole life insurance provides a stated death benefit but also accumulates a cash or loan value over time like an annuity. The policy owner can actually borrow or withdraw money from the policy if desired.

Determining how much life insurance your family needs is the next hurdle. This will vary greatly depending on your life stage, lifestyle and aspirations. Discuss your goals with your agent to ensure the policy you purchase meets your family’s objectives and gives you peace of mind knowing you’ve created financial security for your family.

As with many financial investments there can be expenses associated with purchasing life insurance. Policies may have mortality and expense charges. Surrender charges and tax implications may occur if you cancel a policy prior to its maturity date. While the cost of your policy will vary depending on your age, health and the type of policy you choose, the availability of life insurance should never be a concern simply because you’re a pilot.

Your PIM pilot-agents have the necessary experience to work with the insurance markets to help them understand flying and make informed and accurate risk assessments in order to achieve fair life insurance rates. Call your PIM agent today at 800.826.4442 or request a no obligation life insurance quote online.

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