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12-06-2011, 08:54 PM
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Join Date: Mar 2007
Location: 45G, Brighton, MI
Posts: 1,867
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If you are an AOPA member your mail boxes (both snail- and e-) should be overflowing with offers for life insurance covering pilots.
__________________
Miles (VAF# 1238, Paid up as of 2018)
RV-7 TU 904KM (reserved)
Wings Fitted and Finish Kit on site
Construction Log
Picasa: Empennage Album, Wings Album, Fuselage Album
1955 Cessna 170B flying since 1982
'To get something you never had, you have to do something you never did.' -Unk.
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12-06-2011, 09:14 PM
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Join Date: Nov 2008
Location: WA State
Posts: 192
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Let's be sure to understand what we're talking about here. Insurance is a risk transfer device….ALL INSURANCE. Buying life insurance is no more betting that you'll die than buying insurance for your home is betting that it will burn down. Transferring the risk of potentially large or catastrophic losses is simply sound financial management, and our economic system would not exist as we know it if such devices were not available and regularly employed. Think about it… who would loan money to build a home or a factory if the lender could not indemnify themselves against risks?
Life insurance is a unique product because unlike most forms of insurance the buyer (assuming that s/he is the insured) isn’t going to directly benefit if there’s a claim….the reason is they will be gone. People buy life insurance not for themselves, but for the benefit of others. It’s your call…
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Will McClain
N954WM (Reserved)
Last edited by WhiskeyMike : 12-06-2011 at 09:21 PM.
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12-06-2011, 10:13 PM
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Join Date: Jul 2007
Location: Delta, CO/Atlin, BC
Posts: 2,391
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Quote:
Originally Posted by longranger
If you are an AOPA member your mail boxes (both snail- and e-) should be overflowing with offers for life insurance covering pilots.
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But you can tell them to take you off the mailing list. I'm pretty sure that at least half of my membership fee went to postage on life insurance offers every year..... I'd rather see those $ go to something more useful.
greg
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Greg Arehart
RV-9B (Big tires) Tipup @AJZ or CYSQ
N 7965A
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12-07-2011, 08:52 AM
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Join Date: Jan 2007
Location: Battleground
Posts: 4,348
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Most insurance companies can offer an aviation rider. Ask for it and you can see what kind of costs it adds to the policy. On a 10 year term policy, for a relatively young person, flying recreationally, mine typically added around 20% to the policy cost.
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Smart People do Stupid things all the time. I know, I've seen me do'em.
RV6 - Builder/Flying
Bucker Jungmann
Fiat G.46 -(restoration in progress, if I have enough life left in me)
RV1 - Proud Pilot.
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12-07-2011, 09:22 AM
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Join Date: Jun 2011
Location: Nephi, UT
Posts: 79
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With My Company
If you fly more that 50 hours a year is when they start looking at you for an exclusion. More than 200 if you are a CFI. Here is the catch with most companies - what you put down as your annual amount of flight hours is what they will go by. So I would put down an average of all of your flight time over all the years since you became a pilot. For most of us that is well less than 50 a year.
Additionally, they will allow you to purchase your life insurance without the exclusion, but it will just cost more for the premium. It all depends more on your age, health, and family history what your premium will be more than if you are a pilot or not. Shop around, and look for the best deal. Since you are a family man, I always recommend a split of permanent (Whole Life) of about $25k and cover the rest of your need with a 20-30 year term insurance. That way there will always be enough to put you in the ground, and enough to pay of your current expenses in the next 23-30 years. Usually, you can do that for around $60-100 a month if you are less than 35 years old
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Mike Price
CFII/Multi Commercial
I'm gonna build me an RV one day soon
"The older I get -- the more I realize that sense is not common."
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12-07-2011, 10:37 AM
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Join Date: Jan 2005
Location: SC
Posts: 12,887
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Years ago, right after I got my -9 flying, my insurance agent called to talk to me about life insurance. At the time we didn?t have any kids and my wife is a professional, so I didn?t feel the need for life insurance.
He started down the usual sales pitch when I cut him off and mentioned the rider he added to my home owners policy to cover the RV in the basement and that it was now flying. I also mentioned that he was covering my truck, which I bought to haul the race car to the track, and when I went on vacation, I could be found out west mountain climbing. The phone call ended very shortly after I got all that out.
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Bill R.
RV-9 (Yes, it's a dragon tail)
O-360 w/ dual P-mags
Build the plane you want, not the plane others want you to build!
SC86 - Easley, SC
www.repucci.com/bill/baf.html
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12-07-2011, 12:35 PM
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Join Date: Dec 2007
Location: Atl
Posts: 34
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Sample of companies-EXAMPLE of what's out there-
Carrier Class Details (Ask Underwriter if over age 65 or there is also a rated impairment)
American Gen Std Plus (3rd class) For term/preferred for UL at best unless a commercial pilot
AXA Pfd Best 100+ solo hrs of experience flying between 26-150 hrs per yr
Banner Std Plus (3rd class) 100+ solo hrs of experience flying between 26-150 hrs per yr
Genworth Prd NT (2nd class) 100+ solo hrs of experience flying between 26-150 hrs per yr
ING Flat Extra $0.48 100+ solo <200hrs/year. Or 400+ solo 201-300/year. Flat can be on best pfd or pfd
John Hancock Prd NT (2nd class) 300+ hrs of experience flying between 25-200 hrs/yr
Lincoln Benefit Prd NT (2nd class)_ 300 hrs of experience flying between 50-150 hrs per yr
Lincoln Life Prd NT (2nd class) 100 solo hrs of experience flying between 50-250 solo hrs per yr under age 70. Flies in US and Canada
Minnesota Life Pref Best 250+ solo hours flys between 50-250 annually.
North American Prd NT (2nd class) 100+ solo hrs of experience flying between 26-200 hrs per yr -thru age 65
Nationwide PREF older than 26, total solo hours >100 but < 200 annual to qualify for Pref NT rates. This is for private aviation only.
Nationwide STD Over 65 >1000 total hours and they should be a Std medical risk. Avation rider avaliable.
Penn Mutual STD 25-70 years old 100-500+ solo hours 25-200 hours per year AER avaliable over 70
Principal Preferred (2nd Class) 26-150; if flying 151-300 hours, need 500+ solo hours
Sun Life Std 100+ solo hours, flying 26-150 hours per year, age cap of 75 (Power Points available to get to pfd)
West Coast Life Preferred (2nd Class) ages 27-65, 400 solo hours, 26-200 hours per year, US and Canada, IFR or ATR, clean MVR, LFT's normal
TRANS Preferred (2nd Class) 150 total solo hours as pilot in command; 25-200 hours a year; age 26- 70 max; aviation must be in the U.S. IFR w/ 10 hrs of completion
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12-07-2011, 12:47 PM
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Join Date: Aug 2010
Location: Rochester, NY
Posts: 174
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Quote:
Originally Posted by rvmike
All great respones, But I always looked at life inurance that your going to die and you are betting against yourself. Flame on
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Certainly not a flame, but it's not the way I look at it.
When I bring an umbrella, it never rains. The second I forget it, I get caught in a downpour.
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12-07-2011, 01:46 PM
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Join Date: Feb 2008
Location: Taylorsville, GA
Posts: 748
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Quote:
Originally Posted by rvmike
All great respones, But I always looked at life inurance that your going to die and you are betting against yourself. Flame on
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My wife's a stay at home mom with 2 kids. If I die between now and when my kids are out of college, she'll get enough money to pay off the house and replace most of my income. She won't have to move (unless she wants to) or be forced to make major lifestyle changes. It's not a "bet" at all. It's planning.
I'd hate to know I caused major turmoil and hardship for my family because I died playing around in what is essentially a toy airplane.
Life insurance without an aviation exclusion is out there. IF you have dependents that would have a hard time living without your income, make sure you get some.
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Jeff Rhodes - Taylorsville, GA
RV-9, 7 - going fast
BC-12D - going slow
jrhodes@v1salesmgt.com
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12-08-2011, 09:31 AM
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Join Date: Feb 2006
Posts: 359
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well said.
__________________
---
David Edgemon
RV-9A N42DE
RV-8 N48DE
whats next ??
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