Life Insurance?

[larrys]

Sorry if this a repeat question, I could not find a conversation in search.

I need to get life insurance in order to fly and start building a 14 (negotiation with my wife)
A minimum amount will do - 50 to 100k would be OK. But I need to have no medical. My health is great I just can stand needles.
Would any of you know where to go? It seems that the pilot issue and no medical adds limitations - but I assume it can be overcome?
Thanks, Larry

[TS Flightlines]

Larry, we just changed my life insurance and didnt have to have a medical----even at my age.

[Brantel]

Most life insurance has a clause to prevent coverage if you are acting as pilot in command of an airplane. Check it out good to be sure! Many people are unaware that they are not covered while flying. There are policies out there that cover pilots but typically you have to ask for them.

Another option is to take out accidental death and dismemberment insurance. The EAA offers this for a fixed rate and there is no physical required.

[rv7charlie]

If she's just worried about you dying in a plane, look at ADD (accidental death and dismemberment) coverage; that will likely be the cheapest coverage. Google will give you dozens of options, but you could start with AOPA & EAA.

But if you're still working and you're not 'independently wealthy', is it wise to not have real life & disability coverage, at a level that could provide for your family?

[larrys]

Originally Posted by rv7charlie

If she's just worried about you dying in a plane, look at ADD (accidental death and dismemberment) coverage; that will likely be the cheapest coverage. Google will give you dozens of options, but you could start with AOPA & EAA.

But if you're still working and you're not 'independently wealthy', is it wise to not have real life & disability coverage, at a level that could provide for your family?

What do you mean on the last line? I do not understand. Thanks, Larry

[fl-mike]

Originally Posted by Brantel

Most life insurance has a clause to prevent coverage if you are acting as pilot in command of an airplane. Check it out good to be sure! Many people are unaware that they are not covered while flying. There are policies out there that cover pilots but typically you have to ask for them.

Another option is to take out accidental death and dismemberment insurance. The EAA offers this for a fixed rate and there is no physical required.

My AD&D has a non-scheduled carrier flying exclusion (like Private or charter), but my basic life has no such exclusion.

[rvbuilder2002]

Originally Posted by larrys

What do you mean on the last line? I do not understand. Thanks, Larry

AD&D only pays off when death or disability has occurred because of an accident.
A standard life policy pays regardless of the cause (terminal illness, etc.)

As mentioned, the majority of general consumer policies of both types have exclusions on fight in private aircraft. You need to look specifically for ones that don't.

I have had a AD&D policy through EAA for many years that is specifically tallored for pilots. I have never found an alternative that was cheaper.

[rv7charlie]

Originally Posted by larrys

What do you mean on the last line? I do not understand. Thanks, Larry

Well, most of us are (or were) the primary breadwinner for our families. If my income had gone away, my wife would have had a really tough time of it financially. It's likely that without something to at least partially replace my income, she'd have to sell the house, and would have been unable to pay for health insurance and/or medical bills. It would have caused a radical change in lifestyle. If there had been school age kids in the equation, her situation would have been completely untenable.

I felt it was my responsibility to ensure (by insuring) her welfare if I wasn't around to supply income for the family, before considering any 'toys'.

Once I was retired, and financial analysis showed she could maintain a normal lifestyle without my pension or Social Security, I quit worrying about life insurance.

Everyone's situation is different; your wife may have her own income that could preserve her lifestyle. But the fact that she wants you to get life insurance sounds like that's not the case. BTW, $50k-$100K is such a small amount that it's unlikely to be worth buying, if you earn enough to afford to buy & fly a -14. Is she just trying to recover your kit cost, if you get yourself killed? :-)

[TS Flightlines]

Thats what we did Charlie----I was out about 2 1/2 months after the surgery incident. My "now former job" wasnt going to pay me if I wasnt there, so we knew we needed to protect Suzanne in case something happened. Now, being self employed, it makes sense.

[titanhank]

I have $1mil life insurance from www.piclife.com for flying little airplane for $112/month. 44yrs old, non smoker. Yes there is a single blood test done. If you can't stand a needle, you really won't like safety wire.