Life Insurance

[Waterboy]

Have started to look around at Life Insurance now. Just taking out the big mortgage for a house and have started the family of kidlettes. Better do the right thing in case of the untimely event of. The initial monthly premium of 78.48 on about 600k for a 20 year term has just come back to me at over 275 a month now after having done the “Aviation Questionnaire”!!
My times are over 6000TT, 5500 PIC, 10 yrs in the industry, approx 600hrs yr, no accidents but 95% of my flying was float.

Is this kind of insurance premium hike standard?
Does anyone have tips to fine more reasonable life insurance?
Will some operators cover the difference in premium costs as part of a benefit package?

I'm disgusted at this latest bit of news. Already shouldering the burden of being employed in a facet of the industry which has traditionally payed poorer, for more days of work, at higher work loads with less benefits than the “tie wearing” side of aviation. To take a $2400/yr out of pocket hit to protect my family might be the straw.

[Northern Flyer]

This sounds about right unfortunately. Sometimes, its even worse. Flying medevac and fire suppression I have seen surcharges of $5 per thousand of coverage. The only way around the high premiums that I know of is to have had a guaranteed life plan before you were a pilot. Fortunately I did have a plan in place through London Life before starting my career. It's a guaranteed plan with the option to upgrade at set intervals.

Keep shopping around each company has something to offer, you my be able to find a better rate.

[North Shore]

There is an outfit called PPIP that (used to?) insure(s) pilots. I see that their website is no longer operating, though... Here is what I can get about them from Google:

Professional Pilot Insurance Plan
Gd
Leduc, AB T9E 6L8, Canada
Phone: (780) 980-8282

Good luck.

[donnybrook]

Your mortgage insurance should cover you regardless of your occupation. I specifically asked this question to my bank when I got the loan. Of course, they could have been lying just to get my $$$....!

[sarg]

Have started to look around at Life Insurance now. Just taking out the big mortgage for a house and have started the family of kidlettes. Better do the right thing in case of the untimely event of. The initial monthly premium of 78.48 on about 600k for a 20 year term has just come back to me at over 275 a month now after having done the “Aviation Questionnaire”!!
My times are over 6000TT, 5500 PIC, 10 yrs in the industry, approx 600hrs yr, no accidents but 95% of my flying was float.

Is this kind of insurance premium hike standard?
Does anyone have tips to fine more reasonable life insurance?
Will some operators cover the difference in premium costs as part of a benefit package?

I'm disgusted at this latest bit of news. Already shouldering the burden of being employed in a facet of the industry which has traditionally payed poorer, for more days of work, at higher work loads with less benefits than the “tie wearing” side of aviation. To take a $2400/yr out of pocket hit to protect my family might be the straw.

I've got 300K through my broker at RBC for $38/mon, ATPL flying jets though. PPIP has changed it's name rbadvisory, or something like that, I can get you the exact info from my files at home in a few day. To be insured you needed an ATPL and max coverage was $300K. Don't forget though it's not just the mortgage that you need to cover unless the wife has a well paying job. You need some extra to provide for lost income as well.

[ArcticKat]

I just got a 500k policy for my company, permanent life. I told them that I am 43, a pilot with less than 100 hours, and a scuba diver. My rates are $300 per month but I am paying more than the original minimum because I want the policy to be self sustaining in about 20 years so I can flip it over to a personal plan and not have to pay for it when I retire. If I remember correctly, the minimum was just under $200.00 per month.

[Sky Pilot]

I just got a 500k policy for my company, permanent life. I told them that I am 43, a pilot with less than 100 hours, and a scuba diver. My rates are $300 per month but I am paying more than the original minimum because I want the policy to be self sustaining in about 20 years so I can flip it over to a personal plan and not have to pay for it when I retire. If I remember correctly, the minimum was just under $200.00 per month.

Not bad! I'm paying $118 per month for a $250000 policy, covers me when I fly, on floats or skis, not allowed to scuba dive, bungee jump, or have relations with women younger than 40

[ArcticKat]

[Edo]

Shop around, its not what you used to fly but what you do now. There are a few companies that may not add an additional rider depending on what you are flying now.

do a search on the board here, there are a few threads, and an avcanada member who is a broker.

[Lost Lake]

Try Canadian Owners and Pilots Association. COPA. Not only a great organization for all pilots to belong to, but they also offer aircraft and personal life insurance through Marsh Insurance. I think I pay $75 a month for $250k? (It's my wife's job to look after, I don't care after I'm gone!):lol:

[TG]

There is an outfit called PPIP that (used to?) insure(s) pilots.

It's still there.
http://www.ppip.ca/

I'm with them for 100K life insurance.
It will actually cover what is left of my mortgage as I have another life insurance from work.
Three times cheaper in my view than insuring directly your mortgage with whatever bank you are using (Thieves!)

[oldncold]

first if your spouse works and has a good group plan check that out
we did and just upped her policy to the cost of the mortgage after filling out the same ?aire cost about 6bucks more a month saved 180 month in mortgage life insurance so if something happend sheis covered as the mortage would be payed out with the group policy on me from work .


if spouse does not have plan suggest you take out on as previous postsers
hope that helps and saves ya some $$$ fly safe