Life Insurance

[xiz]

So ..

I'm in the process of arranging life insurance, being a new homeowner.

I *should* be a pretty low risk .. late 30s/early 40s, healthy, never had a history of any sort of health problems, active, etc .. currently hold a TC Cat III medical, etc.

However, my insurance provider has informed me that because I have a private license, and fly recreationally, my monthly premiums would be, not 70 bucks per month, but over *200* bucks per month. The only other option is to take a waiver for which I would not be covered while flying. Never mind the type of flying I do, day VFR, single-engine low-performance is about as safe as general aviation can be.

This, to me seems like a supreme ripoff. I can't be the first person who's run up against this .. are there any insurance providers who won't try to soak a client because they have a private license.

Any suggestions?

[floatingbeaver]

I have 250,000 of term life insurance and my rate is 17.00 a mth, I am 40 non smoker and fly commercially, try co-operators I just signed my policy last month.

[moocow]

Well there's the difference. From an underwriting perspective, a PPL pilot have less experience and therefore more likely to have an accident. A CPL that flies for a living will have work insurance and even if he/she have an accident, it will most likely be on the work insurance's dime. Go bug your broker, it's his/her job to shop around for your behalf and be sure to have them explain every little detail of the insurance wording. Good luck finding one with won't "hose" you. If you fail to declare or they failed to ask and you had an accident, it will be a mess to get money from them. Ask if the broker can find you specialty insurance that can just insurance for a trip. If car racers can buy one just for a race or two, there may be some just for flying as well.

DISCLAIMER: I'm not an insurance underwriter. I worked with a major insurance underwriting company for 8 months as an assistant. However, the company did cover some basic insurance industry knowledge as part of my induction training.

[cubonfloats]

[quote="xiz"]
Never mind the type of flying I do, day VFR, single-engine low-performance is about as safe as general aviation can be.
[quote]

really?? take a look at the last 100 GA accidents...id bet most are in that category

although it might be hard to really get an idea of %..because there are so many... maybe your right, but it seems a little hard to believe

[canuckcam]

You should have gotten life insurance BEFORE you started flying. I know it doesn't help you now.

I got mine a few years before, I clearly remember the question was to the lines of, "are you or do you have any intentions of becoming an aircraft pilot." Just like the line that reads "have you, or do you, smoke cigarettes, etc." It's all fine and dandy if you put "no" down as it's really on the honour system, but if they find out afterwards when someone tries to put a claim in... uh oh. But the former question about intentions of being a pilot, I think that is much harder to prove on their part, whereas a post-mortem can prove if you smoked.

[aileron]

... my monthly premiums would be, not 70 bucks per month, but over *200* bucks per month...

I have 250,000 of term life insurance and my rate is 17.00 a mth, I am 40 non smoker and fly commercially, try co-operators I just signed my policy last month.

I think also the difference may be that you were quoted Whole Life?

In my case, being a 705 driver, the fact I go to 4 "uncontolled" aerodromes in addition to the other "controlled" airports, I have to shell out an extra $60 per month. But that's for Whole life, it's my point that at least I get part of my premiums back at some point.

[moocow]

I don't think they will pay out if they find your smoking teeth in a plane wreckage, especially when you already ticked "No" in regards to the intention question. That's like trying to get ICBC to pay out for a Corvette but you were driving a Civic when you first brought the insurance and didn't bother to tell them you got a new car. When the asset or related risk changes, the associated rates and premiums change, it's as simple as that. I'm sure your family would enjoy fighting it out with the insurance company in court. Remember, an insurance policy is a business contract therefore it's suppose to be fair to both parties and I don't think asymmetric information in favor for the policy holder counts as fair.

[sarg]

COPA Insurance Programs
Apply for COPA’s Group Aviation Insurance program, including Silver and Gold Wings, administered by Marsh Canada Limited.

"THIS INSURANCE IS SUBJECT TO THE TERMS, CONDITIONS AND EXCLUSIONS CONTAINED WITHIN THE POLICY OF INSURANCE AND IS ONLY AVAILABLE TO COPA MEMBERS. THERE IS NO COVERAGE IF, AT THE TIME OF LOSS, YOU ARE NOT A PAID-UP MEMBER OF COPA OR IF YOU ARE NOT A RESIDENT OF CANADA HAVING A PRINCIPAL PLACE OF RESIDENCE IN CANADA. THE PURCHASING OF THIS POLICY DOES NOT AUTOMATICALLY INCLUDE A COPA MEMBERSHIP. IT IS YOUR RESPONSIBILITY TO ENSURE THAT YOUR COPA MEMBERSHIP IS IN FORCE AND CONTINUES IN FORCE FOR THE DURATION OF THE POLICY TERM.

Important Notice:

COPA IMPORTANT NOTICE MASS MAILING DOCUMENT MAY 30 08 ENGLISH FINAL
COPA IMPORTANT NOTICE MASS MAILING DOCUMENT MAY 30 08 FRENCH FINAL

If you are not a paid-up member of COPA:

1. You must apply separately to COPA for a membership and pay COPA their annual membership fee;

2. We can still provide you with a Gold Wings Plan quotation. However, in order to purchase a Gold Wings Plan policy, for the insurance quoted, you must first be a paid-up member of COPA. To continue the process for a quotation simply click on the Marsh Canada website link below." Version français"

Interested in reading the COPA Group Aviation Insurance Policy Wordings or applying for COPA Aviation Life Insurance?

To view Policies click on the link(s) - Accessible to COPA Members only.

Policies and brochures for 2008.

COPA Aviation Insurance Brochure 2008 Programme d'assurances aériennes COPA 2008
Silver Wings Plan Policy Wording 2008 Police d'assurance 2008 - Plan Ailes D'Argent
Silver Wings Application Form 2008 Formulaire d'adhésion 2008 - Plan Ailes D'Argent
Gold Wings Plan Policy Wording 2008 Police d'assurance 2008 - Plan Ailes D'Or
Gold Wings Application Form 2008
Term Life Insurance Plan 2008 Formulaire d'adhésion 2008 - Plan Ailes D'Or
Programme D'Assurance-vie 2008

*To apply online click here

COPA Home and Auto Insurance

Note: all downloads are in PDF format and require an Acrobat Reader.
Download the free Acrobat Reader.

COPA Insurance Articles

To contact Marsh directly:

Marsh Canada 1-800-361-1625 or 514-285-5840
copa.support@marsh.com
Website: www.marsh.ca/copa
Fax 1-800-320-8892 or locally at 514-285-8299

Marsh Canada
Attn: COPA/Marsh Canada Limited
1981 McGill College Avenue, Suite 820
Montreal QC H3A 3T4

[xiz]

Never mind the type of flying I do, day VFR, single-engine low-performance is about as safe as general aviation can be.

really?? take a look at the last 100 GA accidents...id bet most are in that category

although it might be hard to really get an idea of %..because there are so many... maybe your right, but it seems a little hard to believe

Maybe yes ... but, from what I've seen (anecdotally following accident reports, etc), the majority of GA fatal accidents have been either low-time pilots getting into airplanes that are beyond their abilities (the Bonanza and now, apparantly, the Cirrus in particular), or getting caught in bad weather and not making it home.

I dunno .. maybe I'm looking at it from my own perspective, but I really don't think the sort of flying I do is particularly risky

[xiz]

... my monthly premiums would be, not 70 bucks per month, but over *200* bucks per month...

I have 250,000 of term life insurance and my rate is 17.00 a mth, I am 40 non smoker and fly commercially, try co-operators I just signed my policy last month.

I think also the difference may be that you were quoted Whole Life?

In my case, being a 705 driver, the fact I go to 4 "uncontolled" aerodromes in addition to the other "controlled" airports, I have to shell out an extra $60 per month. But that's for Whole life, it's my point that at least I get part of my premiums back at some point.

Actually, that was for term life .. for whole life, had I gone that route, my premiums would have been *starting* at 200 per month and gone upward from there ..

[xiz]

COPA Insurance Programs
Apply for COPA’s Group Aviation Insurance program, including Silver and Gold Wings, administered by Marsh Canada Limited.

"THIS INSURANCE IS SUBJECT TO THE TERMS, CONDITIONS AND EXCLUSIONS CONTAINED WITHIN THE POLICY OF INSURANCE AND IS ONLY AVAILABLE TO COPA MEMBERS. THERE IS NO COVERAGE IF, AT THE TIME OF LOSS, YOU ARE NOT A PAID-UP MEMBER OF COPA OR IF YOU ARE NOT A RESIDENT OF CANADA HAVING A PRINCIPAL PLACE OF RESIDENCE IN CANADA. THE PURCHASING OF THIS POLICY DOES NOT AUTOMATICALLY INCLUDE A COPA MEMBERSHIP. IT IS YOUR RESPONSIBILITY TO ENSURE THAT YOUR COPA MEMBERSHIP IS IN FORCE AND CONTINUES IN FORCE FOR THE DURATION OF THE POLICY TERM.

Important Notice:

COPA IMPORTANT NOTICE MASS MAILING DOCUMENT MAY 30 08 ENGLISH FINAL
COPA IMPORTANT NOTICE MASS MAILING DOCUMENT MAY 30 08 FRENCH FINAL

If you are not a paid-up member of COPA:

1. You must apply separately to COPA for a membership and pay COPA their annual membership fee;

2. We can still provide you with a Gold Wings Plan quotation. However, in order to purchase a Gold Wings Plan policy, for the insurance quoted, you must first be a paid-up member of COPA. To continue the process for a quotation simply click on the Marsh Canada website link below." Version français"

Interested in reading the COPA Group Aviation Insurance Policy Wordings or applying for COPA Aviation Life Insurance?

To view Policies click on the link(s) - Accessible to COPA Members only.

Policies and brochures for 2008.

COPA Aviation Insurance Brochure 2008 Programme d'assurances aériennes COPA 2008
Silver Wings Plan Policy Wording 2008 Police d'assurance 2008 - Plan Ailes D'Argent
Silver Wings Application Form 2008 Formulaire d'adhésion 2008 - Plan Ailes D'Argent
Gold Wings Plan Policy Wording 2008 Police d'assurance 2008 - Plan Ailes D'Or
Gold Wings Application Form 2008
Term Life Insurance Plan 2008 Formulaire d'adhésion 2008 - Plan Ailes D'Or
Programme D'Assurance-vie 2008

*To apply online click here

COPA Home and Auto Insurance

Note: all downloads are in PDF format and require an Acrobat Reader.
Download the free Acrobat Reader.

COPA Insurance Articles

To contact Marsh directly:

Marsh Canada 1-800-361-1625 or 514-285-5840
copa.support@marsh.com
Website: http://www.marsh.ca/copa
Fax 1-800-320-8892 or locally at 514-285-8299

Marsh Canada
Attn: COPA/Marsh Canada Limited
1981 McGill College Avenue, Suite 820
Montreal QC H3A 3T4

Thanks .. I'll look into COPA .. I'm not a member, but for 55 bucks, if I can get a better deal on life insurance, it's worth it.

[AuxBatOn]

It's not what YOU think that is important but rather, what THEY think about your kind of flying!

[xiz]

It's not what YOU think that is important but rather, what THEY think about your kind of flying!

Well, it's what I think about their service and products that ultimately matter .. and currently I think very little of either

[Life Assurance]

I have never posted before, but when I seen this I had to tell people. I am a driver myself
and had no questions about getting insurance with this company. And that was when I
was in a Navajo.

This company has a great attitude towards taking care of people. They have helped
my wife and I save a bunch of money. We pay about $110 per month for the two of
us. I'm covered for 1 million and so is she. Because we are covered with this company
we do not require mortgage insurance.

We are so pleased with this company I feel everyone should know about them.

PM me and I'll help as much as I can